That is why it is very important to educate people who still don't really understand the ways of Bitcoin and get their profits working. They only know that Buy then Hold Bitcoin without looking at the risks that are likely to be faced.
But this should not be used as an excuse to avoid it
it is true that the risk of holding bitcoin is very large if we buy at a high rate, most greedy people buy and do not know the risks that will be obtained and eventually they experience losses
Bitcoin itself is not risky, but we are the one that has created the risk we see in it now for our self by strictly turning it to investment, everywhere I go, everywhere I turn to, all I see people speak of is investment, if we were using the cryptocurrency properly, I am sure that the whales would not even got the chance to be able to invest largely in it.
Imagine that I get paid in cryptocurrency now, and I move it immediately into fiat, would whale be able to manipulate the market if I dont have any saving in it, but because we only see it as investment, that is why we put so much money and leave it in the market for too long hoping that whatever we kept there will multiply our savings. Many investors needs to be wise and be keeping only money that they can afford to lose otherwise, they will keep enriching the whales.