I think most of the HIVE on exchanges is probably being used to hedge shorting and hedge short futures.

This does not include Upbit.

Maybe Whales are selling but it would not take much to blow up a lot of the leverage on either side of the trade.

I think if anything Whales are buying. I could be wrong. Pure speculation. If I had a crystal ball I would be on a boat because I would have so much money I could lose a bunch on a boat 😅

https://www.coinglass.com/pro/futures/LiquidationHeatMap?coin=HIVE&type=symbol

Note - I am waaaay behind on comments and will be trying to catch up on all of them tomorrow. Hope things are doing well on your side of HIVE town. Give everyone over there my best.