Bitcoin has lost almost all of the gains it made after Grayscale Investment's court victory against the US Securities regulator, with its price falling nearly 5% in the last 24 hours. The SEC's recent delay to seven pending spot Bitcoin ETF applications has caused the decline, despite some analysts predicting the delays.

The SEC now has another 45 days to approve, deny, or delay the applications, with the next decision deadlines between Oct. 16 and Oct. 19. However, Bloomberg ETF analysts Eric Balchunas and James Seyffart have increased the probability of the SEC approving a spot Bitcoin ETF this year to 75%, up from an earlier prediction of 65%, citing Grayscale's court win.