Exchanges are running out of BTC. Just checked CryptoQuant's March data tonight: Only 2.7 million Bitcoins are left on exchanges for trading. This is the lowest level since November 2018. A seven-year low. At its peak, there were over 3.5 million BTC sitting on exchanges. In three years, nearly 1 million BTC have disappeared. Some funds were absorbed by ETFs, Some were moved to treasuries by MSTRs, And some were withdrawn to cold wallets by retail investors. Exchanges are indeed being 'emptied out.' But as the saying goes, what goes around comes around. In the past 90 days, addresses holding over 1,000 BTC have net purchased 91,000 BTC. At current prices, that’s roughly $6.3–6.5 billion. This script of retail losses and whale accumulation has played out after every major dip since 2015. Most of the time, a turnaround happens 3–6 months later. Comrades, respect the patterns, respect the cycles.