EDIT: If you look at height of the bitcoin volume during the crash , it has been getting smaller and smaller. One reason for that it less people now are holding large amount of bitcoins than before and bitcoins are getting distributed to more hands that don't get scared quite easily.
It doesn't take a scare even. Even if you're fairly bullish on bitcoin, if you hold a lot of them, it's possibly not a bad idea to sell some while the price is fairly good.