Think at all those hundreds of ICOs which have raised millions of dollars worth of ETH each. Some of them, like the scammish Envion, even 100M$.
Now in this bear market they see their wealth evaporate. They need FIAT since they are real world projects and they need FIAT to pay for infrastructures.
So they cannot simply watch at all those millions $ EVAPORATE and jeopardizing their projects.
It is true they have raised Millions $ but now those millions $ are shrinking further and further and so I guess THEY are panic selling and crashing the price.
What do you think?
That is a possibility, many icos are having a lot of trouble to get enough funding and then when ethereum began crashing they saw that the money they raised went down dramatically, so your explanation makes sense but I don't think it was the reason of the recent crash it just fueled the crash to go for even longer than it should have gone otherwise.