You'd think that if the STEEM price appreciates along with BTC and the demand increases, that whales would have more incentive sell on the open market, which would continue to flatten the distribution. If you have a bunch of whales standing pat powered up, it means they are confident in the future price of STEEM, and are willing to hold out. At some point they are going to want to trade some of that STEEM for houses and Lambos! I think it will be retail and new investors that pick up the majority of that.