The launch of the first spot Bitcoin ETFs in the U.S. yesterday (Jan. 11) was met with much fanfare and record trading volumes. Now, the excitement seems to be giving way to a cooling-off period, with Bitcoin (CRYPTO: BTC) and other major cryptocurrencies experiencing a pullback in price on Friday.

Bitcoin Slides Under $44,000: Bitcoin is trading around $43,370 levels, down by about 6% from its 24-hour high of $49,048. 

Analysts Divided on Outlook: Market commentators are divided on whether this is a temporary correction or a sign of more bearish times ahead. Some, like CNBC host Jim Cramer and Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, believe the Bitcoin rally may have reached its peak, at least for now.

"Major top in Bitcoin… MAJOR," tweeted Cramer.

Schiff echoed the sentiment, saying that he expects a more aggressive sell-off shortly.

"So far sell off in #Bitcoin, #BitcoinETFs, and other Bitcoin-related equities has been surprisingly orderly. I wonder when the selling will become more aggressive," he tweeted.

Others, however, are more optimistic.

Markus Levin, co-founder of XYO Network, attributes the decline to a classic "sell-the-news" event and believes that Bitcoin is still on track for further gains in the long run.

"I think we are seeing a sell-the-news event here with Bitcoin, and this is expected," Levin told Benzinga.

"We’re likely going to see some consolidation for the time being. But with the BTC halving coming up, we’re likely close to a renewal of positive momentum. It just takes time to play out. It’s not a time to be overly bearish," he added.

Also Read: Bitcoin ETFs Ignite A Tsunami, Threatening To Engulf Traditional Crypto Stocks

Bob Ras, co-creator of Sologenic, agrees the pullback is not unexpected, but sees it as an opportunity to accumulate Bitcoin at a discount.

He also believes Ethereum (CRYPTO: ETH) could outperform Bitcoin in the coming months, fueled by mounting enthusiasm for proposed spot ETH ETFs.

Meanwhile, closely followed pseudonymous crypto analyst Capo Of Crypto said there is a possibility of Bitcoin pumping to $50,000 levels, after which it will trade sideways, while smart money flows into altcoins,

"After a few days, the entire market should reverse and dump," he said.

Ethereum Holds Steady: While Bitcoin is down, Ethereum has largely held its ground today, trading around $2,615 at the time of writing.

This suggests investors may be rotating out of Bitcoin into other altcoins in the wake of the sell-off.

ETFs Still in Early Days: Notably, Bitcoin ETFs are still in their early stages. It will take time for them to attract significant inflows and have a sustained impact on the market.

Therefore, it's too early to say definitively whether yesterday's launch marks the beginning of a new chapter for Bitcoin or just a brief blip in a longer-term uptrend.

Read Next: Beyond Bitcoin: Ethereum ETF Approval Has Investors Craving Liquid Staking Gold Rush

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