I'm sure it has sold and bought back its BTC to date, at least 90% of early investors. This type of consideration is unlikely to help. Despite the fact that people are ruled by greed, there are many investors on the market who have low expectations. I think those who appear on the market today are much more careful than those who started to be interested in cryptocurrencies a few years ago. They will not hold BTC until it reaches the price of $1M, but they will take profits after earning even 100% or less.
I can say that as an early investors I did really bought and sold early on as well. I was a bit too late to get back in but I did bought later on. The bears in this run is really nothing like the previous ones, because their numbers are lower and their work is weaker as well. Back in 2014 and in 2018 we had bears who had a lot of money, and who were selling like crazy, and we were talking about bears that controlled the market easily as well, nowadays we are talking about just some few people who would be capable of selling a bit but a lot more people buying at the same time.
I think the bears ran their course and bitcoin lost that bear fear, we are not longer afraid of the bears and whenever price goes down just a bit we start to buy in bulk because everyone knows 35k+ is quite possible so making a 10%-20% profit is not really that shocking.