Seems right to me, either that or they are actually trying to destroy bitcoin here.
If they really wanna do harm, these liquidation come in handy. They wouldn't need to so much coins of their own to sell but could also use the liquidated coins to dump the price. Luna's BTC already used. Maybe Celsius' coins are next.
If that theory is correct, it would make sense that they seem to be in quite a hurry to dump (without bounces) : If not all done in one go, they'd probably lose momentum and would need more coins to reach their target low.