I can see that on the miners in a bull market. Right now I know of miners who are selling their full rewards as soon as it hits to make sure they have fiat gains. It doesn't make sense to me but I guess they assume they'll be able to buy back in cheaper from here.
I have to fully agree that burning has no value to tokens. I made this mistake with SPORTS when we rolled out a program to pay people to burn. It might have encouraged more to get burnt but it never created a net burn or a culture towards more burns. It just left a new net inflation supporting the rewards for it.
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