The cryptocurrency market has witnessed a sudden and unexpected downturn, with top cryptocurrencies like Bitcoin and Ether experiencing significant declines. This development comes as a surprise, especially given the recent approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC). The approval was expected to catalyze a market upsurge, but instead, the market has seen a substantial correction.

The downturn is attributed to a combination of factors, including massive liquidations and a risk-off sentiment in the market. On-chain metrics show a significant inflow of cryptocurrencies to exchanges, which typically precedes market corrections. Additionally, broader economic factors such as rising US Treasury yields and delays in expected Federal Reserve rate cuts have contributed to the market's decline.

Despite the current downturn, experts believe that this is a short-term retraction and expect the bulls to rise once inflows into the ETFs begin. Renowned analyst Faibik remains confident that Bitcoin will top $100,000 this year, while institutions like Standard Chartered and Bernstein expect Bitcoin to hit $200,000 and Ether to top $7,000.

The current week has seen positive developments for the crypto market, including the passage of the FIT21 bill by the US House of Representatives, aiming to legalize blockchain and cryptocurrencies. The Federal Reserve was also banned from creating a Central Bank Digital Currency (CBDC), a move experts have long advocated for due to concerns over privacy and surveillance.

The SEC's approval of eight Ethereum spot ETFs marks a significant milestone, with experts predicting increased volatility in the market. While the current downturn may seem concerning, experts believe it is a temporary setback and expect the market to bounce back once the ETFs are listed and inflows begin.

In conclusion, the cryptocurrency market has experienced a sudden downturn, but experts believe it is a short-term retraction and expect the bulls to rise once inflows into the ETFs begin. The current week has seen positive developments for the crypto market, and institutions remain bullish on the long-term prospects of crypto markets.