Bitcoin has systemic issues arising with transaction rate and block size. Those were ignored (from a speculation standpoint) with the prospect of the ETF. When the ETF was not approved, there's obvious downward speculation pressure on BTC in general. Hence money was looking to leave for some portion of owners.
Ethereum offers a potential haven in that it's well-known and has utility in smart contracts. It's also more attractively priced to hope for a huge price increase as Bitcoin once did.