Bitcoin ( BTC ) price is facing some turbulence amid asset managers filing last-minute S-1 updates for their spot Bitcoin exchange-traded funds (ETF).

On Jan. 9, Bitcoin briefly slipped 3% on Binance, with BTC price tumbling from $47,000 to $45,600 in five minutes, according to data from TradingView. Bitcoin price has quickly bounced back to near $47,000, trading at $46,717 at the time of writing.

The spike of volatility came amid asset managers like BlackRock and VanEck filing more S-1 updates just a day before the expected spot Bitcoin ETF approval date on Jan. 10.

According to ETF experts like Eric Blachunas, the S-1 refilings are based on last-minute comments given by the United States Securities and Exchange Commission on Jan. 9.

“Hard to tell what has changed at first glance, but imp thing is that the unheard of 24hr turnaround time about filing, comments and re-filing tells us all parties aiming to get this show on road pronto,” Blachunas said.

This is a developing story, and further information will be added as it becomes available.