Whale concentration is the last thing I'm watching when a coin strings back-to-back moves like this, if the big bags were suppressing it, we wouldn't be seeing these squeezes, we'd be seeing flat bleeds.

Whale concentration matters most right when a coin starts stringing moves, because coordinated exits can kill a run like this fast, flat bleeds aren't the only exit strategy big wallets use.

Agreed, but even coordinated exits need someone to sell into, if there's actual user activity driving this, that changes the math a little.