I think it was an important correction of the market, just like in traditional markets also crypto markets need a correction after some time and it always happened. Especially when there was a big "bull run". Some want to take profits and close their positions.. and others came in late and don't want to loose money so they close their positions or have a stop loss, whatever.

Since bitcoin, and also Ethereum? is already tradable via ETF more instituional investors could be interested in the Crypto Market. I think that is something that could also have a potential to initiate high corrections.

On the other hand the possibility to laverage positions on bitcoins can be interesting and profitable but also very dangerous if it goes in the wrong direction.