As I’ve pointed out to a post of mine https://medium.com/@hotabak/dear-dhruv-1f7921bf7068 in relation to your latest article, I remain skittish about the health of the recovery. The network activity and price disconnect induces a feeling of close circle self-fueled rally feeling. It is not that the crypto network value can not be higher, it is the way the market is reacting that worries me.

So within this context, I’d suggest most of the 2017 2nd half entrants were mandatory hodlers due to price depreciation rather than a conscious apriori decision to hold for the long term.

Obviously speculative comment but my lean-to hypothesis for the moment.