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There is a different dynamic for down versus up, and part of the reason for the different dynamics likely has to do with differing levels of ease to move BTC in comparison to moving fiat (and who may have access to mechanisms to move fiat quickly - surely, these days almost anyone has access to mechanisms to move BTC really quickly), which considerably changes the dynamics for each of two binary possible price directions.
The entities moving the market are not the entities who have problems with moving BTC/fiat onto exchanges quickly. There's little evidence that much money is actually moving in & out of exchanges. The fiat you sell (for BTC) is the fiat you buy (with BTC). It's simply a question of timing.
Well you may not have to really move very much fiat if you buy BTC in one location and sell BTC on an exchange (mostly thinking about Stamp). And, really how do you know about money moving off and onto various exchanges, is there some public way of verifying such beyond attempting to infer such info from the order books and/or trade volume?