There has been a very big bear-ish trend going on since January now. I think many of the people that bought Bitcoin and other cryptocurrencies back then have sold them off now. Many people identified cryptos as scams, because the price did not continue to surge but rather dropped. The people that are still hodling now are people that have been in the scene for a long time + more adaptors. I think we have gotten more adaptors over the last bull-run up until January and that we can now see a slow and more steady rise in the prices looking forward. I think you are right that some of the whales loaded out some coins, but this is natural.