One thing's for sure — it's going to decrease sell pressure on exchanges, which we could say has a positive effect. But in the end, it's still going to mostly depend on the demand.
Trading volume on exchanges is not depend on exchanges' bitcoin reserves or how much bitcoin is stored on exchanges from whales, institutes. It is my guess and not yet verified by data.
Also, I'd like to be realistic and not too bullish. Let's not forget that while people are withdrawing their funds from the exchanges(as indicated in the chart), let's not forget that they could just as easily send all the coins they've withdrawn back to the exchanges if they really wanted to sell.
I think the same about big movements that are seeding on social media at important periods of price movements. Around the times for corrections or break outs, such big movements were broadcasted and detected by Whales Alert as well as spreading on media.
You wrote about the easy step of bitcoin transactions (in and out of exchanges) and I agree with you.
