They’re just people. Some of them had the right understandings and conviction at the right moment, now they’re cashing out to upgrade their life after more than a decade of hodling and 1000x+ gains.

I think most of them know they’re leaving a lot of upside price appreciation on the table but the desire to have life changing money now is outweighing potential future gains. I’d also bet most of them are not selling their whole stacks.