Some of them still hold bitcoin, but if there is an urgent need, now some countries have put in place a lockdown so that the corona virus does not spread and need money so they sell their crypto assets for their needs. But it is not until we panic, everything will end and the price of crypto will return to rise sooner or later.
People who sell bitcoins to meet their daily needs does not impact much on bitcoin price. Do you think they are responsible for bitcoin dump ?
Not at all. Basically it is only whales who pump and dump the bitcoin and eventually increase their portfolio.