The truth of the matter is that it can be very tempting to sell most if not all of your bitcoin just like hypothetical 2 did, and he ended up with nearly $1 million in profits out of a $47k investment, so it is difficult to proclaim that he did not profit, even though he would have had been better off to hold onto more of his BTC, perhaps some variation .. yet whenever any of us is attempting to create a somewhat realistic hypothetical comparison, we have to show how there can be a considerably great dilemma - including that we do not have the advantage of hindsight when we are caught up in the moment and we might have a variety of dilemmas that include temptations to consume and/or invest and even perhaps speculating that we might end up better off by selling most if not all of our BTC...

yet the more that we learn about bitcoin, the more we likely figure out that there are quite a few advantages to try to employ longer term HODLing and accumulating strategies, even though surely also at some point we may well transition out of mostly accumulating and into mostly selling (or shaving off here and there), and we still might be able to figure out a fair and reasonable balance that allows us to start reasonably withdrawing bitcoin even if we know that with the passage of time we are going to end up with fewer and fewer and fewer bitcoin... but having fewer and fewer bitcoin still might end up being an o.k. result once we got to a status that we consider to be over accumulation so shaving off bitcoin from our stash along the way ends up being an approach that we consider to be acceptable to our overall situation.
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Do you think that we could soon get to a level of acceptance where there are platforms that allow you to borrow against your BTC holdings at competitive rates? I think if we get there, more people would decide against liquidating their BTC and instead use their holdings to otherwise leverage their position. I know that you are not the biggest fan of debt if I recall correctly, but with sound financial management, I would rather borrow against my BTC instead of selling it. Yes as long as it is highly volatile, there is considerable risk involved. But selling it and using the funds to buy something else could actually put us in a much weaker position given that we are literally selling tremendous upside potential in a moment of need or opportunity.

I am currently not aware of platforms that offer these services at reasonable rates, but to be honest I am also not into this too much. I can imagine that in a couple of years with things like LTVF and maybe other layer solutions, borrowing against your holdings could become a viable thing.

I sometimes think that from the most rational point of view, too many people have too little holdings and are more or less forced to believe that flipping is the right thing to do. Being able to hold despite being up several x is a luxury that mostly the rich can experience. The poorer people feel the urge to sell much quicker even if it doesn't make the most sense from the perspective of someone who truly believes in further exponential growth, but I do at least get their point.