We did just finish up the Germany, US and Mt Gox, and there may be some leftovers there. Many theorize that much of the price suppression/action is coming leveraged long positions being liquidated. Having unlimited derivatives contracts on Bitcoin certainly makes us wait to flush the leverage out on each large move. The on chain spot market looks like mostly retail if anyone, but even then the HODL rates are 65% >1 year and 75% >6 months.