BTC exchange balance still declining – But why?

The bitcoin exchange balance has continued to decline, with the exchange balance sitting at 2.4m BTC, down 600,000 BTC in one year.
Source: Glassnode

In March 2020, the aggregated bitcoin exchange balance sat at 3 million BTC. A year later, the exchange balance has declined by 600,000 BTC. Where have these coins been moved?

As previously shown, 800,000 BTC is currently held in bitcoin investment vehicles. Rewinding one year back, we find that this sector held 350,000 BTC.

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