Turnover and attrition rate is very, very high. Well over 90% per year. Not very many people stay. And that's with the prices still elevated, the rate of new users leaving was even higher when prices were low. The content is simply too garbage to keep regular people interested.
Whales selling does not necessarily mean anything other than the fact that some big investors decided to cash out, it's not like minnows were getting voted on enough to move up the ranks, and much of these charts are distorted by the apps and their delegations. The remaining whales are often the "do as I say, not as I do" types who shamelessly tell new users to power up while they sell their SBD on the open market. Without the apps and their 500k or million plus delegations from stinc, the voting power going towards small accounts would be much, much, much lower.