The people in denial are mostly retail traders who keep buying the dip, because they don't understand that the market has fundamentally changed. A lot of the big portfolios, at least the reasonably smart ones, have de-risked and are not eager to jump back in aggressively. But that also means that structural bid that had been underlying the market since 2020 is no longer present. And that means things can fall a lot further and quicker than most people who came into the market after 2020 can imagine.