Re: Roles of participants in Btc market (who are hodlers, etc.)
And so I come to the topic of behaviour of people. Recalling a piece of book I read about economy, all people have demands driving their actions the certain way. So, what patterns of behaviour are there in btc market? More simply, what people buy and sell coins and in which cases? Who are all those hodlers, speculators, and how do they behave? I hope I asked clear question and we won't have misunderstanding about it.
The same behavior patterns as virtually all markets.
Markets boil down to trading/investing psychology, which is why they tend to follow repetitive accumulation-distribution cycles: https://www.investopedia.com/trading/market-cycles-key-maximum-returns/
Bitcoin follows these same cycles. As for its historical uptrend, I think that's explained by its strong monetary properties and extremely scarce supply. Hodlers see that value and are buying up the supply before the price gets marked up again, like it did in 2017.