For me I don't think Whales alone are the one influencing the price, for me the prime suspect are the exchanges, alot of them gamble with investors money in the last bull run and are looking for ways to get their money back, another another school of thought says the institutional investors want to get into the market but at a fair price not 20K so they need to crash the market since they have the money
Either both sides you can really say such possible things that do happen behind because seeing the market on this situation will really lead into those plausible scenarios and as you said, whales arent the only ones
who do really have the capability on influencing the price of the entire market but somehow they do have the position on such possible event but basing on those percentages it wont really be that enough but still can give out some significant impact.