Not to mention you don't have to be a whale to have this mentality.
During bull markets FOMO is the name of the game and Monero has the reputation of being "not like the other alts" which puts it further outside the FOMO bubble investing mindset. People want to make a quick buck, that's human nature. No one wants to put money into a relatively stable asset (for crypto anyway) when that quick easy profit is staring them in the face elsewhere.
Monero's reputation is great for the real world and long term. But it doesn't exactly scream FOMO during a bull market where anything and everything is pumping.
This has been the reasoning I have been using for some months, but the longer we go this direction the more pressure this would be under IMHO. The reason I have been becoming more and more astonished recently is so much money is being moved around in the other alts, some of which are utter garbage and all but the unwashed few know it. Eventually that money is going to need to come back to BTC or one of the few true and cryptologically sound alts, and specifically ones that offer value for other reasons.
XMR offers exactly the type of functionality that people who make a killing off the ALT bull run would want to leverage in the aftermath of their spoils. I would expectr a delayed, but even greater bull run in XMR once the one in the rest of altlandia is over... but then does the alt crash aim that money at BTC or USD first?
Very interesting time, I say again. Lot's of fortunes will be made...
...and lost.