Chainanalysis looks at Bitcoin Whales, (Non Exchange wallets that hold 1 million BTC), and finds they are distributed as follows :
Traders – 33.1%
Miners, Early Adopters, Hodlers -33.1%
Criminals – 12.5 %
Lost – 21.2%
They conclude that given their taxonomy, only traders are actively buying and selling, and whales are not contributing to the volatility of prices.
Source : Chainanlysis Blog