Bitcoin falls below $71,000 but exchange reserves hit a 7-year low

$BTC dropped 2.65% in the last 24 hours, plummeting from $73,814 to $70,782.
It seems that the bears are in control. But on-chain data tells a completely opposite story.
The exchange's BTC reserves have dropped to 2.21 million pieces, accounting for 5.88% of the total circulating supply. The last time this number was seen - December 2017.
What’s even more interesting is the whales' actions: in the past 30 days, there has been a net increase of 58 addresses holding over 1,000 BTC, accumulating 270,000 pieces - the largest monthly whale accumulation since 2013.
Prices are falling, chips are disappearing from exchanges, and the giants are frantically hoarding.
Three sets of data, two directions. Who is lying?
Looking back at history: in December 2018 and November 2022, there were similar "price crash + reserve drop + whale accumulation" triple divergences. The outcomes of both - doubled within 3 months.
Of course, the macro environment is different now. The US-Iran ceasefire has only been in place for less than two weeks, oil prices are fluctuating around $99, and the Federal Reserve's meeting on April 28 is looming, with the CPI just hitting a new high since 2022. The Fear and Greed Index is at 45, and the market is on the sidelines.
But one thing hasn't changed: when retail investors panic sell, whales are never idle.
If the exchange reserves continue to decline and fall below 2.2 million pieces in the next 72 hours - this drop is likely the last one. If the reserves suddenly rebound - the whales have given up, then it’s truly time to run.
2.2 million pieces. Keep an eye on this number.
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