The people who bought at <$20,000 are already in 100% profit so a great time to take some off the table if a crash were to come. (Which I think will happen)
So they're in 100% profit if they sold. Usually when you want to sell, everyone else wants to sell too (see Mar 2020) so it all comes crashing
If they didn't cash out, there are not profit. Bitcoin could take a 80% dump within an hour and most people would be screwed.