no one thinks bitcoin is a magical unicorn, but some poeple seem to think money will keep pouring in and rise the price when there is no more reason to buy the price UP anymore.
for years now, the upcoming ETF has been a good reason to pour money into bitcoin ( or maybe more improtently a reason to hold off selling)
now that this has come on gone, poeple still believe price will move on higher  " oh th ETF never made sense anyway " , " ETF decline was already priced in " , " THIS IS BITCOIN, UP!! " this is the magical unicorn effect.

OK i'm exaggerating, its not that there is no more reason, but certainly there is 1 less reason to buy, and 1 less reason to keep holding.