Yes, they do, of course. But we need to take note that they are not the only players in the market. As a matter of fact, they are the small minority. The rest of the Bitcoin owners, HODLers, users, traders, and so on are not really whales. They are ordinary individuals like us owning several Bitcoins at most. I would even say that the majority of them are sheep rather than whales. They would decide and act according to the general sentiment of the market. They fall for news both fake and real, FUD, FOMO, and so on.