in my experience the only reason for the current drop is only fear and nothing else.
we had price not being able to go above $70k a couple of months ago and then it fell down. ever since then it hasn't been able to reverse back up and people became convinced that the drop is the repetition of previous drops such as the one we had in 2018 so it should be long and big like that one. with the world economy mainly in US and Europe crashing hard we have an additional fear in bitcoin world.
the result of all of this is the crash we are seeing.
Ofc, Only fear is what makes an asset dump because no one will sell unless they fear speculate on what will be the outcome of the market. We can't blame those sellers because the majority of them are just buying Bitcoin for profit alone and not like us that believes on it's future use case on the future of finances.
Fiat is the root of all this problem in the economy. Maybe someday people will realize how cool Bitcoin is.