Also a good reason to believe that this is just a correction is the fact that the largest venture capital funds continue to invest money into the market. For example, a month ago Three Arrows Capital bought 156K ETH, or just recently A16z, Alameda, Three Arrows Capital held another round of investment and invested $150M in NEAR Protocol, which indicates that serious guys like a16z and Alameda still believe in growth.
Everyone is optimistic that the price of the coin will increase. But we can't compare the way the world's billionaires invest with people's investments in general. Billionaires with 156k are just pocket money at night clubs, while people in general are only looking for profit from thin capital for their daily needs. This is not a matter of panic, but a matter of necessity.