Big players in the Bitcoin market could be envisaging a strong medium long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.

Much of this recent increase can be attributed to wealthy entities withdrawing their $BTC from the crypto exchange.
Apparently alot of whales are using their profit to diversify into altcoins that have shown great promise this period, top on the list are $ETH $BET $DOT $LINK & $ADA.