There could be a fallout of this distribution away from whales and orcas and that is the steem tokens are going into weak hands who earn and then run to exchanges to encash thereby continuously keeping pressure on steem price.

I am not 100% sure of this but this thought has been coming to my mind many times when i see that many projects that are not doing anything but are valued way above steem and when I look at their distribution then I find them highly concentrated in few hands. EOS itself is an example.