Now there is an active phase of washing out even the strongest hands.
We hoped that crypto winter will not come this time, but it came. Of course strong hands are also affected. Maybe some did their math and expect 7x fall like in the previous cycle. Then they can sell now 1 BTC and buy 2 BTC in the near future (unless the reality won't go by their math

).
However, I don't think I've seen fear index so low. We're at 7 today.