Two major cryptocurrency exchanges led the retreat in Bitcoin.

Bitcoin faced selling pressure contrary to expectations after the approval of the spot ETF last week. The blockchain research platform Kaiko reported that the selling pressure was concentrated on the Binance, OKX, and Upbit exchanges.
The largest cryptocurrency, Bitcoin, rapidly retreated from its peak of $48,970 last week, reaching $41,730 in weekend trading. Starting the new week with partial purchases, Bitcoin continued to trade around $42,000, and the current market pressure appears to have decreased. Market analysts attributed the recent pullback to investors closing long positions to take profits after the approval of the ETF.y involved in this action known as "selling the rally." Binance's CVD data turned positive on the Thursday when the sales began, reflecting an overbought condition. However, this condition quickly reversed, and approximately 5,000 BTC worth of capital outflow was reported from the platform. Upbit, ltbit, and OKX followed Binance as South Korea's leading exchange.
ETFs, remained positive. This indicates a net capital inflow into Coinbase and Bitstamp exchanges during the price decline.
Some analysts evaluating the recent downward momentum shared the view that the negative movement has not yet ended, and Bitcoin could drop below the $40,000 level. Bloomberg ETF experts mentioned that the first-day trading volume of Bitcoin ETFs was $4 billion, which was considered weak, increasing the perception that the downward momentum in the market could continue. On the second day of ETF transactions, demand remained below $1 billion.