I believe it is mainly the new comers that bought during the Dec, Jan gold rush. Buying into crypto without understanding it and not truly believing in the future. As soon as the party stopped they got out, the weak hands.

I agree the Nov - Jan increase was unsustainable but the future is bright. Blockchain is revolutionary but few see it. Only once blockchain companies start seeing the payoffs will the other start following.

Fundamental analysis will determine the next phase of price increases - Just my thoughts