Probably there some truth. However, I believed that what's left is whales and more of speculators, weak hands have already moved out and exited long time ago, probably around the $10K mark. I think its a combination of manipulation from whales and bots and day traders that caused another dump follow the Goldman&Sachs FUD. From $6400-$7300, its already a huge money to make assuming that you have invested a minimum of 1 bitcoin during that time/price frame.
So its gonna be a rinse and repeat specially leading up to end of September with the SEC decisions looming. There's a possibility that FOMO will enter and the bull trap will be set up for them by the market manipulators specially if the Van/Eck Solid X get rejected (most likely).
I would not say the weak hands are totally out; I would only be ready to stick with that when we finally hit a stage that we consolidate for a while.
In between this process of the market being in a downtrend, I also want us to know that as the market is moving up which most of the time is instigated by the whales, they can drive it as much as they want to and still be making profit from it each time and then go all over again, so it is not a matter of one day thing.
Weak hands will always be in the market, every single day, so many people ask questions and show their level of frustration even on this forum, and I won't be surprised if we get to see another quick pump, they start having the feelings for moon and then the market goes down the more, they panic and they sell out at loss.
Every of this process is being utilized by the whales to keep gaining more and the major reason why only when this market moves out from the speculative zone, before we will get to see this reduce.