you already answered your topic, in addition to that, bitcoin or crypto market runs on p2p, the activity within the market is what makes it running, those buying and selling really dictates the current market price, no specific persons or entity administers the flow, volatility is a result of continuous selling and buying at same time, so basically, everyone in the market contributes in controlling the price, of course there are some factors that affect the buying and selling behavior of the market.
Yeah, demand and supply are the two major things that will always keep driving a market either up or down depending on which one is stronger as the case may be. However, asides from that, whales are like the market makers in most scenarios and all they do is to take advantage of the emotions in the market as well based on how strong demand or supply is in any given case.
Nonetheless, in general, the market is controlled by each and every individual holding a certain amount of the cryptocurrency and either selling or buying as the case would be.