Data shows that large amounts of Bitcoin and Ethereum have been moved out of exchanges in the past 15 days, approximately 61,000 BTC and 151,000 ETH. The transfer of funds out of sales indicates that investors are holding. 

When significant assets like BTC and ETH leave exchanges, it is generally a sign that investors are hoarding out assets because they expect a run upwards. The investments would be left on the exchanges for trading otherwise. As IntoTheBlock notes, when a large no of ETH moved away from sales in October.2021, it led to a 15% increase in price within ten days. 

However, this is not a guarantee of a bull run, and it's simply that, in the past, there has been a strong correlation between price increase and assets moving off exchanges into the wallets.