Shares in bitcoin-related companies — including Coinbase, MicroStrategy, Riot Platforms and Marathon Digital — slid yesterday as trading began for the 11 newly approved spot bitcoin ETFs in the United States.

The stocks have risen significantly over the past year — gaining up to 300% — with investors potentially using the products as a proxy for bitcoin pre-spot ETF approval. Now that the bitcoin ETF products have launched, profit-taking appears to occur as the narrative draws to a close. However, some are speculating the proxy stocks are now draining into the new spot bitcoin funds.

Bitcoin mining company Riot was the most brutal hit, dropping 15.8% yesterday to $13.09 and is down a further 2.6% in pre-market trading, according to TradingView. The stock has gained 137% over the past …