There are liquidation limits on the exchanges. I think Coinbase limits to $10k USD in exchange for your Bitcoins. You can get increases by providing additional identity verification. IRS is way up in Coinbase’s business since this is essentially a huge potential avenue for laundering and tax evasion.
So it might be that bitcoin is rising and rising ever more not just because owners are bullish on future development but also because some of those who are not are disallowed from selling? Best store of value ever, backed by inability to sell.
That’s certainly possible, however I suspect many of them just keep watching their money go up (at least for now). If really motivated you can find other ways to sell like LocalBitcoins, it’s just not as convenient as pressing the “sell” button.
