This is because it is difficult for people to sell at a loss. So they are waiting for better times, but these better times may not come or will have to wait very long.
maybe a lot of people hold it because they think the coins they hold will grow and rise again so they will survive. different from people who think that Crypto will end so they will release it so they will lose. You must try to survive and be patient, indeed in the future no one will know what conditions will occur in the future, but it would be better if you try and predict a lot in the future they will rise again and will rise high.