I think this is true for most middle class people, because as soon as you have say $100-$200k you don't want to keep 'betting' and you'd rather put that into a house deposit or pay off the mortgage.
However if you are already a millionaire you might as well keep holding it.
A reason why the rich can get richer, because by holding you get tax-free reinvestment of the current value. By selling you pay tax and then get to use it for something else. This plus average stock returns beating other investments or paying off the mortgage.
Exception is with crypto and 'true believers' who held and held. Maybe they'll never sell their entire stash.
However if you are already a millionaire you might as well keep holding it.
A reason why the rich can get richer, because by holding you get tax-free reinvestment of the current value. By selling you pay tax and then get to use it for something else. This plus average stock returns beating other investments or paying off the mortgage.
Exception is with crypto and 'true believers' who held and held. Maybe they'll never sell their entire stash.