I think the most likely scenario is the Butterfly Labs theory; http://www.reddit.com/r/Bitcoin/comments/2sdwf8/butterfly_labs_is_the_culprit/ http://www.reddit

I think the most likely scenario is the Butterfly Labs theory; http://www.reddit.com/r/Bitcoin/comments/2sdwf8/butterfly_labs_is_the_culprit/ http://www.reddit.com/r/Bitcoin/comments/2sdwf8/butterfly_la... Basically, BFL pre-sold a ton of miners to people, never actually sent them, mined a ton of bitcoin 'testing' them and were then sued when they refused refunds. The FTC got involved and told them to send customers their money so at some point, BFL has to liquidate a large number of coins to meet those obligations. People have tracked large portions of the sell pressure to known BFL wallets and the rest of the downward pressure is probably just follow-on selling continuing the yearly trend.