Several bitcoin miners and bitcoin-adjacent stocks fell Thursday along with the broad equity markets amid continuing developments in the approval of spot Ethereum ETFs.

Late Thursday afternoon, the U.S. Securities and Exchange Commission approved eight spot Ethereum ETFs, with 19b-4 forms from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton.

Shares in Hut 8 led the stock downturn, falling 10%, while peers such as Riot Platforms and Marathon Digital fell about 7.6% and 5.5%, respectively. MicroStrategy, which many equate as a proxy for the bitcoin price given its large BTC supply, fell 6.2%.

Shares in several spot bitcoin ETFS fell between 3% and 4%; however, according to one sell-side analyst, the sell-offs may be a blip on the radar.

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