Were you making this same prediction when the price was mooning to $5? What changed since then? The Alexa rating has increased (as @blakemiles84 points out), the feature set of the platform has increased and improved, and the number of users has increased (though adoption and active users has leveled off, or at least become more clear based on how many previous accounts were just bots).

I've powered up STEEM that cost more than this. Sure the conversion to VESTS was better than then it is now, but I still wouldn't say there is only motivation to cash out. As others are converting VESTS to STEEM, some will realize converting STEEM to VESTS will never be cheaper (in STEEM terms) than it is right now. Granted, if the price of STEEM drops lower than the conversion rate change (which it appears to be doing) then selling now and buying more later would result in more VESTS. On the flip side, holding VESTs right now enables the holder to gain even more STEEM via share dilution protection and curation.