Bitcoin has recently experienced significant volatility, with its price hovering around $56,785 after a sharp 10% drop this week. The cryptocurrency is down 22% from its peak of $73,000, and short-term holders are currently facing losses. Bitcoin's UTXO in profit has dropped to 68.5%, its lowest since 2023, which historically has preceded substantial rallies. Despite the recent downturn, Bitcoin ETFs have amassed $52 billion in assets, surpassing expectations. However, the market remains cautious as large institutional investors like BlackRock and Fidelity have recently sold off significant holdings, contributing to the price decline. Analysts predict that Bitcoin could dip further, potentially falling to between $36,000 and $46,000 if demand does not pick up. Additionally, Hong Kong Bitcoin ETFs hold 4,484 BTC as of September 7, 2024. Over $1 billion was sold off by institutional investors in the past week, partly driven by profit-taking.