Whenever I'm in dout, I check this

Based on data from October 2024, Bitcoin reserves on centralized exchanges (CEX) had fallen to approximately 2.58 million BTC, reaching a level not seen since 2018. A report from January 2025 indicated that CEX exchange reserves had dropped by 21% over the prior year. This trend suggests that investors are moving their Bitcoin off of exchange

Source:
https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line