Cryptocurrency-linked stocks were on track to close out Thursday's session in the red as bitcoin (BTC-USD) dropped to its lowest level since last week's approval of exchange-traded funds investing directly in the token.

Bitcoin (BTC-USD) retreated 3% to $41.3K at 2:40 p.m. ET, and is off some 10% since the Jan. 10 nod by the U.S. Securities and Exchange Commission. Altcoins fell, too, with ethereum (ETH-USD) down 2.5%, cardano (ADA-USD) -3.7%, solana (SOL-USD) -6.2% and dogecoin (DOGE-USD) -2.7%.

With BTC selling off since their debut, spot bitcoin (BTC-USD) ETFs have fared poorly, although investor inflows have been strong for some, as expected.

BlackRock's (BX) iShares Bitcoin Trust (IBIT), for instance, has garnered over $1B of inflows in just the one week it's been live, according to a media report. That makes IBIT the first of the 11 approved BTC ETFs to surpass the milestone. Fidelity's Bitcoin ETF (FBTC) wasn't far off, with about $880M of inflows so far.

Nonetheless, when considering bitcoin's (BTC-USD) huge runup to the SEC's decision, the greenlight appears to be a sell-the-news event. It's been only a week since such products have been live, so it will be interesting to see whether inflows will stay at robust levels.

Crypto-related stocks dived in midafternoon trading, with MicroStrategy (MSTR) -2.2%, Coinbase Global (COIN) -6.2%, Riot Platforms (RIOT) -5.1%, Marathon Digital (MARA) -6% and Hut 8 (HUT) -23.4% among some of the most notable losers.