Yes, that is most likely IMO. I think they have been dumping since the big run here. It just didn't go high enough or last long enough to sell all the shares, as they were slowly doing it. Now they feel more compelled to just flat out dump, as the thinking on there part is (IMO) most are aware of what is going on.
That's why (again IMO) this may not run nearly as hard or high as before.