yes because even though no matter how bullish you are on bitcoin, some people are still going to need fiat; probably to pay for bills, to buy random stuff, to pay for some sort of emergency, because they are short on fiat, those stuff. Deal with it, bitcoin isn't used enough(especially in 3rd world countries) that you can live with bitcoin alone and Supply and demand is not the relevant question. The relevant part is WHO is buying and selling. And when you see the amateur-investors, which this forum is filled with, taking the buy side in a naive vision that Bitcoin can only go up - and the clever larger investors slowly selling their Bitcoin -