When bitcoin's price is $13,000 it would take $23.4 million per day of new LONGTERM investment to maintain that price simply to pay out the 1800bitcoin/day that miners produce. If $13,000 was maintained throughout the year it would take $8.5 billion of new unflinching holders to sustain that price. The price just took a dump to $11,760 for this reason.
This might make sense in the long run, where you have to obviously account for inflation (in BTC's case, the 1800 BTC/day figure that you've mentioned). But in the short run, the markets are more irrational than you think. Short run markets don't necessarily always account for inflation, especially when the percentage of new coins minted is so low compared to the existing monetary base.
So no, I don't think that this is the reason for the current dip. Short term dips usually has nothing to do with fundamentals anyways, but more about emotions. This time, it's due to the fact that BTC was unable to breach the $13k resistance, imo.
Also, why do you think that $20+ million per day over the long run is something that is unsustainable at all? Especially when BTC is within its growth phase, it would be a surprise if long term averages do not reflect investments with this type of magnitude.
