From Investing.com:

In a historic move, the SEC approved 10 spot Bitcoin ETF products for trading in the U.S. market, causing BTC prices to soar to a new multi-year high of $49,102 before dropping 18% to fresh year-to-date lows of $40,236 as the sell-the-news event unfolded. On-chain data suggests that derivatives leverage and spot profit taking were driving forces behind the price drop, with futures and options markets seeing a surge in open interest. Despite the volatility, BTC was up 0.58% in the last 24 hours to $41,543 at the time of writing.



Read more: Here’s Real Reason Why BTC Dipped After ETF Approval By U.Today