Indeed, it is possible that the whales are splitting their holdings into dolphin accounts. That would make sense to spread the risk.

There is no doubt that all kinds of people, rich and poor are trying to lay their hands on some bitcoin. Clearly the rich must be buying more than the poor, but I doubt the would really plan to own all the bitcoins. It would become hard to sell them if they are not widely distributed.

By the way there is no such thing as a “controlling stake” in bitcoin. It does not matter how many you own, you don’t get a vote.