Hey James:

Look at this post. I think it explains why the whale got bullish.

https://steemit.com/steem-power/@me-tarzan/steem-daily-data-8-16-2016

There's been some worry about more STEEM not being used to power up. @smooth explained why in a comment that @me-tarzan included in the above post:

" The main reason for the increase in STEEM not powered up was a huge power down (687K STEEM) by the steemit account (see activity history below).
These are coins which Steemit (the company) has indicated are to be used to fund new accounts (currently 3 STEEM per account is being given away by Steemit) and sold to fund development. "

That comment might have gotten the whale - and others - motivated to make the big buy(s).