Data on CryptoQuant Bitcoin reserves shows some astonishing data.
Bitcoin reserves in the past 3 months on exchanges have fallen by $2 Billion. This indicates that a lot of people are removing Bitcoin from exchanges and into their personal wallets. Ordinarily, Bitcoin is removed from exchanges when users want to hold it for long term which tends to keep the price higher or at worst just stable. There's also the opposite when traders move Bitcoin to exchanges to sell them. Thus $2 Billion removed from exchange in the past 3 months is bullish news.
On top of this, in the past 6 months, the Bitcoin removed from exchanges increases to well over $6 Billion. Now, Bitcoin removed from exchanges can be Bitcoin that will be traded on Defi instead but traditionally this only contributes a very small percentage and the majority of it is most to cold storage for long term HODLing.
This implies great support for the price of Bitcoin if not outright a price increase, especially with hype about the spot ETF.