what do you mean beginning its from earliest know mining or just new miner
if new miner than maybe a lot people that not sold the bitcoin maybe just testing the miner or something else.
is from the earliest mining maybe the sold some to cover up the electricty an hold the rest unless they have free electric but still
maybe one or two people not sell any single bitcoin they have
I agree with you. I wouldn't believe that there could be miners from the very beginning that have not sold a single bitcoin since they started mining since we know there are bills for them to pay since then. I also think the early miners might be in china and with what has happened of late, definitely most would have sold some and it could only be that they have not sold yet.