Whales do have the power to regulate coin price movements in the market, but we must know that not all whales can do that. This whale must have the strength of a team that has a lot of money or it could be said that the money they have is unlimited.
Yes, whales have the power to influence the market. But it is true that not all whales want to do it, some of them prefer to see and wait for the market movement naturally. What whales can do, won't impact permanently, it is just for temporarily. Some whales may think it just waste time if they want to use their power.
Bitcoin ETFs are good news that whales use to increase the price of Bitcoin. Apart from the hype because of the ETF, it makes many people think that the price of Bitcoin will rise and makes many people enter Bitcoin.
Bitcoin ETF isn't used by the whales, it wasn't made by the whales. However, if they want to pump the price, they can spread the positive information about Bitcoin ETF. With more positive news about Bitcoin, there will be a big increase on the demand on the market. Sure, it will trigger more people to join Bitcoin investment.