Yes they do, he who has the money control the market, when there's fud the whales take advantage of this and manipulate the market, you as a retail investors that want to cut losses or secure profit panic and fall right into their traps. They make the market declines as the selling pressure become more dominant in the market.

Initially if there's no huge selling ongoing the market wouldn't reaction as much as it does when there's any small negative news regarding the industry. And for your concern on how they sell if the market is declining, are you forgetting we're in a very active market, one that never closes.

Actually their sale decline the market and we havee retail investors seeing every dump as an opportunity to come into the market, these are those they sell their coins to on the market and also already existing investors wanting to accumulate more.