When one whale in japan comes out to sell a bag full of bitcoin (ref. Mt Gox), another Chinese whale is ready to buy a big bag full of bitcoin. I think overall whale activity has been picking up. I think you also wrote about it. OTC volumes picking up, and circle also reported increasing the ticket size from 250k to 500k. This is just anecdotal proof of strong OTC volumes, something we do not get to see on exchanges.