When the market falls long term. The market has few new investors, the old investors are no as interested as before. Volume is very low. That makes the profit from exchange are reduced ( Huge whales are big exchages )
To compensate for the declining profit. The whales and the exchanges are linked together to control the margin. Currently, Margin has a large volume (Bitmex no.1 volume). That's why most of the time the bitcoin chart are U-shaped
i think that whales are never connected to exchanges because in this world, there are so much exchanges, whales have their own game, the exchanges are only the victims which has got the impact of their game