Trapped retail investors, liquidated souls, and those who took profits. When sentiment is low, liquidity is scarce, and hedging and short-selling funds keep increasing their positions while the remaining buying power keeps dwindling, at this point, the cost-effectiveness of continuing to dump is no longer greater than that of pumping, because the counterparties have changed. If you still remember, this phenomenon has happened more than once with altcoins this year. But this isn’t altcoin season—when too many people start chasing, it’ll reverse again.