Recently, I often come across news that reserves $BTC on centralized exchanges are decreasing. The current dynamics suggest that the reduction of reserves is somewhat a natural phase of reaccumulation. Historically, similar conditions have contributed to price increases in the medium and long term.
However, I found another opinion. Liquidity on the exchange is decreasing, the market is becoming more vulnerable. Any significant order can sharply shift the price down.
At this time, major players are also acting cautiously (they are not fools): they often withdraw assets ahead of large distributions, doing so carefully and discreetly through OTC transactions to avoid provoking panic in the market.
Moreover, exchanges usually reduce the volumes of "hot" wallets not during moments of general optimism, but when they expect increased volatility or potential risks.
So what can we expect: a new "supercycle" or a new bottom?
