You might not be far from the truth. Whenever the bull run is over, only few people see that coming and few people would sell all there bags while the rest are still bullish and that's how everyone is feeling right now, the market will be dumping gradually until a bed rock of support is form where a reversal start again where we do see some consolidation or another leg up like higher low continuesly.
But I think some people are depending on the demand of the institutional investors because the interest is there, there are more ETF people are expecting like to the ethereum and Solana, this news will draw more interest and the market can go another run from where we stop.