Even if you want to argue that BTC is worthless, it is too good a tool for those who want to make quick money with little effort, especially for whales. If it collapsed to the levels you say the "game would end." What I see more likely is the reaching of a bottom, with spikes even to 17 k (maybe, I don't have a crystal ball but anything can happen) where the whales will buy and can start a new bull market where they can make their 400% profit. Let me remind you that the last bull market cycle was supported by institutional investors (mainly banks and investment funds) and they made absurd profits by sinking the price of BTC already between November and December.

The crypto market is too small and can be easily manipulated by these financial monsters to "steal" money from small investors who sell in panic.
In a few hours I will publish a post where I will comment on Glassnode's metrics, I would be glad if you read it and let me have your opinion.
Best regards