This is interesting. It goes against what a lot of people expected would happen once the BTC ETFs were approved. I would like to think people were taking profit earlier, but are a bit fearful right now. With BTC halving coming soon, I think this is just the dip that big corporations want to get more BTC.
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To be honest, I did expect some euphoria after the approval too. But I did miscalculate something. I thought there was going to be a gap between their approval and the time they were traded. It was practically none. Thus, the "sell the news" type of action applied perfectly. I admit I didn't sell. But I did buy the dip a little bit.