i have not researched this in detail but my intuition is that the largest cost to miners is electricity so by simply switching off they can essentially „hibernate“ until price recovers.

hodl miners i‘d also assume have diamond hands and margin miners sell constantly anyway.

it‘s also quite evident from the bart linechart that (leveraged) trade ($45B trading volume) dictates price movement currently which exceeds volume by miner sales ($36M mined per day) by 3 orders of magnitude.