I'm not so sure this is correct, as if this were the cause, the daily volume would be rising in proportion to the TXs per day which doesn't seem like this is the case. I'm sure a small percentage is due to people dumping, but one thing you have to keep in mind is that most exchanges are using batching now. So even if people where sending coins from exchange to exchange to dump, this would have a very small impact on the daily tx count due to batching.

Daily TX/day increasing is a very bullish sign, this is what initially caused me to buy more bitcoin during 2015. TX per day was consistently rising, and now it appears to be recovering from the collapse in tx count from the 2017 bubble. I think it would be very wise to keep an eye on this metric. I have been doing this since 2015 and it has yet to lead me wrong... Now is the time to be accumulating