there may be an angle that I am missing.
People who own Bitcoin bailing.
Exchanges have nothing to exchange and miners have nothing to mine if everyone's buggered off.
That won't happen en masse of course, and even if it did it wouldn't be all at once, but it seems mind boggling to me how blind all these players are.
They do not operate in a vacuum. They became these hideous succubi off the backs of thousands of little guys and gals who dragged Bitcoin out of nothingness with their passion and enthusiasm.