Art times like this whereas its market value is falling, surely, it is a stupid decision especially if you are aiming for huge profit. Selling will just cust your losses in the mean time but will also cut your profit permanently. Investing would be a way more better option than selling which would somehow help the demand to increase by holding and investing.
But the reason why they do that, because they afraid of getting more losses. I think they didn't know a lot, that's why they do that. There are the reason why they do that but also it affect bitcoin because it will cause by falling more.