Sure it makes sense. Most dash are stored in master nodes. Acquiring those 1000 dash to be able to set up a master node is what mainly fueled its past bull run. That by itself further increased demand for dash to set up more masternodes, closing the loop. Those people didnt buy dash because "they believed", but because they expected a ~10-20% ROI on a rallying currency. Particularly compelling during a period where bitcoin was pretty stagnant.
But once the price starts going down for whatever reason, like a BTC rally, that ROI goes up in smoke and those same master node operators will run to the exits. Because they own so much of the currency, cause a snowball effect. Especially when bitcoin is rallying.
As is, the masternode system creates its own price volatility, fueling bubbles on its way up, and in all likelihood, bloodbaths on its way down.
If i look at the masternode count (
http://178.254.23.111/~pub/masternode_count.png) im not so sure that the decline is based on masternode owners ... its more like traders are responsible, bitcoin goes up, so short all alts - if the btc bubble ends we will see some pretty big green candles, like everytime the trading crowd jumps from shorts to longs, or the other way around.
