I would prob say that anyone close to or over board-seat qualifies. So between 3-5k shares?
How many board seats do you have, Swede?
I'd def say that 10k BTC can cause quite a swing when they move around enough.
with 10k btc, you could crash every single security out there, and make up whatever story you wanted for the reasons.
Hah. I am solidly a "Guppy" with my double digit ownership

I would prob speculate that most "whales" are indeed holding steady. If you have $1 million + invested its fairly unlikely that a single week of 'underperforming' dividend really shakes you up. Especially considering almost all really major share holders have average purchase prices so low that not only have they made back their entire initial investment several times over in dividends but can realize several hundred % profit from selling anywhere over 1 BTC.