That explains all of it to me.
In a period where most stock option were worthless, a bull run will naturally bring people anxious to cash out into the market.
It's not a sign that the recovery is over.
Not to me either, but don’t go by me.
I know a couple of companies, now public, where people are nearing retirement. They’ve been granted, and have purchased, company shares for the last 35+ years. Those shares have accumulated and split many times.
Today they’re sitting on 15 – 30+ million dollars worth of company stock. They’re being leaned on hard to diversify so they don’t take a hit like Enron/UAL employees, etc. should something go wrong.
They were hired on decades ago as part-time help. Now they’re executive management. They’re diversifying, retiring, buying toys, estate planning – it’s not necessarily a nefarious reason that’s behind it.