I do not think this is correct or at least significant. People who bought bitcoin at +$15k were for most new users and big whales imo. Of course the whales made their profit once once the price rises leading it to crash hardly then come the chickens and sold their coins with loss to save as much money as possible.
So people who didn't sell their coins at that time are still waiting for the appropriate level to sell it even with a little profit margin, while big whales don't care at all whether the waves are high or low...they will always make profit at the end!