Selling 10% of a giant stack is non-trivial, and quite rational. If you never spend it you never enjoy it.
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It's being reported that 60k of those 80k awakened last week have been moved to OTC desks and further down to exchanges. It's far from 10%.
My point is, there will never be a "last one." Long term holders will sell forever.
In this case, let's imagine this person is selling about 50% of their stack. 60k of their 120k coins. I think that's totally rational, and we can expect that kind of thing to continue forever.