Interesting thoughts, I agree it could be a risk, but if Steem is a good investment many of them will hodl.
It will actually benefit many of us if some of them sell, it will increase distribution of the stake and we need more people with more Steem. :)
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Yeah, there is no clear answer. I see many whales in jail they can’t get out easily but they are not actively participating. On the other hand a large increase in steem would be a be hard to resist to many just sitting on SP and not participating. The end result would be a shift in power to the active players but not sure there would be able to get back to where it was.