In 2000 in the fiat world ... I owned shares of many High-Tech companies that were valued around $125/ea. By mid 2002, due to the revelation that the executives of many of those companies were fudging the books, most of those same shares were worth < $1/ea.
So, to see the market cap of the crypto space drop by 30%-40% feels like it's just a blip. But possibly a warning.
Hopefully the market will realize that the underlying technology/code of BTC is outdated compared to many other cryptocurrencies ... but I won't hold my breath.
I do imagine that many of the major fiat institutions affected the dip and that the financiers are taking advantage of the dip and increasing their hold of crypto.
My theory is still that the Chinese Gov't own (AKA: what's yours is mine) a high enough percentage of the bitcoin miners that they could fork the code and the US financial institutions own enough bitcoin that they can control the price. (DANGER Round Will Robinson)
The strongest play that us peon's can do is make the public realize that the alt coins hold enough value that they shouldn't follow the price of bitcoin.
Time will tell.
I think it can definitely be seen as a blip and a warning. It just seems that every bull run there are people who can influence the price at the drop of a hat. Like all crypto holders are absolute nancies who drop everything at the merest whiff of regulation
I do believe you are right and that they own directly or indirectly enough of the miners to get up to some shady antics.
Fingers crossed that this bull isn't over. I am sure it had more to give!