So talking of hodling throughout this market drop down. Which category of investors do you think by large actually held /holding their bitcoin portfolio. The retail Investors or the institutional investors? Remember to make your point logical.
The only logic I can catch there is the mode their investment by which determines the status of their Bitcoin custodial.
We know that institutional investors are not in custody of their Bitcoins but the authorities that provides the service does and it is ideal that anyone having a share in the institution should have an investment plan of holding in the long time and therefore, since they are not accessible to their Bitcoins, they can not afford to undertake the processes of engaging with an intermediary to sell their Bitcoin regularly but firmly holding persistently to achieve a goal. And until then they hits the portfolio, they rarely sell and on the process, they don't panic while long term insurance is secured.
Retail investors are self custody to their Bitcoins and therefore the accessibility could prompt convenient sell order (quick sell) and are easily driven by FOMO to sell their Bitcoins with a lot more reasons to sell like immediate needs and lack of managements.
So, retailers sells rapidly while institutionals sells rare.