It seems to me that such attempts to explain the situation retroactively have nothing to do with reality. I have not found a logical explanation for the fall in prices. It seems to me that only one explanation. Someone very influential with big money and opportunities is interested in reducing the price of bitcoin or Ethereum. I am generally concerned about the ease with which hackers break the exchange. Maybe there are no hackers?
I think for the last months' someone or a group of whales from Asia are in need to sell a large portion of their positions. Could be related to new KYC requirements from the exchanges. Every big exchange have changed the rules about this.
You're underestimating the power of fear. While the exchanges should not undermine the position of a cryptocurrency, the hack means that people are pulling money out of them and it influences the price, even if they aren't selling. How? Removing cryptocurrency from exchange reduces market depth and makes the price more prone to crashes as less money is needed to make the price fall more. Those who watch the charts and see the support lines broken so easily get scared and we have a chain reaction.