The short answer to this is yes, but we all know that the short answer never does Bitcoin any justice. So what is the long answer you may ask? Well, there is no one long answer, but there are a couple of indicators and factors that may hold the answer.
One of the factors that play a role in volatility is the activity of Crypto Whales and here is how:
https://www.tap.global/on-chain-activities-suggests-bitcoin-volatility-will-continue Do you think Crypto Whales play a significant role in Bitcoin price volatility?
I don't think so. Every time there's a talk about the whales, it's usually poorly supported by evidence. It usually turns out to be a big exchange moving money from one wallet to another or something similar. In many cases, it's just about unknown wallets, so it's impossible to prove or disprove a claim that it's a whale. I think that a chain reaction of 'middle-class' Bitcoin owners that act out of FOMO or due to FUD. Bitcoin is volatile, but it seems that its volatility decreases with time. I know that Bitcoin ownership is largely centralized (there are about a hundred richest addresses that possess the vast majority of BTC), but it doesn't mean it's whales.