[I don't think it's the big whales.
They are: famous big whales like the creator of bitcoin.com and the creator of litecoin have sold 100% of their positions. Futures have started trading this month, so that's when the real big money, the hedgefunds entered. And it's not hard to see which side they took 
Only the little guy is buying because he thinks 'wow bitcoin was 20k, now it's only 12.500, that's cheap' LOL