It varies because even on a bear market there are still heavy gamblers that do make use of btc as their main currency on playing online because they can accumulate bitcoin as much as they can since its still cheap if they are just longing for investment matters but as said above i dont really believe that much that most of them are speculators too but rather they do just play out just for the sake of earning money on spot, not literally thinking of for long term because if they do then they wont really waste up their precious bitcoin into a gambling house.
Not all gamblers are investors, in fact, I believe that majority of gamblers are not investors, they can gamble anytime or in any given situation, what would only affect them is if the fees will get higher and it happen days after the halving, but the fee is back to normal now, so nothing significant would really change.
