Haven't we learnt from the past? We are still doing panic selling which was witnessed as there were fuds created by some influencers about possible rejection of spot ETF and once this spread across we saw how people were on selling mode which literally brought down the value of Bitcoin to $40750. But this was a tight slap on face of those who tried bringing down Bitcoin as it survived this attempt as well and rising again.
In every bitcoin market circle, there exist as a new cats and old cats and by cats I mean investors. Expect new people to have bought when the price was lower which was around 2022 and are now in profits in 2024 and because of the nature of bitcoin crash, they don't want to take chances and see that profits wash down by some price whales.
Similarly to old cats, some of them has been holding bitcoin since last bull run and I guess they must have bought at all time high, so now they are waiting for Bitcoin price to recover so they can pull out their investment and wait to buy back again. This is why I think that people will always sell even if the market is bullish.
When I as we I meant those who have panic sold their holding and it's sad people don't understand that just one event like spot ETF approval cannot define Bitcoin's future and people should stop believing in these smear campaigns because no one can predict much about crypto or Bitcoin.
I just think that people are entitled to their investment and they can do whatever they choose to do with their investment. What is even the essence of investment if you can't lock in profit when you like. This is one of the freedom of investing in bitcoin, it's an open market and free will of people, expect them to do what they want to do with their investment.