People who brought Bitcoin at $50 or $100 or $400, they will sell at $1,000 or $5,000 or $10,000 to be a millionaire. If they do not sell Bitcoin and bitcoin goes back to $2,000 or $1,000, they will lose their millions ($$$$$)
The logic is rather simple, since they became millionaires by being early adopters with no prior knowledge of how much price growth will be accrued over the years, they are most likely to hodl to see if they'll become billionaires. And the wise ones will simply go into full-time cryptocurrency trading and investments to amass more digital assets. All investors don't think alike, while some may think of dumping, others appreciate the value of the tech itself and how much further disruptions can take place.
