Bitcoin's price dropped by nearly 5% from its highest point of $64,734 because investors weren't impressed by the launch of Bitcoin and Ethereum ETFs in Hong Kong. People had hoped these ETFs would boost prices, but they didn't. The US also saw Bitcoin ETFs losing money for the fourth day in a row, with over $51 million leaving. Overall, investors have been taking money out of crypto investment products for three weeks, with a big chunk of $435 million recently. In Hong Kong, only $12 million was traded in Bitcoin and Ethereum ETFs on the first day, way lower than expected. This disappointment led to people betting against Bitcoin's price, causing it to suddenly drop to $61,451. This triggered a bigger sell-off in the whole crypto market, with investors losing around $150 billion, bringing the total market cap down to $2.24 trillion.
