Although the on-chain indicators point towards the worst-ever BTC bearish market, they also underscore the increasing resilence of hodlers.
The number of hodlers not selling ever under extreme market conditions has become higher than in previous bearish markets.
Of course, doesn't make sense for holders to sell just because the price is tanking and one of the worst bearish market.
We even have this report,
Bitcoin Leaving Exchanges Hits An All-Time High. But it doesn't mean that the bitcoin leaving exchanges are being sold, maybe they just want to put in a safe wallet wherein they have total control over it.