Whales are trading outside of exchanges

Whales-are-trading-outside-of-exchanges

The ratio of coins transfers involving the exchange to the overall coins transfer network-wide shows the lowest since 2015 (Fund flow ratio - 90DMA).

High values indicate investors are actively using the exchanges, but now it is deficient; this data contrast with another indicator in the data network - Spent Output Value Bands (%) or SOVB (%)

In this chart, you can see two major color bands:
1/ The violet band is SOVB (%) for the estimated range of 1-10K coins moved by whale and retail holders.

2/ The red band is SOVB (%) for the estimated range of 10K coins moved by whale and retail holders.

The centralized color bands have shown huge movements since the Aug of 2020. It seems that the collected moves through the OTC market to avoid the price volatility by institutional investors.   

All the above elements may be why Bitcoin's price can keep the 40K range, but the lack of coins transfers involving the exchange also keeps the price not easy to recover the old ATH soon.