Bitcoin drops more than 5% as ETF fever subsides a week after hitting an all-time high

In this photo illustration, a visual representation of digital cryptocurrency Bitcoin (BTC) is arranged on a circuit board of a hard drive.

Yuriko Nakao | Getty Images

The price of bitcoin fell more than 5% Wednesday morning as long-term holders took some of their profits a week after the cryptocurrency hit its all-time high.

Bitcoin fell sharply at about 3 a.m. EST and last traded at $58,851.20, according to Coin Metrics. The price of ether fell almost 4% to $4,008.38.

The move downward may come as little to surprise to investors, some of whom expected a slight pullback after the market rallied behind bitcoin as enthusiasm around the launch of the first bitcoin futures ETF from ProShares last week.

Similarly, the cryptocurrency also sold off when the Chicago Mercantile Exchange listed bitcoin futures in December 2017 and when Coinbase was listed on the Nasdaq this April.

It remains to be seen if bitcoin will fall as much this time around or if it will take as long to recover, however.

The dip coincides with a surge in a new memecoin, the dogecoin spinoff shiba inu, which has surged 28% in the last 24 hours, according to data from CoinGecko.

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