After 100k BTC were flown into all exchanges, since May 11th, the total reserved BTC on all exchanges has been strongly decreasing by around 50K BTC, which is shown by the BTC Reserved on All Exchange Index in the picture. This is a positive signal.
There have been no BTC added to the derivative exchanges since the 11th of May and many BTC also have been withdrawn from these exchanges. This indicates that whales‘ attention is gradually diverted to spot holding instead of future trading.
In addition, when the BTC reserved on the market are fewer on the market, the BTC rarity accordingly gets higher, making the BTC price harder to diminish.
