I suspect that a lot of people who invested money into crypto around the end of 2017 will have probably cashed out already.
It takes some strong hands to hodl from those highs. That said, anyone who already sold may have already bought back in to try recoup their losses.
All my friends who've bought in late 2017 haven't sold their BTC, nor have they bought more. I wonder how many of these many addresses holding since 2017 have had any BTC received since then.
I think holding happens more often than selling when a price crash occurs. My friends' mentality is "I'll wait until the price rebounds to an ATH to recover my loss", rather than "Let's buy more to lower the average BTC price I invested at". Remember, many of the late 2017 investors have put their money in BTC hoping to get rich overnight. Unless you sell, you still haven't lost anything basically. You still own the same amount of BTC. This is speaking from my real life experience though, anyone else's could be different..