Okay, so there is an assumption that 'whales' will continue/reinvigorate the circulation.

Because, the thing with digital assets is also: if you lose your keys, these coins will be locked for a long time. And the very admirable trend #bitcoin uses to converge towards the 21 million coins and then you have a mathematically guaranteed supply, does not (and arguably *should not*) correct for human accidents, but that does not mean that there is a undeniable and unremovable factor that reduces circulation. (Talking specifically about the loss case.)

And my first point demotivates circulation, which is healthiest with a most balanced distribution. (Balanced as in evenly distributed number of coins.)