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I’m sure some of you never sell to other investors because you have enough capital to play the buy and gold game. Most domainers however do end up needing liquidity for various reasons and decide to sell their domains at wholesale prices on the reseller market. Some even focus on that market (yours truly, for example).
This much is certain: new gTLDs are without a doubt affecting reseller market liquidity.
Many people underestimate the importance of beginners but they bring a lot more capital to domaining than people think in my opinion. As such, I think we can safely say new gTLDs have a negative impact on the reseller market under normal circumstances.
http://domainingtips.com/the-state-of-the-reseller-market-in-2017.html