On-chain data on glassnode shows:
Shocking bitcoin supply on centralized exchange, less and fewer bitcoins are stored and traded on CEX exchange.
The number of holders from 1-10 BTC has increased a lot (orange line) in the past 2 weeks.
The market has endured more than 4 months of decline, are we preparing for a new bullish season?
(.....)
I believe that this is one of the reasons why we keep bouncing and these past few weeks we really don't dump hard just like before when the market cap of Bitcoin is very low or when the price of Bitcoin is still below $20,000. The market now is really different, I am glad about it.
I believe most of people now are being introduced with Bitcoin because of inflation right now on fiats, and you will see that most of people are intended to hold it off exchanges and this is very good news.