Santiment started a Twitter-poll, which highlighted the numbers of engaged holders. 49% of voters didn’t and doesn’t cash out into fiat or stablecoin, or only in small percent. They have an 80-100% crypto portfolio, despite the ATHs and drawbacks.
There is a common view, the average crypto-user just speculate, instead of holding on to the long term. Another opinion is when dips are coming, people liquidate their holdings en masse, so the corrections become bigger. Now, with 49% all-in hodlers, hard to say average users just speculating.