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RE: Early Adopters & The Success of the STEEMIT Experiment; An M.I.T. Study on Technology Diffusion
I don't think the cashing out was due to being an early adopter at all. Instead people have reference points in their heads. They know it is rare for an investment to double for example, so when they are holding something that has doubled, it makes sense to cash out before it falls back down again.
The bitcoiners who obeyed this instinct would have sold in the great bull market of 2015. Those who didn't will have watched the $1000 top and be kicking themselves for not selling.
@aenor , in the MIT Study, you see that the students that were considered natural early adopters and delayed in receiving their BTC, sold their BTC very early in the experiment. It was further demonstrated that it was more of a personal decision based on social status that determined whether they adopted the technology or not.