Rumors say Bitcoin 'whales' control the market, but who is controlling the 'whales'?

Whales are the largest mammals on Earth, typically living in ocean depths and rarely seen. When they surface to breathe, they often create huge waves on the water's surface. In the cryptocurrency field, there are also many "whales." They can be individual investors or institutional investors, holding large amounts of coins with sufficient capital to impact market price fluctuations. When talking about "whales" in the cryptocurrency field, many people's first thought is Grayscale Investments.