Who has been selling for the last two months?

Despite a huge Bitcoin crash almost two months ago, and news of inflation and news of Bitcoin adoption by financial institutions, tech companies, and small countries, there seems to be some class of investors that continues to sell (we know this because the price has been slowly going down for two months). Don't get me wrong. I'm not frustrated, just curious. And I am enjoying the buying opportunity. And I don't know if this is a crypto question, an economics question, or just a human behavior question. But who's selling more than "we" have been buying? The panic sellers are gone by now, right? My only guesses are 1)baby boomers are cashing out for their twilight years, and 2) a class of investors who are really not tech-savvy believe that a digital fiat currency somehow competes with BTC or threatens its value?