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While holding to trade in the bulls and other purposes with regards to holding might account for some percent of the observation, I think another place to look at is the price of Bitcoin. The price has pumped to a surprising high for everyone. I guess most of us never expected bitcoin to create the current ATH and it did.
This scares off a few others from actively investing or trading it as, you don’t want to lose value on every Sat neither do anyone hope to buy too high.
People are gradually placing values and it would be interesting to see how the activities would play out come the next bullrun.
Its individual's choice to hold Bitcoin for trading or long-term purpose ultimately hinges on his risk tolerance level and financial circumstances, however, I have observed and experienced that, short terms trades for modest gains is not a prudent idea, when it comes to Bitcoin. Instead, we should look at the bigger picture and hold Bitcoin for long term and wait for the events such as halving that can potentially generate significant profit for those who hold onto their investments over time.