Every investor has his own planning horizon and not every investor can keep money in one asset for more than a year. Some are in a liquidity deficit due to a deep correction in the market.
The correction was long enough, it seems to me that we should talk about those investors who have successfully overcome it.
I do not know what the ratio is between the old market participants and the new ones, but I hope the number of new participants will grow. This will allow the entire market to increase capitalization.