Not everyone shares the same core believes about bitcoin. Depending on when one "got into" bitcoin the narrative was different. Usually the zealots come a bit later than the initial early adopters.

Some are probably worried about the state of the world and taking action to be able to live in their new found comfort regardless of what happens during the coming 5-10+ years. However, they undoubtedly still hodl a significant amount of bitcoin for the future.

Logically it feels like a natural phenomenon in a new, growing and bottoms up movement that the distribution and concentration of ownership dilutes over time.