If the price is lower than their buying average they don’t wanna spend it. If they buy the dip they want to hold it. When it moons they don’t wanna let go of the rocket. I think it can take a cycle or two until they’ve reached a point where they can’t move their stack a meaningful percentage with their earnings anymore that bitcoin starts to feel more like spending money.
Gonna be leading some spoon carving classes with @axewpg next month. Come learn to carve using an axe and sloyd knives and become a member of the carving club. Dm for details.