With the emergence of so many new projects in the past 4 years and the popularity of meme coins, there's a strong possibility that new ATHs do not need to be hit for many alts in order for whales to take massive profits like previous bullruns. 

They are able to spread the pain out quite a bit more now and not make it as obvious (hence most of the market being tied so closely together each rise and fall).

Just like most of us, the whales have profit margins and goals. With everything being spread so thin this cycle, they easily could have made their bags already.

Hope I'm wrong because I got in a bit late and my portfolio currently looks like Carrie on prom night, but we shall see