Not necessarily. They might have bought to hold - expecting BTC to be worth more in a year. Not caring about day-to-day fluctuations. That will depend on funda

Not necessarily. They might have bought to hold - expecting BTC to be worth more in a year. Not caring about day-to-day fluctuations. That will depend on fundamentals - is it being used as a trading currency or store of value currency by millions of people for a long period, or not?