>What happened is that someone's stuck with the 2 year power down, sees the price is crashing and feels a need to cash out.

A group of someones. Someones with a lot of collective influence on this platform. How did @msgivings earn so much? Look at the voting. You'll see the same people. Check out steemvp.com and steemd.com/@msgivings. There's a lot of useful info there, but there's so much more if you look closely enough.