For sure there are folks who sell their coins on the way down, fail/refuse to buy when the prices are low and perhaps even believe that the BTC price is going lower, and we are currently experiencing a decent amount of "on the grounds" information that the bottom is quite likely to be in.. sucks to have been a seller rather than a buyer at those low $30k prices, and surely the less severe of negative scenarios would have been to merely have been a HODLer during those trying times and relatively lower BTC prices, so long as sufficient and material quantities of purchases of BTC had already been made at some earlier point(s).
Psychology is also important here, many people still consider bitcoin as a speculative tool and do not want to look ahead, do not take into account the development of the entire crypto industry in general and bitcoin in particular. Yes, I myself was once one of those, (: D in my youth). I bought and sold bitcoin, as it seemed to me, at favorable prices and was happy about today, not evaluating bitcoin in terms of its prospects, it was 2017-2019. I was selling bitcoins at ridiculous prices.
Then, digging deeper, I realized that it would be much more profitable to hold, no matter what. Do not listen to anyone and hold. Now I'm trying to convince some people who think the same way as I did in 2019 that it is impossible to sell on corrections, on the contrary, buy in addition while there is an opportunity. But a plan has already matured in their head, first to sell at 32k (they carried it out), then sell a part at 29k and then at 20k. Now bitcoin is at 46k and I'm sure that they are tormented by the thought that they shouldn't have sold part of their bitcoins at 32k.
No amount of speculation can compare in efficiency with a simple holding. As Sailor says, bitcoin is digital property.