I think it's both.
People who are investing now because of FOMO rather than accumulating Bitcoins/Satoshis for a few years to cash in profits, then yes they might look like fools. Who knows if more ETFs came and made them lucky they should have invested when we had a bearish market for crypto.

No because they may be day trading and have a good stop loss in case bitcoin goes south (which is unlikely to happen but we never know for sure what gonna happen in future, it's only predictable)

I also want to add people who don't day trade but get too much emotional about the price of bitcoin then it's not for them because they won't be able to live a stable life thinking about prices all day long.