These are usually traders that were looking to take advantage of the volatility of the market in the short term to profit but begin to panic when the market is not going as they speculated. Holders do not panic in this situation instead they buy more Bitcoin knowing what is happening is just some corrections that will be over soon.

With Bitcoin you only lose when you sell but if you hold, it is just a matter of time before the market recovers and gives you profits. The cycle are usually every four to five years based on the halving of block reward and when the market starts to check the fomo.