https://blockchain.info/address/3DWBSSAue32YS8PcW2gLs6m52BCCv3UgDA
Disappearing of roughly 6k BTC out of escrow on 16-06 and 18-06 (before withdrawals were finished or waves had even started trading on exchange), I think is what really sent investors into panic-dumping mode.
There was no explanation or re-assurance about such a large transfer of funds out of public view at the time, so the market panicked.

According to escrow agreement the funds have to be transferred from the escrow address.
https://blockchain.info/address/35fe2CM2zbMeSfhRjpjW8ikTJcZj8NooFD official Waves cold wallet
5 k is withdrawn for current and upcoming development and marketing costs, good moment to sell BTC. 1 k out of it is spent on WAVES buy-back.