According to the BTC Exchanges Reserve Index on Glassnode, from the 14th of July until now, the BTC reserve on all exchanges has increased by approximately 35k BTC.
The value of the BTC Spot Exchanges Netflow Index is nearly zero. This means that there is not much difference between BTC inflow and BTC outflow as well as there is not a considerable BTC amount deposited onto Spot Exchanges.
The BTC Derivative Exchanges Netflow Index in the picture above witnesses significantly recent high positive-value columns (the green ones). This indicates that the vast majority of BTC has been brought to Derivative Exchanges, which is seen as the main factor leading to the recent rise of BTC reserve.
In short, whales do not intend to sell their BTC, but only want to execute future trading since they mostly deposit BTC onto Derivative Exchanges.
