Here is the translation to English:

Based on the information I currently have, it is highly likely that the ETH spot ETF will not be approved by regulators before August 2023.

The main reasons are:

1. Regulatory authorities have been very cautious and meticulous in reviewing and approving crypto-asset derivative products, requiring strict risk assessments.

2. While the crypto market has been constantly developing and maturing in recent years, regulators still have certain reservations about the associated risks.

3. Some regulators want to see more comprehensive investor protection mechanisms and stronger controls over potential manipulation.

However, as the crypto asset industry continues to evolve, investor demand for ETH spot funds is also steadily increasing. I expect that within the next 12-18 months, regulators may start to loosen their stance and begin approving the first ETH spot ETF products to be listed on the market.