People will need some time. Noone wants to withdraw their crypto investments first. Many people will wait to withdraw their money until they have to. This might be the case for some this month.
Well.. human psychology works in strange ways. A few months back, Bitcoin exchange rate was above $12,000 per coin. Now it has lost more than 40% of that value. For most of us, it will be very difficult to sell our coins at these prices, since we are constantly being reminded of the past levels. But unfortunately this is what most of the intelligent investors do. If an asset is going down on a constant basis, then they get rid of it.