I believe you don't understand something if the market changed to total bearish, the drop in value of Bitcoin bought at the ATH price still doesn't mean investors which choose to hold are making losses.
Yes, it may sound complicated but people only make losses if invested in Bitcoin and choose to sell at a lost price because the market will always make a new ATH price after halving why not hold till that time before selling.
Technically, if investors choose to hold till next the ATH market is not going to make a loss.
A loss remains a loss, no matter how you interpret it. It is in the "losses" column that this amount is indicated in the report of major holders of MicroStrategy and Tesla, which currently reach $ 1.5 billion and $ 500 million, respectively. Yes, indeed, this loss may eventually change to profit, but no one knows how long it will take. And in general, there is no guarantee that any coin can reach its ATH after correction, and there are a lot of confirmations for this.
A loss is not a loss, this isn't a loss, that's the thing. I mean if you want to call it a loss then go ahead and do that and nobody would stop you, but something that you made a profit from, can't be considered a loss just because it wasn't making you a profit until you did.
If I buy something at 100 bucks, and sell at 200 bucks, why would I call it a loss if it was 50 bucks for a while in between? This is what's going on with them, it is not a loss, they are holding, and they will make a profit from it, hence why it's not a loss. If they end up selling it now, for a loss, that would be a loss and I would totally understand that and would make sense, but they are not selling at all.