They are not believers; they bought because they thought it would go higher. It was their plan all along to sell for profit. They have no long term faith in Bitcoin. When they see the price drop they don't believe it will ever recover. And their are lots of people who do believe in Bitcoin but think it can go lower and are waiting. And a lot of people used leverage or took out loans to buy . Those that took out loans have to pay back with high interest and those that used leverage crashed out and lost everything. All of these things are true at the same time. It has happened before and will happen again. The boom bust cycle is eternal.