It's mostly from the China FUD in my opinion, although I am not sure why people are acting so surprised by this China news as they have been continuously cracking down on cryptos for months now, so the recent move really shouldn't be unexpected. Can't we just realize China is out of the space for now, and stop over-reacting to every piece of FUD that comes out of that commie country?
users selling their coins due to China's FUD isn't the big picture. It is more likely that the Miners are dumping their shares before relocating.