Whales have no control over it during the bearish market. It's not the whale but the global economic has been pushing people to dump their tokens and exchange it to the cash or fiat money to keep their value from the volatility. You must also aware if there are some crypto companies that already collapse and even venture capital like 3ac was also going bankrupt as well. That proves that if the world is not yet fine for now. The roller coaster may still continue if another bad news will come very soon. prepare yourself.
3AC is also one of the elephants in the market but has also filed for and filed for bankruptcy. The market is certainly controlled by the whales, but only for a certain moment and then closes after that, they don't have enough power to manipulate all the time.
The cryptocurrency market today is already a part of the world economy, so it is impossible to stay out of the current crisis. Once the world has stabilized high-risk assets like bitcoin will still be a lot of roller coasters.