Greg ... I think the CME thing has very little to do with the BTC price dump. Remember they aren't even buying the real thing, and have to settle in cash because they absolutely know if they had settle in BTC they would get wrecked. I think it more caused by several other factors.

A) The reality about the use case for BTC is sinking in. Fees are off the charts, transactions are taking forever, or never confirmed, as there is now a backlog over 100,000 on the BTC blockchain.

B) A lot of us are quite frankly getting pissed off at the "real bitcoin" question and the drama theater around it. I'm certainly not a blockchain guru by any stretch, I know that BTC core has many technical superiors coming up the market cap quickly. Dash, Monero, Zcash ... all non-BTC chain coins come to mind.

C) Bitcoin may never be fixable to a state of cheap fast transactions without layers of off chain upgrades severely impacting the decentralization axiom that is supposed with any open source blockchain crypto. Which them leaves it as a "store of value".
But I'm not sure that "store of value" means anything if our money just needs to be backed by math, as is the case for open source cryptos.

D) Newbies. There have been hundreds of thousands of new users over the last couple of months. They think the crypto market is just like the NYSE. And the first time they see a 10% drop in the market they are selling in a panic. When those of us in for a while lick our chops at a 20% drop because we buy the bottom, because we know until all the Siberian Herdmens are using cryptos to buy and sell yak meat, there is no bubble, and values will keep going up.

E) Bitcoin market dominance went from near 60% a few weeks ago to under 44% as of this post, but the overall market cap has grown significantly during the same period as the alts have begun to shine, at least the good ones.

My own primary strategy with cryptos is equal dollar invest in the top half dozen or so coins, BTC included. But I feel the primary cause of most of the volatility in the crypto space is the ongoing war about "what is the real bitcoin" .... and I for one am tired of it.