An excellent post, thank you! There are indeed many whales cashing out on secondary markets, and they are being strangely careful to not tank the price while they divest. The steady stream of STEEM hitting the market every day is indeed suppressing market cap but as you say this trend will slow and eventually turn around. Steemit should be in the top three on CMC right now, but it may take another year to get there.

I am putting everything I can into Steem Power as I also believe it to be a once-in-a-lifetime investing opportunity.