Alternatively it could be as simple as lots of people having a crap execution strategy. I’m sure there are thousands of people who just have orders in the book that got swept and others with simple python scripts that “buy the dip” with no concept of risk or stop loss. The question is whether those people need to get out of their positions in the next few days causing a further drop or whether they can hold in which case the price will stabilise and eventually continue to run up.