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RE: Well, it looks like the bubble has officially popped
Where did you think the money was going from the sell off? Into tether, ETH, BTC, stable coins - which explains in large measure the choppy price movements these couple days, as sellers try to find somewhere to ride out the panic. It's not left the crypto market.
This whole debacle did reveal one interesting thing -- it appears Ethereum has truly started to decouple from bitcoin. That said, I think money from the selloff was either exchanged for Tether, moved to a 'money market' placeholder via a custodian (Coinbase), or withdrawn completely. It certainly wasn't re-invested...yet.
I think very little of it was withdrawn completely. The market cap if you include tether isn't down as much as a crash out and withdrawal would come to. So it must be in money markets.