Not necessarily. The previous bull runs — especially in near peaks, mindless retail "investors" who just jump in on hyped assets had heavy participation. Them panicking is what cause the heavy drop as well, as it causes a domino effect.
I agree, and what we saw in the previous cycles is the norm for a highly volatile asset, without a major influence on the price of millionaires or Hedge Funds.
In this cycle we did see the influence of billionaires, like when Musk bought and sold, but the drop in these months is more due to cascading liquidations of leverage positions and panic selling when it was revealed that Celsius and others had problems.
