Well, precisely that same logic could be argued for why many are delaying converting more of their holdings to fiat, if the price started exploding last year, and many are in places like the EU/US/JP where large amounts would be taxed heavily then it could explain why there isn't more selling action by medium-sized wallets even at these prices. Many are probably just waiting on capital gains year holding to take effect, which would depend on when they bought in.
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