According to @Andre_Dragosch, traders should frame current BTC behavior around the US spot Bitcoin ETF launch timing as the regime-change anchor, source: X post by @Andre_Dragosch on Oct 8, 2025. US spot Bitcoin ETFs began trading on Jan 11, 2024 after the SEC approved multiple spot Bitcoin ETP rule changes on Jan 10, 2024, source: U.S. Securities and Exchange Commission approvals and listing notices from Nasdaq, NYSE Arca, and Cboe. Because these ETFs trade during regular U.S. equity hours on Nasdaq, NYSE Arca, and Cboe, liquidity and flow impacts are concentrated in the U.S. session, which is a trading consideration when assessing BTC trend and volatility since the launch, source: Nasdaq, NYSE, and Cboe trading schedules.