What caused the most recent Bitcoin sell-off?

There are some arguments to be made that the launch of the Hong Kong Bitcoin ETF is to blame. Here are some charts:

source

Everything these days is governed by algorthmic trading. These programs are based on trades that have worked in the past.

Like "Buy the rumour, sell the news". Once the Hong Kong ETF got launched, longs will have cashed out, and shorts will have been placed. Exactly the same set of trades that happened when the American Bitcoin ETFs got launched.

The good news is that the market recovers, as you can see in the left-hand chart.