Broker data, page-30

We also need to consider that of the 30% traded is swing traders that buy and sell, buy and sell. I mean, it's possible only a third of that third traded is a net sell off.

Can't say that the top holders are reducing officially until you see the notices come out, and if they are still closing off positions (someone else mentioned this) those notices may still take a while in coming out till they are done repositioning.