I agree with you that the incentives for holding long term decrease if the price has a long term down trend, but currently between the interest rates earned on steem power, the ability to earn large amounts from curation rewards and having the power to influence what content gets seen, the incentives far outweigh the benefits of powering down and selling all of it. This can change over time as the interest rate returns fall and inflation stays high, but im hoping by that time (roughly 9 months) we will have a much more established ecosystem. I think many people forget that many of the whales bought in at such low points that their opportunity costs to sell are extremely low as well. The market has to correct on the price, its just how it works. I said at $3 I wouldnt be surprised if the price fell back to $1 and im still holding that state of mind. The market has to get to a point of equilibrium where speculators and incoming users are comfortable with buying steem and getting involved in the system.