If I take it correctly, it is pretty easy: Either people are not willing to sell at this moment (hell, how can it be any more bullish than that?) or they just can't sell as of now and it still takes some time, then you can make exactly *zero* conclusions from the lack of trades occurring...
People trapped in the fund, at a loss, not willing to sell doesn't mean it is bullish. It only means they are bagholders.
So what, just a decrease in supply, if you ask me... If less people are willing to sell, less coins enter the open markets, which is better for the price.
They are bagholders already bought in. Not selling now doesn't mean they are big potential dumpers if price goes below $200.