Bitcoin’s price meanders in response to official spot ETF approval
Bitcoin’s market performance was muted Wednesday afternoon as traders and analysts digested news that the SEC has approved 11 bitcoin ETFs

Monica Martini/Shutterstock modified by Blockworks
Bitcoin and crypto-related stocks traded mostly sideways before taking a turn lower Wednesday evening.
This shift, albeit a muted one, in market behavior occurred as investors parsed through more mixed signals from the US Securities and Exchange Commission.
Bitcoin (BTC) inched slightly lower and subsequently erased its gains on Wednesday afternoon. This market shift followed an incident where a document, claiming eleven bitcoin ETFs had been approved, briefly appeared and then disappeared from the SEC’s website around 3:45 pm ET.
The cryptocurrency hovered between $45,000 and $46,000 from around 3:30 pm ET to 4:30 pm ET before plummeting 2%.
About 30 minutes later, the notice reappeared on the SEC’s SRO page, confirming that the ruling was true, alongside a statement from SEC Chair Gary Gensler, in which the agency head expressed his typical skepticism about the asset class.
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin,” Gensler said. “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
Ether (ETH), on the other hand soared, gaining as much as 10% Wednesday afternoon before paring gains slightly to trade around 7% higher.
Coinbase, which will serve as the custodian for eight of the eleven products, saw its stock price end the trading session in the red and dip lower during after-hours trading. COIN was down about 0.5% after hours at time of publication.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
- Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.