Many alts have dropped more than 2 - 8x than what they gained during the pump periods which started from early March till July and everyone enjoyed the rides and thought that waiting more longer is an option, unless they got a red-hammered surprise over their investments and saw all those coins falling way too down towards hell. Wiser were those who managed to get out even in the worst situations that occurred in reds when the charts were painted south by those whales who invested their money and took those coins at such peaks.
It was obvious that the pump in altcoins would not last forever. People enjoyed the ride more then they're suppose to enjoy. Then the correction phase was coming, it was coming very loud. People who saw this, took their precaution and they withdrawn their assets.