In droves might be overplaying it a little! There are 1.36billion chinese people, the market cap of Bitcoin is 10.7billion, so it doesn't really figure that they are buying in droves! A single rich person still has more worth than all the Bitcoins in the world.
Maybe miners aren't selling, as they are waiting until after the halving. Or some people are slowing building a position in Bitcoin, but if droves start investing, then you can add a zero pretty easily to the price.