Yeah that's somehow true. Whales always know the game more than newbies because well, they've been in for quite sometime. Whales accumulate more and then sell to make even more profits. But well, who knows maybe the correction is over or not.
We really don't know if this is the play of whales or just the market trend. But anyways, whales participation is really helping to the market of moving prices back and fort. But this tragic fall isn't be the cause of market manipulation made by whales but for the market itself and many investors have turn crazy and sell the coins in bulk but in low price.