Yeah, this could be a reason too what you mentioned. Thanks for the welcome, it's been a long time. I wish I kept my btc from that time lol
At $19000, there are a lot of people who are in profit like 1.5x, 2x or even more considering they have purchased at the dip last year (or this year, cannot remember when it happened around $4000). So, I think most of them have liquidated their money as BTC was stable for a few days and they had speculated no ATH this time too. This is what I think.
Great to see a mate from 2011.