But if you will take this as a fundamental analysis, it is really bullish for me, especially the supply of Bitcoin to exchanges is decreasing, it clearly shows that the pressure on selling is decreasing too.
It feels bearish for actual statistics though - to me.
If $1bn leaving an exchange is special that it can be noticed, not much crypto is actually going in and out of exchanges as it's just over 1% of the market cap - large chunks leaving a crypto exchange could just be an otc purchase too which might be less bullish if those funds have just sat on the exchange waiting before now.
95% of these "WHALE ALERTS" are actually just exchanging shifting funds from their cold to hot wallets or vise versa.. and not actually real whale investors depositing/withdrawing
A lot of them are also probably exchanges rebalancing how their funds are stored too or changing how they store them (even an exchange just wanting to change keys as an employee leaves that held/knew where to find a key to a multisig to keep their funds secure).