[SERIOUS] This was simply a very atypical bear market rally with very specific and rare fundamentals

These was a lot of confusion about the recent/current bear market rally. I have been tracking CEX data during the event and I want to share that it was a strange event because of very specific fundamentals.

Firstly, you should know that high amounts of deposits of CEX's indicate high selling pressure, as it can indicate fiat withdrawals. Such that high CEX deposits typically pushes the price lowers and lower deposit values may indicate lower selling pressure. You can see the graph below that shows the general relationship between BTC price(black line) and No. of Exchange Deposits(blue line).

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CEX Bitcoin Deposits No. of Transactions(blue line) vs BTC price(black line)

And what we saw in the past week was a huge drop-off in BTC deposits and thus a huge reduction in Bitcoin selling pressure.

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CEX Bitcoin No. of Deposit Transactions 1M (blue line) vs BTC price(black line)

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At the same time, perhaps completely coincidentally or because of the now-strong BTC support, there came a massive wave of BTC buying, which we can see though the massive rise in BTC reserves.

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CEX BTC Reserves ~2M(blue line) vs BTC price(black line)

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BTC Reserves have recovered somewhat since the initial FTX collapse.

Tldr: Basically, BTC liquidations/selling decreased significantly while at the same time many traders who had left CEX's post-FTX returned with their funds to the CEX's almost all at the same time.