Stuff like this sorts the men from the boys.
Expectation was built up in regards to this ETF decision and the price went up.
The decision was positive, so time for the men to take profits as all looks good.
Now just wait until all the boys panic and sell and then see where it bottoms out.
Then the men start buying again.....
Bro calm down, OP's pretty much just asking what could be the reason why it's dumped like that much over the past few days which is a valid question to inquire whether you're a "boy" as you put it or a "man".
It seems that the answer has also been given by @Oshosondy and that is the basic cause so that the price pressure is very consecutive, similar to the FTX pattern during the crash some time ago if you look at it.
If you trade, of course you will be a bit surprised to see conditions like yesterday, the more you buy, the more the price goes down to the point that you have to sell below the price you bought previously to get the lowest price again. Of course, it really drains your energy and makes you feel dizzy if you control the price.
Exactly, just cause bitcoin marinated on the 42k price point for too long doesn't make it any more immune against the tides of the market as the rest of the cryptocurrency market. It's pretty much still liable to follow market mechanics and its behavior regardless of its standing in the echelons. People's misconception against bitcoin makes them think it was this end all be all jesus of the crypto and financial world that they could use to maximize their earning potential with little to no risk involved. The reality couldn't be any farther from the truth. I reckon most people here who stuck until now have lost just as much money on the crypto industry as the biggest winners, if not more.
Understand that things like this are a regular wednesday thing for bitcoin and it would recover just as much as it would lose eventually.