Almost no one understands that people hold when they think the price is going to go up.
People hold when they are excited, these guys think in mechanics, when markets are ruled by feelings, and roadmaps, and bright futures.
They think if they get it adjusted just right, it will matter, it will not matter unless or until people get FOMO.
If I sell this and it's worth double tomorrow...
That only happens where there is excitement, growth and potential for the future.