Ok, say I want to sell 4000 BTC for at least $115. I can't do it in one big swoop, otherwise I'll just trigger a panic sell.
Instead, I wait for the buy bids to creep up and sell to them, while making sure I don't sell lower than $115.
Obviously it works as well for buying.
All I'm saying is that I've witnessed someone(s) cashing out slowly.
Oh word I hear ya, based on the trading we've seen though, basically ~90%+ of 24hr volume has come in two 30 minute candles, which to me means we've seen two major sells (~400k, and ~1m) rather than broad based selling... the other volume that has happened is so small to mean nothing. large percentage is probably just bot noise.