On the other hand, when the all exchanges reserve goes down, it shows buyers are sending their BTC to personal wallets, possibly to accumulate.
Here is how the BTC all exchanges reserve chart has looked like over the past three months:
BTC all exchanges reserve seems to going down | Source: CryptoQuant
As the above chart shows, it seems like whales are slowly starting to accumulate Bitcoin amidst the crashed price.
Another notable feature in the graph is that the 50% crash in May was accompanied by a sharp increase in the all exchanges reserve. This makes sense as investors selling off their BTC in hordes would strike the price down.
Now, here is another chart that shows the outflow of a popular Bitcoin exchange, Coinbase:
Coinbase shows a surge of outflow right now | Source: CryptoQuant
The red lines show the amount of Bitcoin moving out of Coinbase. It seems that a lot of the coin is being withdrawn at the moment.
An interesting feature in this chart is that whenever the price has dropped in the $30k to $33k range, the red lines have spiked quite high.
BTC has been behaving as a range bound market for a while now, and as the all exchanges reserve chart shows, investors have already started pumping to go back to the $33k to $35k range.
As long as this range is maintained, a bull run could happen. According to an analyst, Bitcoin is coming closer to an intersection with a macro support curve. However, if the $30k to $33k support is lost, and the $30k line becomes resistance, a bear market could be ahead.