Lots of people with weak hands sell as soon as the first sign of trouble appears. People who makes big money are the people who HODL through tough times.
Most of the Small holders panic sellers also small traders. Big investors intention are something different they waiting bull run. Because they already lost big amount so there are no option to increase amount. Small investor can't bear big loses that's why going to sell blindly.
I dont agree with you that big investors are waiting for bull run, if you check properly then they are the one who exited on top and now they are slowly accumulating in low. Only the small investors and panic sellers and buyers are selling and buying. who have entered market in high and now they are crying.