Bitcoin drops more than 5% as ETF fever subsides a week after hitting an all-time high

In this photo illustration, a visual representation of the cryptocurrency Bitcoin (BTC) is arranged on a hard drive circuit board.

Yuriko Nakao | Getty Images

Bitcoin fell more than 5% on Wednesday morning as long-term holders reaped some of their profits a week after the cryptocurrency hit an all-time high.

Bitcoin fell sharply around 3 AM ET and was last traded at $58851.20, according to Coin’s metrics. The price of ether was down nearly 4% to $4,008.38.

This downward move may not come as a surprise to investors, some of whom expected a slight pullback after the market rallied behind bitcoin with enthusiasm about the launch of ProShares’ first bitcoin futures ETF last week.

Similarly, the cryptocurrency was also sold off when the Chicago Mercantile Exchange listed bitcoin futures in December 2017 and when Coinbase was listed on the Nasdaq in April of this year.

It remains to be seen if Bitcoin will drop that much this time around, or if it will take a long time to recover.

The decline coincides with an increase in new memecoin, the dogecoin spinoff shiba inu game, which is up 28% in the past 24 hours, according to data from CoinGecko.

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