In your definition Bitcoin lacks the third phase which is liquidation but i can cash out my Bitcoin any moment i wish for.
Regardless on how much you own, there are no restrictions to withdrawal. Which is in your point of view it is like a pyramid scheme and only early investors could cash out.
That's not liquidation but circulation. Liquidation is done by the issuer who in this phase must provide some value to the holder. Bitcoin lacks liquidation phase and that is why you can get value only from products brought by new investors, which is ponzi-like.