So I'm new to the crypto investments. So can someone explain to me where are the whales that sold high? What are they waiting for? They would get more coins so a bigger ROI once everyone starts buying again. Or is there something else I'm missing.
1. There are entities with ties in the old style financial system who bought Bitcoin much cheaper and felt that 10-20% risk-free profit is just fine for their needs and maybe sold.
2. There are entities who may be playing with the market - from releasing bad news to selling some amounts now and then and give a somewhat bearish sentiment (China and TSLA fit now easily to this description)
3. Bitcoin bull run is often filled with big corrections and this is one of it, maybe not necessarily directly caused by [1] or [2].
I don't tell that any of these did happen, although there's a possibility for any. Also, although this or that entity fits well into a category, we cannot be sure if they sold or not, even more we cannot know if they indeed attempted to manipulate the price, or it was something more... natural...