Whales are not always related to the big names. Some people may mention the name like vitalik but this guy is rarely involving to invest in the new project. this guy is actively donating his money to the various institutions just like when he was sending his shiba donation.
The whales have various kinds. Mostly of whales are coming from the venture capitals who are behind the altcoin project. You must know that if a big project like stepn backed by so many venture capital.
This is the reality but in fact institutions are investing through venture capital.