Personally I think this is a big contributor to why OG bitcoiners are cashing out.

A lot of them also never really had a chance to spend their wealth before, it wasn't just about price, it was about what you could spend it on, adoption is still slow, but swapping it for other currencies has become easy, so that's obviously what they need to do to spend it.

Imagine holding since it was under $0.05, having hundreds of Bitcoin. Not really being able to spend it on anything this entire time, obviously you're going to dump some I'm exchange for a different currency you can actually spend.

Idiots say store of value before means of exchange because they're stupid.