RE: I'll buy back in later.
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I don't think HIVE is being sold by a few speculators. Hive is being sold by many good writers with a KE greater than 1.
For example, a speculator like me (with a KE of 0.18) is transferring HIVE (bought at a higher price) to Solana (because it has good growth potential).
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Of course, there are many reasons to sell, and I don't think that it's speculation in most cases - most won't buy back in, ever. This post is focused on the few that actually do speculate that way. And about a theoretical tool to judge situations and behavior.
I know that you're waiting for the price to drop, so you can buy more, too (if you're plan hasn't changed), but you're not selling every bit of hive you own now to buy back in later. Or at least from what I know :-D
I don't think my KE will go above 1. There are good people here, I won't sell their upvotes :)
But seriously, dalz recently posted where he shows the huge amount of HIVE on exchanges. There are 150 million HIVE on the Korean exchange alone. We need to think carefully about whether we have enough buyers to buy up tens of millions of HIVE.