RAC - Charts & Price Action, page-10452

That would seem to be a big generalisation. Take a look at IMU, who entered the ASX200 at the last quarterly re-balancing (though on recent performance that may not be sustained for long). They would appear to have a number of institutional holders in their top 20 and perhaps other smaller institutions elsewhere on the register. Given the recent inclusion in the ASX200, one would expect that the proportion of shares in institutional hands would have been increasing of late.

From the recent high of $0.625 in November (not even 2.5 months ago), the IMU share price (currently $0.285) is down about 55%. RAC in contrast has (so far) seen comparatively less volatility during this recent bout of market weakness, despite completing a significant capital raising during this period.

Over on the IMU threads they seem to have the opposite view that you do and are attributing much of the share price weakness to the institutions, rather than retail holders doing the selling.