⁃ The number of BTC whales (who have more than 1000BTC in their wallets) did not decrease on March 12, which indicates that the sell-off probably was not concentrated among the largest holders of long positions of the bitcoin.
that is completely wrong because we have no way of counting the number of whales in bitcoin. addresses that have a certain amount of bitcoin do NOT represent whales.
If the number of 100+ wallets remained the same, it would suggest that if the coins were being exchanged it was not done on the markets but rather through OTC trading.
This means that big whales were not adding fuel to the fire during this crash.
It's a well known fact that the market price does not represent the real value of Bitcoin, simply because only a few percent of the supply is being traded. In other words, most Bitcoin owners do not trade and a lot of it is wash trading where the same people buy and sell the same coins over and over. I'm not a big holder, but the coins I got in 15 are still on my wallet and have not been traded at all. The majority of Bitoin owners do not actively trade.