overall people may prefer bull markets than bear markets, and that eventually makes them limit their investment when the market is bearish, I don't know the exact data, but this is a personal experience and also an assumption.
Some people may take advantage of this bearish market to collect their investment coins by buying at a lower price, of course it is based on the analysis they do.
I agree with your assumption, as I also love the bull market than the bear market. Because in a bear market, we can't really see which trend is good to invest in, or what investors are finding more interesting, the bear trend is called bear because "bear" people want to dip it, or short it (mostly), and I don't like to short even though I don't like futures trading.
For spot traders, gem hunters, and even for airdrop hunters, the bear market can be less profitable, but there is the motivation we need, as investments made in a bear run or presales joining in a bear run, can give good profit in a bull run. But we have to be selective and careful with our time and money.