It's a dynamic we will always see. There will always be those trading (looking for short-term profit) and those holding long-term (seeking that one big return).
Sell-offs due kill the buzz, but in the end that is true of any market. In 2008 the masses were certainly not lining up to buy stocks. Though they probably should have.
I'm holding long-term and posted about adding to some positions today. I plan to add again if we leg down to the next level of price support.