I guess I don't follow the whales well enough to know who's dumping and if I should be happy, but the odds are good. (I would like to know who's converting 100k SBD at a time and what they're doing with it, but more out of curiosity.) (Edit: That would be Blocktrades, which I guess makes sense. Smooth and Fedoradog also have about 100k each in their conversion waterfalls, but not all at once.)

Every Steem they sell somebody is buying, and probably going to either hold it liquid (good for active SP holders) or do something good with it. Should be a net positive.