Unfortunately they are usually the people who came from the bubble during the peak times. They see everything going up all the time and then they think that they could keep making money like that. We all know that bull runs eventually end, and then they see bear run and they get scared and think that it is all over and they run away.
The reality is that bear runs are usually over as well, and that means we are going to see bull runs, and then we are going to see bear runs and that will be a cycle. So the newbies who see the bull run turn to bear, usually do not stay long enough to see bear run turn into bull, they just come in right at the middle of a bull run and do make some money but do not see that change.
Those people eventually learn how to carry the bear. They do not just leave during the bear period (not all of them) and come back during the bull period all the time. I am not saying that there are no people like that, I am sure there are many people like that, but the reality is that I have been part of that group and I have stayed.
During the period of 2012 or so, there was a big bull run, and then it was bear until 2014, and I came in and saw the bull and joined and saw the bear, held on, and then saw the 2014 and stayed. I didn't started to make a good amount of money until 2020 and that is my own fault, but I did not leave neither, I was always around here.