I'd suspect that some whales who have made Steemit their full time job need to power down and will continue to do so. They're probably not inclined to buy much again, so they'll continue to earn from the inflationary currency and take their regular power down out for life expenses. This workflow is easy to maintain when content is regularly voted blindly with pre-set voting trails so people can stabilize this system. Nothing wrong with taking money out, but you're right that more is going out than coming in, and maybe this plays a part of it.
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yes, people need money to live off at the end of the day, and I have no issue with this, but can steemit sustain this sort of sell off?
I'm inclined to think that the value would rise with more adoption in the next two years to offset this enough. I have no expertise to feel confident in that though.
However, I do sense and see that there's a decent portion of users who act heavily in their own personal interests alone, as interpreted by their outpouring of filler posts for votes to satisfy auto/voting trail rewards, met with offensively low amount of commenter engagement and upvoting. I think that this one way street mentality will fuel the issue you're raising because it's a selfish mindset of expecting, versus giving. Eventually one pool will drain out the other.