I’m not convinced that there even are large scale sellers at...

I’m not convinced that there even are large scale sellers at work here,

Nearly all the sales I’ve seen have been traders entering and exiting lower as they had hoped to catch a rally that never came.
All the large sell orders have so far been fake bids and pulled later in the day.
This selling has been a gradual drip of smaller but desperate sellers willing to get out irrespective of the structural price damage they are causing.
There’s also the barrage of stop losses being hit.

big sellers wouldn’t have a chance to exit here with the lack of buyers available, they would knock 20% off the price in a hit if they tried to exit in any reasonable scale