Money is money, lost earnings are just as lossy as lost anything else.
You could say they'd lose less if they "wait and hold"-ed, but they couldn't afford that, again, even before any hint of a bank run, and the risk exposure was increasing.
Should you look at the opportunity costs for lost potential gains in this scenario -- yeah. Does it "lose money" -- no, not unless you are forced to sell before maturity.
lost earnings are a wish for what could have been, not lost in reality.