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.
I believe there might be a difference due to the wave of new investors. We've got +1M addresses still holding their coins... so when the next cycle comes, these address might become active. If they do, it'll probably be a huge selloff from those who invested @20k.
It would be a bit unsurprising to see if there are many holders who would sell immediately once the price starts to rise, and when the market value is enough to cover their losses from the previous downfalls. They would surely take advantage of the situation and make sure to prioritize regaining their profit, and would probably not risk it again. Many people have regrettable not selling before when the price was still at the 'peak'.