In my opinion, didn't gray capital invest a lot of bitcoin during this period? In such a short period of time, why has it dropped so much?
Buyers like Grayscale are scaling in OTC and with algorithmic orders on exchanges, on an on-demand basis. Their accumulation is definitely bullish when considering mid term and long term time frames.
In the short term however, they don't wait with bids open on spot exchanges, propping the market up. In this illiquid market, retail traders and investors are capable of causing a crash.