I'm not seeing it.

The market is signaling it wants all the liquidity it can get.
Bitcoin on exchanges is at local lows.

It's also a mistake to assume that 100% of liquidity that is locked up like this would be blindly dumped no matter what. The reason why things like MT GOX happen is because we are at a top. The event acts as a catalyst for a move that was going to happen anyway. It can't happen at a low.

Also the $16k low of the FTX collapse has moved up to the $25k low we just saw.
$16k support = $25k support because enough time has passed within an exponentially expanding network. It would be extremely difficult to get back to $16k, and even if it did get that low an immediate V-shaped recovery has a better than coinflip chance of occurring.

Bitcoin can't be shorted like other assets because users can actually take custody of it. If one exchange naked short sells BTC into their own market arbitragers move in, buy the cheap BTC, and then immediately demand custody of the asset so they can sell at a higher price on another exchange. Sure, they can give away customer Bitcoin to the arbitragers, but then inevitably ends in an FTX situation and then poof the exchange disappears. The volatility and exponential growth of BTC makes it impossible to successfully naked short over a long enough timeline.

I also don't think Bitcoin has to worry about the systemic risk of legacy assets. Bitcoin does just fine when banks collapse. It's currently decoupled from the stock market. Soon it will be safer than bonds with x20 more upside.

Now if an EFT gets approved and then BTC spikes to $200k then you suddenly have a point. BTC would then reinherit all the risks of the legacy system that pumped it. I dun know I guess we'll see. Be prepared for anything I suppose.