On January 10 2024, the SEC approved the first spot Bitcoin ETFs in the United States, a milestone years in the making that opened direct Bitcoin exposure to a much wider pool of traditional investors. Anticipation had been building for weeks, with price grinding higher into the decision.
The session was hard to trade because the approval itself, though historic, played out as another sell-the-news event — early strength gave way to choppy, two-sided price action as the "buy the rumor" crowd took profits. The gap between the fundamental significance of the news and the market's muted follow-through caught many traders off guard.
Same engine, same hidden right-hand side — a different day's problem.