The long-awaited launches of spot bitcoin (BTC) exchange-traded funds (ETFs), while boosting the coin's price momentarily, ended up triggering a backlash in the market.

Analytics firm Kaiko indicates that the strategy of "buying the rumor and selling the news" was one of the catalysts for bitcoin's crash. This concept refers to acquiring an asset before some expected event occurs and selling it to take a profit once that event occurs, even if it is a positive thing.
According to the firm's research, when ETFs first went public, there was a sharp increase in the cumulative volume delta (CVD) on several exchanges.
The CVD is a technical analysis tool that measures the cumulative difference between the buying and selling volume of bitcoin over time. It is calculated as the sum of the absolute values of the difference between the buying volume and the selling volume in each time period.