Cryptocurrency market is somehow manipulated especially with a decentralized system. I agree that some of these whales are the early bitcoin holders and some whales are the bigtime individuals and companies. This market really involves a lot of money. Now, can regulation minimize manipulation?
It can if those whales were strong enough to state all their liabilities , but still hard to do since its decentralised and controlling crypto aren't that suitable in coins uses.
These big investors ruined the future of bitcoin. Now some people say that bitcoin is a Ponzi scheme, some say it is just a waste of time because of no growth in the price and some say it is not business but a gambling. You will only lose your money because of the volatility in the price. These whales are responsible for all these. They only think of themselves but not about the future of bitcoin.