What do they see? A Bitcoin market that's gone x10 in less than 12 months. They see a market that is obviously unstable, so why pump more money into it when they can just wait and buy at a lower price?

That or because they don't think it's going lower.

Even if it does, they think it's going to be significantly higher a year from now, which means you want to buy any dips you get.

On this note, the more you continue talking about bitcoin going to $20k doesn't mean it's actually going to happen. ;)