The volatility of Bitcoin is influenced by a combination of factors, including the actions of large holders known as whales and the buying or selling behavior of new or outside investors. While whales with significant holdings can impact the market with large trades, new or outside investors entering or exiting the market in large numbers can also contribute to price fluctuations. It is difficult to quantify the exact proportion of volatility attributable to each group, as market dynamics are complex and involve a variety of participants and influences.
