Although the on-chain indicators point towards the worst-ever BTC bearish market, they also underscore the increasing resilence of hodlers.
The number of hodlers not selling ever under extreme market conditions has become higher than in previous bearish markets.
I think this has something to do with the fact that the price of BTC reached an ATH last year around $60,000 on the market.
Given the wide array of knowledge spread across the globe, at least almost everyone knows about the price history index of BTC over the years. With that hope in mind, majority of the BTC HODLers (including myself) rely on the hope that its price will recover sooner or later, though no one knows when.
Also, there is nothing much to do in this bearish market. If you sell your BTCs, then you lose majority of your investments. If you actually HODL, then you run in to the risk of its price decreasing. But the fact that it reached an ATH last year means that its price may potentially recover.