There is an old saying on the financial markets:

"When even the taxi driver start talking about an asset, it's time to sell"

There is a repeatable cycle on the markets and usually, "everyone" is talking about how good that asset is and everyone should buy, expect a big drop in price.

This is mostly because the sharks already bought in a long time ago, and bought a lot. So, when the asset price reach this critical mass of demand, they start to sell, and sell a lot, driving the price down.

As a response, people start to panic (mostly the ones that don't have much knowledge about the markets) and start to sell even more, and then comes the crash.

BTC latest peak and hype is the perfect example of this.

And btw, every market is dominated by whales. It's the natural state of the financial markets.