If everyone makes money from the market, how do exchanges and big whales make money?

Before the bull market, they will liquidate leeks, and every smart person who thinks they will make money, when they buy any coin, its value will drop more than before, this is the rule, this is the market.

When everyone thinks it is time to exit the market, the market will try to move upwards, and we will see a bull market$BTC $BTC