For something that was a decade in the making, it couldn't have gone worse.

Yesterday, the Securities and Exchange Commission approved 11 spot bitcoin ETFs for the first time, with trading now fully underway. However, the approval announcement itself was full of wild twists and turns for two whole days — culminating in a mess of confusion and head-scratching. The ETFs were seemingly approved, then unapproved, then approved early without confirmation. Frankly, it's hard to imagine what else could have gone wrong.

“[SEC Chair] Gary Gensler butchered this announcement so hard everyone is doubting it's real. The first Bitcoin Spot ETFs have been approved and no one is believing it," posted a pseudonymous crypto trader known as Tree of Alpha on X.

"After this freakshow the SEC and …