Yes and no. There are and always be both sides of the (Bit)coin: coin for use and "digital gold". Without it's every day use people will get to the point they can't redeem their "digital gold".
Also, I was also thinking that wealthy people will hide big amounts of money into cold storage and "hodl". But nowadays somebody is selling. Yes, it may be the rich guys that bought one year ago, but they sell instead of buying?! I mean, since the corrections we had this year, they should buying again.
So I think that there may be something wrong in this logic: it doesn't cover the whole truth (and yes, I know, there could be some market manipulation exactly because they're buying and they try to keep the price low while doing that). Still, something seems to be missing...
these "rich people" you referring to are neither buying or selling , they have enough money to manipulate the market for their own good . there's nothing missing and they don't care about the price , they buy from one point and convince people that bearish trend is over and FOMO occur then they sell in massive amounts causing huge drop again and vice versa in bullish market.
The only reason of not dropping price below 5000 usd is that mining won't be profitable.
100% agree on that point , miners play vital role in this game and once they ditch it , crypto market may fall !