I would say as of October 2018, the only people who are holding Bitcoin fall into three categories.

Category 1 is people who have been holding Bitcoin from very early on and see it as a very long-term (10 years) investment. This group has probably already gotten their original investment back and are now just waiting to see what happens to Bitcoin in the future.

Category 2 is people that bought in the 12k-20k range that probably borrowed the money and just can't fathom or afford to sell now and realize that large of a loss. This group will most likely sell their holdings once Bitcoin recovers to $20,000.

Category 3 are larger professional investors that are used to getting a 10-25% return and are amazed that you can get that per month in crypto. This group is probably actively investing in new coins good or bad and selling once they've made 50-100%. They enjoy the volatility of the smaller coins and keep their capital base in Bitcoin for ease of deploying capital and its recently found price stability.