The SEC approved all 11 pending spot Bitcoin ETF applications on January 10, 2024. The following day, 11 products began trading simultaneously on major U.S. exchanges. First collection figures Farside Investors recorded $4.6 billion in net inflows over the first five trading days. BlackRock IBIT alone captured $2.0 billion, followed by Fidelity FBTC with $1.4 billion. The "sell the news" effect materialised Bitcoin closed at $46,600 on approval day, before correcting to $42,800 a week later — a decline of 8.2%. GBTC recorded net outflows of $2.1 billion over the same period. What this data does not tell us It does not tell us whether collection will be sustained at this pace. The structural question is demand from institutional allocators which requires internal approval timelines of several months.