My very speculative theory is that lots of "bandwagon miners" who started GPU mining after the price spike of April were unloading their coins as quick as they

My very speculative theory is that lots of "bandwagon miners" who started GPU mining after the price spike of April were unloading their coins as quick as they were making them therefore keeping the price sort of stable. But now, with mining being 50+ times harder only serious miners with their multi-TH rigs are earning any significant amount of coins and they are likely holding to them.