People have obviously burned their fingers

Many had probably tried the "trading routine" in the past, and if the price went their way, they quickly sold out without letting profits grow. On the other hand, if the price went against them, they were not so quick to sell and cut their losses short, so they unwillingly and reluctantly turned into "mindless holders". So either way, these wretched traders had essentially only one option ahead of them (well, a single option is not an option at all), and which was to hold