I agree, velocity of money is a factor in any currency. I do think that demand for bitcoin has gone down, and the miners are probably trying to liquidate coins they have obtained. One other factor I have been making, liquidity is tough in bitcoin and all crypto. Bitcoin is probably the most liquid, but demand for it is low, so we will see the price go down.
4 years ago none of my friends heard of bitcoin when I started buying some. Today they all have heard of it, and many have considered buying if not already bought. Then they got destroyed since January. They hype is gone with “non-bitcoiners” which is probably good for the technology so it can catch up, and be able to perform during the next wave of hype.
It only will get better, but for prices to increase exponentially like last year, that’ll be a while.
But hell, I said that at $1000, and at $2000, and at $4000, and at $10,000