Panickers sell their little $10-$100 holdings because they've invested what little they have (and can't afford to lose)
fully into BTC and they rather buy food or pay bills with it. They are losing sleep when their $100 investment temporarily turns into $85 and decide to cash out completely.

Whales with hundreds of millions worth of BTC have no better uses for fiat money, they already have enough stocks, bonds, apartments.
They keep buying out more and more small BTC investors.

Soon the BTC space will be no different from the 'real world' where a tiny group of people owns 90% of everything.