Musk selling isn’t a big deal. Especially since this was a small position anyways and we knew he would eventually sell since he sold 80% or so already.
So, the story making the rounds that the billionaire Michael Burry shorted Bitcoin with a substantial amount of his earnings (about 93%) a few days ago was actually a mere rumour? That side of the story was pushed on social media (especially on Facebook) and was alleged to have been the reason Bitcoin dumped. I've searched painstakingly online to get that story from credible sources but haven't seen it. What I came across that he traded wasn't Bitcoin but stocks on the day in question. I don't know how that correlates with the price of Bitcoin, anyway.
And we had many leveraged longs who went long in June and July and they were the reason we took a big dump. Many people liquidated and nobody left to take the trade on the other side.
Except you're being hyperbolic in your statement, you and I know that it's not entirely true. Retail investors/traders don't move the market as such. Whales do. When whales sell off that's when the market is impacted Ike what we've now. Those who bought in June and July and disposed now are retail traders/investors. Whales invest for the long haul.