The drop in Bitcoin's price is directly attributed to several factors including excessive leverage in the market, the performance and ETF speculation of Ethereum, negative inflows into Bitcoin ETFs, and the popularity of meme coins on the Solana blockchain. These factors have created a bearish sentiment and market instability, leading to a significant price correction.

Ethereum's price movement and the speculation surrounding the approval of an Ethereum ETF have had a significant impact on Bitcoin's price. The negative sentiment generated from Ethereum's market performance and the uncertainty around ETF approval have contributed to the overall bearish sentiment in the crypto market.

The popularity and speculative nature of meme coins on the Solana blockchain have contributed to broader market instability. This phenomenon, while showcasing the market's appetite for high-risk investments, has also impacted established cryptocurrencies like Bitcoin, adding to the bearish sentiment.