In case of LEO, in last month 7-10 big holders (5-16K LEO) cashed out for different reasons (e.g. 60-70K LEO dumped). It had a spiral negative effect on LEO's price. One of the reasons is that LEO overshoot to 0.3 Steem and Steem was doing well. They are short-term holders, most are airdrop beneficiaries (i.e. no incentive to hold since some of them have not bought LEO for themselves) and wanted an exit anyway.

If you look into the chart, July to September were the months most airdrop beneficiaries exited and LEO crashed to 0.07 Steem. There were 15 PAL curators who got minimum 30K LEO just free. Some of them cashed in like the end of time.

This time is for another exodus, probably last of them.

You can track them at : https://steem-engine.rocks/tokens/LEO/richlist?sort_field=pending_unstake&sort_order=desc

As @taskmaster4450le said:

The numbers keep improving while the price is dropping. This shows how markets operate separate from what is truly taking place.