I think the reason why BTC is prone to being HODLed is because, well, why would I sell knowing that the $100K worth of BTC will be 10x that in the next cycle?
The problem with BTC maximalists is that they are extremely self-interested to the point where HODLing is the most they'll do. This is part of why its so monolithic and slow to change. They're cheering on Wall St. knowing that them entering the space directly clashes with Satoshi's vision, but they don't care. They just wanna see number go up, and it probably will once all of the dominoes fall...
Time to hoard!!!