Is It People Taking Coins Off Exchanges?

Coins are being taken off exchanges, a phenomenon that is peculiar to in the history of bitcoin. We haven't seen this kind of drawdown in coins available on exchanges as we've seen such a price spike. Is it people taking coins off exchanging and holding or is it people take coins off exchange to put into you know yield products for instance? The combination of retail hodlers uh and the institutional buying is just drawing out all those liquid bitcoins which then goes into cold storage.

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