...One could argue it could turn in a sell the news event with the new upcoming updates..
Seems unlikely. I have argued before that this is not really a rumour-news event, because no one really knows the date of the new release. I would agree with you if there was a set date for the upcoming release.
One little remark, this is crypto, so you could be right.
EDIT: Also, we had that little spike last week one huge volume. It could very well be that those buyers dumped later because the "spike" lost momentum.
i also do not think it will be a rumor-news thing. many allready tried to frontrun it and got burned by doing so.
the big news is the hardfork in march and my guess it this is not yet priced in. but it will come, even if 0.9 is released in february if i understood correctly. with the first hardfork there wont be this full 6 months cycle. (please tell if wrong)
so yeah there is a date somehow and it will be a very big event for monero. we still have a lot of transactions with mixing 0, this hardfork will increase default functionality for everyone and make monero a much much better coin. having a pimped client with less ram and new db etc is only the bonus if you ask me, its all about the minimum mixing.
btw yes i very much agree on the liquidity thing. since we all provide liquidity, why cant it be higher like it was earlier? in my view it really has a lot to do with polos kyc rules. am i wrong? or are you guys just broke?

at least the polo kyc is the main reason for me. i do not want to get full registration.
so could an exchange without kyc/aml help against the liquidity shortage? or is it just a general market phase that many coins/markets experience