Who dumps AFTER the merge?

I accept that some people don't believe in proof of stake, and want to sell after merge. They are wrong, but I accept it. My question is, why wait until after the merge? This came as no surprise. There were only two possible outcomes today, Merge fail or merge succeed. Merge cancel was never an option.

The only thing we learned today was that Ethereum community could pull off one of the most sensitive and complex technical upgrades on a live network that has ever happened. How is this bearish?