[mgraczyk]

This and paulgb's reply are both good points, but I think that we can do a very simple analysis to explain most of what is going on.

Suppose that miners only mine and stakers only stake. Maybe we could justify why that is the case, but for simplicity we can start with a model where that's just taken as given.

Also suppose that participants do only two things with their mining and staking rewards. They take profit by selling, or reinvest.

Miner's reinvest by selling the token and buying more equipment or funding operations. Stakers reinvest by staking more token without selling.

All else being equal between the two except for the fact that one is mining and the other staking, the miners will sell more of the currency.

Under this simple model, it's easy to see why miners are more sensitive to price in the short term and are more likely to sell. Of course this model isn't perfect, but I think it's close enough to explain the structure of the debate.