SEC Whiplash: Bitwise ETF Gets Historic Approval—Then Sudden Freeze in 2025 Rollercoaster

The crypto world erupted—then facepalmed—as regulators played hot potato with the first spot Bitcoin ETF approval of 2025.

Dawn of a New Era (Briefly)

Bitwise's landmark ETF crossed the SEC's finish line at 9:32AM EST. Trading desks scrambled. Champagne corks flew. Then—radio silence.

Regulatory whiplash struck by noon. An 'administrative pause' notice hit the Federal Register, citing 'procedural considerations.' Translation? Somebody forgot to check Box 12-B.

Wall Street's Crypto Fever Breaks

Futures flipped from green to red faster than a Bitcoin maximalist spotting a Vitalik tweet. The CME's BTC contracts shed 4.2% in 90 minutes—proof that traders still treat SEC filings like gospel.

Meanwhile in DC: SEC Chair's office reportedly fielded 'clarification requests' from three Senate committees. Because nothing unites politicians like smelling blood in regulatory waters.

Epilogue: The institutional money faucet got turned on...then immediately clogged by bureaucracy. Some things never change—not even in crypto's Wall Street era.

What’s Inside the Bitwise 10 ETF?

The Bitwise 10 ETF WOULD track a basket of top digital assets, weighted by circulating market cap. As of June 30, 2025 here’s how the ETF looks:

• BTC ▲0.41% dominated the index at 78.72%.
• Followed by ETH ▼-0.73%at 11.10%.
• XRP (4.97%) and Solana (3.03%) filled out the next tier
• Smaller slices allocated to ADA, SUI, LINK, AVAX, LTC, and DOT.

The SEC has officially APPROVED the Bitwise XRP ETF!#XRP #XRPCommunity pic.twitter.com/RskTrC5O7E

— BULLRUNNERS (@BullrunnersHQ) July 23, 2025

At least 85% of the ETF’s holdings will stay within SEC-approved crypto ETFs, while the rest will go to newer tokens still waiting on greenlights.

Coinbase Custody will hold the coins, and Bank of New York Mellon handles the fiat.

A New Pattern of “Approval-with-Hesitation”?

The SEC’s latest stall has reignited criticism that the agency is dragging its heels, even as the crypto sector builds the infrastructure regulators once demanded.

“IMO, both of these should be allowed to convert/uplist asap. Bizarre situation.” — Nate Geraci, Novadius Wealth

Despite the pause, the Bitwise 10 ETF checks every institutional box: secure custody, real-time pricing, compliance-ready structure. That makes the delay harder to justify, especially as demand for regulated crypto exposure climbs. The product isn’t dead, but stuck in bureaucratic limbo for now.

Key Takeaways

• On Tuesday, the SEC’s trading division approved a first-of-its-kind multi-crypto ETF before the agency’s top brass froze it.
• Despite the pause, the Bitwise 10 ETF checks every institutional box: secure custody, real-time pricing, compliance-ready structure.