I think it's an overhang, for sure, and there is another more than 100000 to sell. However, you are correct, it's a tiny % of the market and should not affect it, but crypto and BTC price is driven on hearsay, rumour, and superstition, so anything can shift it. There was some blah about a Korean exchange last week as well.
However, there is also the prospect that the big players ( the whales, as it were) push the price about for their own benefit, and finally BTC had recovered +50% from it's $6k low, and this might just be a healthy pullback.
So...I think, like one of those annoying chart people who covers their ass, I've just listed every possibly!!!
I've confused myself now :)
But, I'm hodling my different positions in the hope that the long or medium term trend is up.....although, as I asked in my first crypto post, how does that $1Million target really stack up, as in, is it physically possible, even if the market drove it there?