Many whales have to much of their wealth concentrated on steem !!! So even if they are bullish they are not comfortable to have for example 90% of their wealth on a single project... It is for them like a "one point of failure" ... I assume many of them want only to put some of their eggs on other baskets just in case the project fails...It is just a proper bankroll management, poker players out there can understand me ;)

PS BTW steemit whales could be good poker players ...

Even with Aces on our hands (steemit?) the probability to loose against another's
pocket pair is 20% !!! So it would be still a gamble to bet all your wealth on one hand...