Steem CEO Ned powering down 5.7 Million Steem

I checked Steemit.com CEO Hive account@ned profile and I see that he has powered down a whooping 5.7 Million of Steem. That's half the entire worth of his account and in dollar terms almost $10 Million. He started the powered down 28 days ago and will be receiving his Steem every week for a few weeks.

Also I see that recently he has been transferring STEEM to a new account Hive account@firefire. He has transferred almost 1 Million of Steem to that new account which was registered just this month.

I am a bit curious as to what is happening.
It maybe his alt account. Or he may have sold Steem privately to someone else.

Also I am worried that the CEO is cashing out almost half his stakes so soon. I thought Steem is just in its infancy and the big rise is yet to come. But looking at the founders cashing out massively, do they believe that Steem has no more steam left in it? What are your thoughts?