I think is a combination of a lot of factors like the ones you mentioned in addition to overall market fear and people selling.. when we will see a recovery and a stabalisation in the summer months (only my prediction) hopefully we will also get the smart money back in and a good rise in market cap ;) Think a lot of people sit aside with full bags to invest... And also the futures will get more liquide when the market is rising.. futures aren´t that bad for crypto..