Crypto market is a bucnh of people who can be placed as small investors, regular investors and whales.
As you may have guessed, whales are really small numbered, and they are not even being seen by others.
On the other hand, small and regular investors are extremely out numbered and they are always following the whales either by will or not. But the story here is, other investors had to follow whales if they don't want to lose money.
Small numbered whales are controlling the money which got to the market by small investors. So, if whales want something to be done, they are moving their money from somewhere to another. Small and regular investors are starting to panic, since the coins they are holding is started to drain. When regular investors decided to move on to the other coins which is probably being pumped by whales, small investors are blowing up the coin with themselves.
Now, whales had to move since they are seeing some interesting opportunities. Besides, whales have different sizes in their league also.
This is the reason why there is always panic in the room.