If small investors still believe in Bitcoin, it sheds a signal that we don't get a bottom range yet. The psychological cycle of market is repeated and bear market only comesto the end if small investors give up and feel very anger.
I think Bitcoin is in accumulation, not side way for a good bounce in a few months. After that, we will see another dump to wash out most of small investors. After a wash out, the market will have a long side-way to wash out rest of small investors. It will be very long waiting time to see ending of this bear market.
Scattered investment and kept for a long time. This is also why I like it more when the news is about more people buying Bitcoin and not just 1 whale or a group of them. Sure, they can tremble the market but long-term it will be the average buyer that will try and survive any dump.
Whales will sell to save themselves but small investors have hopes that it will be their savings that will also save them in the future.
I am a part of that, and I don't even have the slightest thought of selling. There's not even a stain of panic.