One thing that came to my mind is how likely is it that an ETH whale is not a BTC whale? I know this is mostly speculation and I can't prove it, but I doubt that many of the ETH whales are not owning significant amounts of BTC.
no comment on the scenario the OP has except i think its wrong.
however, the comment about whales holding both eth and btc is likely valid. now im not a whale in either but i was around when eth was launched. so i wound up with an amount of eth (mainly from curiosity they were a few bucks i think when i did it) that just sits. im sure OG whales could of loaded endless bags of each they just dont advertise it.