So, a consistent narrative of this cycle has been that Bitcoin is not pumping like previous cycles because Satoshi era whales are dumping a lot, sometimes a whale dumping like a few tens of thousands coins over a week.

But I am curious, are they selling to rotate into other investments (like S&P 500, cash for safety, or even Ethereum), or are they basically spending (which ends up in the exchanges to eat the orderbooks) to get a dream palace, car or medical treatment etc.? Is there any research on that?