The recent drop in Bitcoin's price, by nearly 5% from its intraday high, was influenced by several factors, including the disappointing launch of spot Bitcoin and Ether ETFs in Hong Kong. Despite high expectations, these ETFs saw minimal trading volume on their debut day, contrasting sharply with the U.S. Bitcoin ETFs' successful launch. Additionally, the consecutive outflows from U.S. Spot Bitcoin ETFs, coupled with shorting activity reported by Coinglass, contributed to a sudden drop in BTC price to $61,451. This triggered a broader selloff in the crypto market, resulting in investors losing approximately $150 billion as the overall market cap declined to $2.24 trillion.$BTC $ETH $BNB #BitcoinETFs #bitcoinhalving #BullorBear