I have a friend who's been hodling for years, but now he's tired of waiting for something to happen and plans to start selling his BTC slowly to assist with living costs. I kinda understand him because it's been three years since the ATH and the price is still 50% down. But I also want to point out that it's not necessarily people giving up on Bitcoin. Rather, maybe they'll stop seeing it as a store of value, but will be willing to use it more actively as money. For now, it's very difficult to use Bitcoin as money, of course, but perhaps drifting away from hodling in the direction of using would build up a demand that would be met by merchants accepting BTC more often.