I've come to suspect that some longtime whale holder(s) is/are deliberately dumping to shake out greedy weak hands and offer a new set of bitcoiners the chance to buy low and enjoy a long ride north.
We longterm idealist holders lose nothing in these lows, so it only hurts those in it for profit - those who don't deserve the gains.
They don't deserve the gains but the new ones will? An odd way to think!
I'm an odd guy. The new ones will lose the gains too when the next bubble happens and some whale dumps to the foundation, if they're in it for wrong reasons they'll get shaken out.