Yea I have to agree against the whale argument, the most genuine holder of that opinion is the big bears on BTC who believe the whole deal is fake and a ponzi scheme. It should be quite obvious by now its not fake or ponzi even if you still want to argue its no value, those two thing are not the case.
BTC is the most widely distributed of the crypto from what I remember, which makes sense as its so often been sold off and passed around to many people of many nations and then forgot about and then revived and so on.
The only reasonable whale argument is corruption, fake accounting and fractional reserves. Thats in the history of BTC with Mt.Gox which did not have enough BTC to be solvent. The other take would be the use of satoshi accounts with BTC in them never moved, thats a very large central mass which would be a whale for sure.
It's much harder to manipulate the BTC market than people think.
Its a herd of people in the market, its not that hard to make people move as a herd but very often they are just reacting as one people based on sentiment. So if a million people share the same view on news, being negative and are willing to sell then we have a wave effect. I wouldn't call that a whale as its a million big and small people with holdings not just 3 as some imagine.
Its human nature to envision the market as being like a big robot we can fight or an animal, its more fractured then that. Also trends are spread over multiple time frames I think, like waves on a beach they can add up or knock each other down.
The Federal reserve is a whale type operator, that whole market is centralised and BTC is not this but thats an example we are part of everyday.