Excellent points. I have not seen the role of Steemfest in selling pressure discussed much but you are absolutely right. Not only is there significant selling directly to fund the budget of the event but people attending are also cashing out to cover expenses.
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Right. Even back-of-the-envelope calculations suggest that an event costing some $100K to host in combination with 160+ people paying (in many cases) $thousands each to attend will put downward pressure on the price of the currency in proportion to the extent that these expenses are funded by the sale of STEEM.