https://bitinfocharts.com/comparison/top100cap-sentinusd-btc.html#log
Looks here like the velocity inversely correlated to hoarding. Cause&effect tough to know but price up=velocity up
Hoarding in general (not just by whales) is an upward pressure on the price, while people spending/trading using Bitcoin has a downward pressure on the price per BTC. Ceteris paribus.
