The hot spot for whales is during a bull run. When people are hyped if a crypto is going parabolic, these whales are just watching and waiting for the perfect time to dump their bags. The current market condition is where whales are accumulating before the next cycle again. If price will go down more, then whales will be happier because they will be able to buy more amount with their capital. This is the time you can become a millionaire in the future if you know what to do.
I feel like hot spot for whales would be bear market and not the bull market. Because, whales make money during bull period like everyone else, we make money during that time as well and they do too. Think about it, these days you could buy like 3-4 billion dollars worth of bitcoin and yes it would increase the price a bit, but it won't change the whole sphere of it, it would make it 25k max if you ask me, not even 30k for sure.
However, when the price reaches to 60k that would be more than the double, how many things in life could turn your 3-4 billion to 6-8 billion? Not talking about turning 10 bucks to 20 bucks here, this is billions, you can't invest that much into many things. Hence why I believe whales care about bear period more and try to gather as much as they can.