The people who are FUD-Panic Selling are probably the same ones that pulled into CryptoStation on the FOMO train in May. The run up this summer was obviously unsustainable, and when Jamie "The Fraud" Dimon performed his stunningly public act of projection on Bitcoin, a lot of those people probably got scared, "Oh The Fraud is the head of a huge US Bank. he's gotta know what he is talking about."
People who didn't want to miss out on the action are trying to bail before they "lose it all."
Sadly you may well be right. Those people exist in all markets.