I do think that this could become a trend if the EFL, Premier league and the FA don't step in.
It has been quoted a few times that Bury are the first since Maidstone in 92 to go under, but that is a bit of a misleading fact. There have been a few clubs who managed to hold on just long enough to survive until they were relegated to non league before going bust. Darlington, Scarborough, Hereford are all examples, and when you look at those clubs (particularly Scarborough and Darlington), the phoenix clubs are a shadow of who they were.
Others like Stockport County have plummeted from the brink of the premier league to the 6th tier, a level littered with ex league clubs.
The latest thing to watch out for is clubs who sell their stadium to their owners to fund a short term tilt at promotion to the premier league. Villa, Reading, Sheff Wed and Derby are known to have done this already but they aren't the only ones. Fans are happy because they think their clubs are showing ambition but this is just another huge risk that could see one of these giants suffer in the same way Bolton are now.