I think it depends on the miner, most large miners can borrow against their holdings to have fiat to pay bills and hold on longer to try and public miners can always sell equity to add more runway or take out debt
Home miners may sell to cover bills, but even at this current price of 29k the average cost to mine a bitcoin is 15-18k if you're not making a profit your set up is jacked or your electricty is too expensive, you can use it as a loss leader if you're a long term hodlr looking for non-kyc sats but if you're looking to be a miner/trader, id say shut it down
I am not one for tokenomics really, I think it's all leveraged bets on bitcoins price movements and capital flows and ive yet to be proven wrong