The data suggests that a lot more people are removing funds off of centralized exchanges in order to hold bitcoin in a noncustodial fashion. From this perspective, more people holding coins noncustodially is beneficial for the entire community by leaving fewer funds on exchanges that are susceptible to large bitcoin thefts.
Another theory is that bitcoin whales have adopted a new strategy rather than dumping coins on the market and purchasing bitcoin off weak hands that panic sell. Bitcoin whales may be removing liquidity from exchanges and decimating any type of upper barrier.
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