I always feel sorry for those people who invest in Bitcoin, doing it well and at a low price. But then they are forced to sell Bitcoin because there is no money. Although they would not have sold it in any other case.
So that's what is called a big mistake in the investment they made. Everyone has made the mistake of selling too quickly and it was a rash decision they made. I see many who take quick profits when the market moves up recently but it is still difficult for them to find a lower price like the first entry they made. However, there are also those who apply the buy back strategy to increase their BTC holdings from the profits they get.
Especially those who sell quickly are traders and not those who invest in the long term. So it's not surprising that the sell order wall is high because they take profits quickly. I think there are many factors that they might regret their hasty decision to sell because if Bitcoin could close at $50k in the near future then they missed a bigger opportunity to make a bigger profit / and that's just a small example)
For those who can hold longer and continue to buy on dips, they are potential new rich people someday and we have seen the adage that Holding is a winner.