There is no doubt that whales manipulate the market, but in the end it is a matter of supply and demand. Therefore, yes, whales manipulate, but according to the law of the market, whale manipulation is through supply and demand.
For example, if whales want to manipulate, they buy large quantities, and this is called increasing demand, which leads to an increase in the price. When the price increases, the whales sell the large quantities they bought, which leads to an increase in supply and a decrease in the price again. In summary, whales manipulate by increasing supply or demand.