Whales supposedly are the ones who can make the price suddenly jump or drop...but they trade on OTC desks right? not on retail exchanges....so how are these Whale movements being reflected on retail exchanges to determine what the current bitcoin price is?
Firstly It's not necessary all Whales will sell using OTC. They can use various exchange at a time to sell their BTC and they do that.
Secondly, any kind of trades is effective to change the Bitcoin or other cryptocurrencies prices.
And lastly, Whales are responsible to change the Bitcoin price.