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.
They're not called intelligent or smart investors if they really don't know what to do. Also, we have holders, who have that tough mentality and not selling even there is a panic. And that what separates them from the rest of crypto investors. In my case, I will only sell-off in the right now, meaning that I have made a lot of profits. But I won't sell everything though, I will just cash out some and keep the rest because I optimistic that we can get to a new all time high after the halvening this year.