I also agree with you. because if he is still holding bitcoin and ethereum until now it means he has made big profits from these two coins. But if panic selling is in him then I think he regrets his actions by selling it.and in my opinion if we hold bitcoin and ethereum there is no need to worry because these two coins have been very tested by bearish and bullish market conditions.
As long as we can still control our patience to continue holding Bitcoin and Ethereum assets, we will have the opportunity to become rich when the price rises again. I believe these two coins will provide a good future. What we need to do next is to return to actively working in the real world again so that when the bullish occurs we have savings in cryptocurrency and we can harvest when the price becomes expensive.