Depends on how you look at it. Traders might see this as a good time to short a few coins therefore no investment is flowing away (although market cap fell, have to admit that). At the same time, I am sure current state of cryptomarket might scare somebody. On the other hand, market cap raise in 2017 was just phenomenal, so a little cold shower might not hurt us after all. Slower and steadier rise might bring lower volatility to major cryptocurrencies and therefore they may be considered safer mass adoption.