It is actually good that the Steem whales are powering down. They give away a bit of their influence to get monetary rewards for their work. So the whole ecosystem becomes more sustainable.
Rather they cash out while everyone else is busy accumulating STEEM and everyone else is left holding the bag later.
That is if they are truly cashing out. Since magicalacademy isn't able/willing to compile the research on where the millions went, we can't be sure they left the STEEM system.