The question is who is powering up?

The answer isn't pretty. Most of the volume is from cjsdns. Which is delegated to steemzzang, you can see for yourself the voting patterns.

Lots coming from BukIO who was self voting 100% efficiently for over a year. Recently stopped after I started flagging all their rewards away. Now votes slowwalker (oldstone) only.

lucky2015 also votes a lot of slowwalker.

We got a good chunk from Superhardness who is spamming up to 500 comments a day with the letter "f".

Crystalliu is one of the biggest abusers but doesn't buy many votes any more as I have been flagging 100% of the rewards off the account. Recently dumped 40k but brought some back.

Most importantly, I doubt any of this is new money just money they powered down put on an exchange but didn't end up selling.