Bitcoin fever appears to be subsiding as the cryptocurrency saw 5% of its value lost since last week's jubilant launch of the digital asset's first exchange-traded fund on the New York Stock Exchange. 

Last Tuesday, the ProShares Bitcoin Strategy exchange-traded fund (ETF) was launched and it shot bitcoin’s value up to $65,607.92 -- a high not seen by crypto investors since April.

Ahead of the announcement, the value of Bitcoin futures contracts rose over 4% and the day was reportedly dominated by activity from high frequency traders and smaller investors, according to Reuters

Since then, the sky-high value surge has fallen to $59,022.07 as of Wednesday morning. Investors seemed unfazed by the depreciation, and in fact expected to see some drop in price as the market adjusted to the ETF-fueled rise last week. 

“This correction is due,” said Noelle Acheson, head of market insights at Genesis to CNBC. "It has totally leveled off but we’ll see what happens when the VanEck ETF starts trading and what happens over the next few days, because there are a couple more that might be allowed to live.”

VanEck ETF is another exchange-traded fund that will be concentrated in cryptocurrency. It launched on Oct. 25 after previously securing regulatory approval from the Securities and Exchange Commission (SEC) last week. 

Kunal Sawhney, the CEO of equities research firm Kalkine Group told Yahoo Finance that a Bitcoin market correction of 5% to 10% in lost value is "quite normal" after such a significant rise ahead of the BITO launch. However, he suggested fear of heightened regulatory scrutiny could be a concern for crypto investors at the moment too.

Across the world, governments are beginning to increase their scrutiny of cryptocurrency markets. 

Last month, China’s central bank ruled all crypto-transactions to be illegal. Investors sustained some losses, but it was minimized by months of anticipation that Beijiing would begin cracking down given its longheld wariness of cryptocurrencies as a whole.

The U.S. government has taken a more scrutinizing stance toward cryptocurrency. The White House has been mulling whether or not to direct federal regulators to tighten supervision of the market, particularly over its concerns about how digital money is used by cybercriminals. 

The SEC has waded into the debate over crypto. In August, SEC Chairman Gary Gensler called on Congress for more powers to regulate cryptocurrency transactions and scrutiny from it has rankled some players in the industry.