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

article-image

Monica Martini/Shutterstock modified by Blockworks

share

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:

Tags

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

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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.

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

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The €7 million investment marks Luxembourg’s first sovereign exposure to Bitcoin

by Blockworks /
article-image

The chain-agnostic app layer aims to reward players of any game, in any token

article-image

The exchange will now offer direct access to CME futures across commodities, equities, and currencies through its US platform

by Blockworks /
article-image

The exchange’s full approval from the UAE’s Securities and Commodities Authority marks a regulatory milestone for global crypto oversight

by Blockworks /
article-image

Founded by Coinbase and Cruise veterans, CipherOwl plans to bring artificial intelligence to blockchain monitoring and risk detection

by Blockworks /
article-image

As the shutdown enters its second week, sources say the Senate Banking Committee looks to move ahead with a market structure bill markup