We are the bears and the bulls, the hodlers and the fodlers, the peasants of the crypto world. We are just not one thing: we are not whales. We are many, but we don't control the market. Whales are few, but they are in full control. So it seems we got our own version of capitalism: the Crypto-Capitalism, where 1% manages the rest of 99%. What do you think?
I still don't believe in whales and think that what is currently going on with the market is the result of panic chain reaction, so to speak, rather than some whales dumping everything. I am pretty sure this could be checked, though, but I don't know how to do that. If there are whales that really can make a difference, do they use multiple wallets to deceive others? I don't think so, that's conspiracy theory kind of talk. If they do exist, we should see the specific blockchain wallets getting emtied because of transferring funds to exchanges for sales. I am not sure whether it is technically possible to sort the wallets by the amount of coins in them, but here's a link to something related:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html. As far as I see here, the richest btc addresses hold less than 1% of bitcoins. Only 69 hold more than 0.1%. The top-10 wallets in sum have 5.4% of circulating bitcoins and 4 of these addresses are top exchanges cold wallets, so they are out of the game. Now, I know that it's not the total supply but the trading volume is what matters, but if we check them out, we don't see much of dumping. In fact, the vast majority of transactions is incoming. It's not the whales to dump the market. It's the hell lot of newbies who don't care.