This is true, It's a common behavior of people who just got into the market. They lose trust after seeing a massive down fall on prices and eventually sell their asset on a low price that result to a loss. Whales just keep taking advantage of the market buying all those discounted bitcoins, This is why whales are just becoming richer as time goes. I'm pretty sure that those weak hands just entered crypto because of the hype of bull market in the past few months and now they are suffering because we entered bear market. They haven't experience the bear market that's why it's very new to them. I hope those who just entered the market and sold at a loss will learn their lesson on their experience.