interesting stuff.
I wouldn't automatically assume they're powering down to sell - they might just want to have some on hand in the liquid form to do things like speculate on SBD increases that people have been talking about lately. With the platform creating additional steem supply they might be expecting the price of steem relative to SBD to drop.
I also don't agree that the entire crypto space is over bought. Granted some coins are, but many are over sold at the moment.
You of course might be right, but what I have seen and heard from those who are powering down, cash flow is a major factor.
I'm afraid, I'll have to disagree with you on the over-bought, but lets see where we are in 3 months, 6 months.
Take a look at the news out of India on the RBI this week.
Blessings!