Wow, this is really great information to know.
More holders mean growing trust in Bitcoin. Even though there have been some downtrends, more people are still committed to long-term holding. I think this helps strengthen Bitcoin, and maybe we won’t see those massive dumps like we’ve seen in the past.
This deplict The sermon we preach everyday about buying the dip and HODL. This implies that the more people buy and HODL Bitcoin the more we creat scarcity In the market. That is why it is important for people to keep buying Bitcoin and HODLing as this will help to strengthen Bitcoin and making it not to dump as before just as you said. But it will be problematic for people with higher amount of Bitcoin to sell at once, if it weren't for the Investors who buy and Hodl Bitcoin, who knows how the market would have looked like.
This movement is probably being led by institutional investors. Their actions likely give individual investors more confidence to hold, especially since they don’t panic easily. It’s normal for Bitcoin to have sharp drops, but just like what happened earlier this year - it almost dropped to $60K, and now we’re back around the $90K range. Looks like we’re entering a bullish phase again. (hoping...)
Yes institutional investors like microstrategy who buys Bitcoin in bulk and stack without the panic of selling at any point in time. Especially hitting the previous ATH and dropping below $74k which is panicable yet they chose to keep on HODLing without selling. I think a typical example of the kind of example you describe is just Micheal J saylor or microstrategy who in his power of jurisdiction has the right to sell some Bitcoin for the company but decided to HODL. If they decide to sell out. Of panic during the previous dip of some weeks ago maybe Bitcoin would. Have find it difficult to bounce back again. Their liquidity and that of some whales on Bitcoin is what makes the price of Bitcoin not to dip so quickly because they stand as counter weight to balance Bitcoin price and trust of people in Bitcoin.