Last year's 4 periods of exchange flows

Last-years-4-periods-of-exchange-flows

A) Accumulation:
- Mar '20 crash until Nov '20 break of $14k
- All exchange reserves are drained

B) Leverage:
- Nov '20 $14k break to Apr '21 $65k ATH
- Overall exchange reserves stable, coins move from spot to derivative exchanges

C) Carnage:
- Apr $65k ATH to May 19th capitulation event
- Steep increase in derivative exchange reserves, (collateral to counter margin calls?)

D) Consolidation:
- May 19th capitulation event to now
- Relative consolidation in both price and exchange reserves