Despite Bitcoin's Downtrend, Whales Continue to Stick to BTC.

The downtrend in Bitcoin has been disappointing for investors, but the supply of BTC on exchanges has fallen to the lowest level since 2017.
Bitcoin Supply on Exchanges Shows Decline
Outside of Bitcoin's price trend, there has been a marked decline in its supply on exchanges. According to recent data, this decline has reached annual lows, showing greater interest from larger owners (whales).
Around March 2020, the percentage of Bitcoin supply on exchanges had risen to over 16%. However, after that period it entered a downtrend characterized by a general downtrend followed by several uptrends.
At the time of this writing, the percentage of BTC held on exchanges had dropped to 5.80%. As highlighted by a recent Santiment post, this level represented the lowest point since 2017.
BTC continues its downtrend
Examining Bitcoin's Relative Strength Index (RSI) on a Daily Timeframe showed its position in the oversold zone. This indicated that the current downtrend is strong and there is no clear relief in the price trajectory. At the time of this writing, the price was around $26,030, down about 0.10%.
Also, the Long-Term Average acted as a strong resistance near $27,500. Additionally, the Moving Average Convergence Difference (MACD) trended below the zero line further confirming the bearish divergence of the RSI trend.
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