This sell-off is not different from Grayscale.

Grayscale ETF sold 350k Bitcoin (almost 3 times more than what Mt. Gox currently holds) after other ETFs launched. The lowest price of Bitcoin during that time was around $58k. After that, the price bounced back to $71k after 2 weeks.

I don't think it will be different this time.

Once the sell-off news calms down, this train will never stop.