Usually bitcoin traders react to news well in advance which might have happened this time also; like for expectation of upcoming dump from gtmox refund, traders might have booked profits/exited their positions with the plan of buying back to cheaper price levels and made the recent correction.
I remember by the times of 2018/2019, some whales in reference like gtmox trustee, was continuously dumping big amount of bitcoins and made bitcoin prices to get back to below $10k levels even after bitcoin showed recovery up to $14k levels from the bottom of $3k levels.
But, this time I am sure they could not make similar kind of negative impact into bitcoin market by releasing BTCs; the current recovery from the $55k levels must be an enough proof for that.
Yes, I clearly remember as if it were yesterday, however there is an explanation for it, as I understand the market has to fulfill two phases, the Accumulation phase and the Distribution Phase, in 2017-2018 the accumulation phase occurred from the year 2014 to 2017, then the bullish trend emerged, and from there came everything that has to do with the Distribution stage, which is when the whales or the rich decide to start selling, and this is the distribution that consists of the expensive sale of shares or in this case BTC to those who do not know anything about the market, because many bought at $ 20k when they thought it would go up to $ 50k, and this is explained very well by Wyckoff's theory, which was what helped me the most to understand it everything.