For YOU maybe, and that's OK. But for professional investors/traders who bought during the bearish phases during 2022 and 2023, they're probably taking profit NOW, no? OR those winning day-traders who bought the DIPs during April.
We plebs merely have to accept that for every seller there's a buyer, and for every buyer there's a seller. There are those who take profit, and there are those who buy from those who take profit.
Simple.
Different people have different knowledge, experience, personal traits and financial as well as investment capital conditions so that they will have different visions, strategies that decide their actions in the market with both entries and exits.
I believe that there are investors who already exited all bitcoin accumulated during last bear market, some others partially existed like DCA for their exits along a bull run while the others are still holding all of their bitcoin and wait for an absolute ATH to exit and the minority lf investors similar to Strategy are planning to hold their bitcoin not only throughout this cycle but also future market cycles.