Most likely I think it is just the continued unwinding of China speculation, which took things beyond where system maturity and adoption could really support.

However, if you look at the most recent leg down, it coincides fairly well with the Blockstream announcements. It is possible that the market is responding poorly to this whole business, maybe not side chains themselves as CD suggests, but the idea of several of the top developers being aggregated under a single for-profit umbrella. It just is not good (in terms of perceptions if nothing else) for the role of the system as a neutral open source platform.

Yes it is good that developers have commercial support to work on the core, but neutrality would be served better by the developers getting their support from a more widely dispersed set of interests.