Where does the anectote that 90% of people lose money in crypto come from, and could it be true?

I keep seeing people quite figures like most people lose money in crypto, or 90% of people lose money. Along those lines anyway.

I wondered how that could be true. Are most people in crypto those who ape in during a bull run? If that was the case, surely those people would make money?

I suppose greed could cause loses, holding bags, or even the opposite. Seeing a slight dip on the chart and bailing out before giving a chance.

Even with the above hypothetical scenarios, I still fail to see how "most" people would lose money. Surely bag holders get their time again and those aping in during a bull run cash out some profits.

What do you guys think? Have you lost money or are you profitable overall? I know some people would lie about this but I'm interested to see what the general consensus is on this.

Personally, I think I've gained overall but not much. I lost quite a bit in 2021 coming in late, but did used to mine eth back when it was profitable to do so at home.

This time around I'm doing ok, but I'm holding on for the hopeful bullrun next year. Fingers crossed that actually happens and we didn't just see it!