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.
That is true, in fact, money in the exchanges means that it could be sold, money out of exchanges usually means that it’s not getting sold to me. That could be wrong, but I feel like people who would like to hold for a long term would want the money in their accounts, and in their own address' and not in some exchange. Think about all time high amounts of bitcoin being held in exchanges, would that be better? Of course not, this is why it makes sense to me that they would be doing a lot better right now in their own wallets.
This is another sign that bitcoin bull is coming very soon, or to me it is at least, maybe I am wrong and it doesn't mean that, but it sounds like that to me.