This is the response I got from GPT: Low time preference with Bitcoin means you're really good at waiting and not spending all your Bitcoins right away. You save some Bitcoins for the future because you believe they will be worth more later. It's like not using all your Bitcoins now and keeping some for later when you think they'll be even more valuable.

It's basically a waiting game. People are holding or hodling their Bitcoin in anticipation of a possible price increase. That's my understanding based on the GPT response above.