the news headlines, fud, ban rumors in korea/china/india were all red herrings. even some of the dumbest people on the planet don't sell something that lost half of its value; they'll justify to themselves that it will go back up eventually (just like verge and bitconnect owners and most of us). of all the average everyday people you know: how many of them do you know that bought bitcoin at 1Xk and sold at <10k? my point is that the only people who would sell bitcoin at 8000, for the most part, are bots and whales that got it for 4000. the remainder of what's left after the crash will be most of the average everyday people. i know some people sold when the market cap was at 600b to avoid further loss. but most are stubborn holders.
Surely yes,might be 70% or more of the total marketcap was from the financial institutions who are making billions of dollars out from these poor investors,the market has gone wild and those who sold bitcoins when it was around $13k are probably celetrating and those who got trapped right now are obviosly in a bad situation.
