Certainly the utility tied to the activity on the blockchain is one of the most impactful areas in terms of price (demand). However, that is not the only one. Yet, from that viewpoint, the development of apps and games is the pathway to that end.
As for the selling pressure, yes some will sell their rewards to get into fiat. However, others will be buying. It is what the majority are doing, not what a few. If more buyers than sellers, then we see the situation with prices going up.
Perhaps those who are selling to get into fiat are selling to application owners who need the HIVE for RCs to delegate to their users.
Or maybe someone is buying it to produce a large amount of HBD.
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