Bitcoin hovers around $45K as crypto holds breath for spot ETFs

Bitcoin spot ETF season is like the Superbowl for bitcoin speculators

article-image

Artwork by Crystal Le

share

Bitcoin has almost fully recovered from a recent 10% fall and is now close to retesting 21-month highs set earlier this month.

BTC jumped about 3% Monday morning to briefly hit $45,235 — about 1.5% below local highs set on Jan. 2. Bitcoin has since retraced slightly. 

All this while spot ETF hopefuls lodge some of their final documents ahead of the first of the SEC’s approval deadlines this week. 

BlackRock, Grayscale, VanEck and others have disclosed their proposed management fees for their respective ETFs, with investors expected to favor products that carry the lowest costs. 

Analysts are almost certain the SEC will approve the funds — which must accumulate actual bitcoin on behalf of shareholders — to mark the first-ever such products to list in the US. 

Three spot bitcoin ETFs already trade in Canada and the largest holds about $1.5 billion in bitcoin on behalf of its shareholders.

Bitcoin is now up by about half over the past six months and by more than 160% over the past year. 

Bitcoin’s gains, now more than double ether’s, have been largely attributed to hype surrounding spot ETF. 

BlackRock and Fidelity similarly filed for spot ether ETFs shortly after their bitcoin proposals but it hasn’t done much to close the gap between the top-two cryptocurrencies.

In fact, the ETH/BTC ratio has dropped almost 10% since BlackRock’s spot ether filing on Nov. 16. The ratio measures the cost of 1 ETH in terms of bitcoin; currently 0.05038 ETH and one-third down over the past year. 

It’s the ratio’s lowest point since April 2021, when bitcoin was worth $60,000.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (3).png

Research

Pear Protocol has proven its market fit through its pair-trading infrastructure, sustaining consistent trading activity despite recent headwinds. Its strategic pivot toward Hyperliquid integration represents a major growth catalyst amid industry consolidation. While short-term token unlocks present challenges, current valuations and liquidity conditions may offer compelling opportunities for investors.

article-image

The VOC’s spicy dividend strategy has lessons for today’s token holders

article-image

Firms deploying crypto treasury strategies could help build “vibrant” ecosystems within the networks they back, Galaxy’s Steve Kurz says

article-image

Luca Netz says Igloo Inc. is on track to make $50M in revenue in 2025

article-image

Congress distinguishes DeFi from centralized finance, while setting federal standards for stablecoins

article-image

History shows Bitcoin consensus can be messy

article-image

Polymarket is set to re-enter the US market after buying derivatives exchange QCEX