IDK...
Pre-ETF anticipating buys started at around $38-39k, imo. The post-ETF pump got smashed, and it seems that the short-term fiat traders were shaken off the train.
I doubt that long(ish) term buyers that went in at $38k will toss their corn on the market now. It just makes no sense. But as you already wrote, King Daddy doesn't give a shit.