Frankly, I feel that the shock comes from the fact that everyone was expecting the price to rise after the news of the ETF getting approval, or that the price would collapse if that approval was not obtained, but what happened is that the approval was obtained, and yet the price did not rise. The shock is more psychological than an analysis of the price.
This is one problem with too much expectation. The expectation of the people on ETF approval was too high, adding to the fact that this year is also a bitcoin-halving year.
The area where people are panicking is those who hope to see bitcoin above $50,000 on or after the approval of the bitcoin ETF as a result of the large capital that will be invested in bitcoin, but the reverse was the case, and many from day 2 of the approval started dropping down. That's where all this panic started, even before the FTX liquidation, which also contributed negatively to the market.