Too many bears convinced themselves sub 400 is coming so have stopped trading? (I'm one of them but tbh I know nothing and even if I went 100% btc it wouldn't make any difference to the market, but if there were 100 of me, well, that would make a difference - I would so love to be a bull again but can't at this level, my gut won't let me do it.)
Or more simply that everyone is enjoying the holidays?