Most people eating losses right now? Short-term holders.

You know the type:

• Sat on their hands at $67k back in July-August, couldn't commit
• Got hit with FOMO above $80k and went way too heavy
• Now panic-selling at the exact price they were kicking themselves for missing three months ago

It's the same movie every cycle. The price you were begging for yesterday becomes the price you're running from today. Wild how that works.