Crypto whales are staying on the sidelines of the bitcoin (BTC) due to thin liquidity, making transacting without affecting the cryptocurrency's price difficult. In addition, prominent market makers like Wintermute, Genesis and Amber Group have been adversely impacted by FTX's bankruptcy. Therefore, the unwillingness of whales to jump into the market is due to poor liquidity, evident from decreasing daily trading volumes on centralized exchanges (CEX).