The OP's question sounds like HODL'ers are in a minority. The more pertinent question is who has sold
out when the markets hit +$99k. I think there was a bit of a movement at one stage who had $100k
as the sell out target but given how "easily" we have reached that* its clear now that the thinking is far
beyond $100k, so HODL'ing is largely the norm.
I's still HODL'ing but I also spend Bitcoin on a weekly basis. I am part time on the "Bitcoin Standard"
things I buy now are only getting cheaper as Bitcoin rises!
I do not think that we have less holders, in fact I believe (which is proven by data anyways) we have more and more holders, but the real holder count will show itself with time when these ETF's start to be bigger and bigger each year. I bet that there were tons of companies and corporations which did not buy bitcoin directly, they did not want to deal with security part of it, and now they are buying ETF's from companies like blackrock and dealing with that instead.
This should be something that is getting a much better return for all of us, that's why we started this years bull run nearly at last times all time high and not lower, because the moment ETF's got accepted, we started to do great and price increased a lot.