Cryptocurrency-related stocks such as MicroStrategy (NASDAQ:MSTR) and Coinbase Global (NASDAQ:COIN) extended declines in Friday late morning trading as bitcoin (BTC-USD) erased all the gains it made after the approval and subsequent listing of the first-ever U.S. spot bitcoin exchange-traded funds.

Among the crypto-tied stocks dropping at the time of writing (11:04 a.m. ET): MicroStrategy (MSTR) -7.6%, Coinbase (COIN) -5%, Marathon Digital Holdings (NASDAQ:MARA) -10.4%, Riot Platforms (NASDAQ:RIOT) -8.3%, Robinhood Markets (NASDAQ:HOOD) -4.9%, Bit Digital (NASDAQ:BTBT) -5.4%, and HIVE Digital Technologies (NASDAQ:HIVE) -9.2%.

The swing comes after Thursday's selloff, when bitcoin (BTC-USD) pared its gains shortly before the now-approved spot BTC ETFs debuted. While such products closed out their first session in the red (for the most part), some $4.6B worth of shares changed hands, underscoring the strong demand for these long-sought ETFs that directly hold BTC.

Bitcoin (BTC-USD) itself retreated 3.6% over the past 24 hours to $44.2K, after reaching as high as $49K Thursday morning. Ethereum (ETH-USD), meantime, advanced 2.3% to $2.64K, as some have contended that a spot ether ETF could be the next big thing for crypto.