During the retail driven mania of December 2017 to April 2018, early Bitcoin investors (whales, OG's, whatever you want to call them), sold $30 BILLION dollars worth of Bitcoin to speculators, according to research from Chainanalysis. This actually increased the available trading supply of Bitcoin by over 50%, leading to the recent depression of the Bitcoin price, according to ChainAnalysis.
Let's talk about the research a bit further, a recent Ripple class action lawsuit and the general market movements.
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Chainanalysis Research: https://blog.chainalysis.com/money-supply/
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