Yeah, probably an offshoot on what had happened to FTX and that is why many investors are withdrawing right now and doing self custody. But we don't know how long this will take though, maybe again because of this event and once it is forgotten in the next couple of months, everyone is going back to it's norm. Depositing huge amount of bitcoin in exchange for whatever purposes they have, trading, etc.
So this is not yet final in my opinion, we need to go back and see the data maybe in the beginning of the 2nd quarter next year to see if everything has settled down a bit.
What's amazing is, in the past people just sold to USD and left the market. Now they're holding their btc instead - too precious to them to dump. Underrated paradigm shift imo.