Generally speaking

Transferring coins to the exchange is a signal to "sell" and dump the market;
Transferring coins from the exchange to the wallet is a signal of "holding" and protecting the market.
The current price shows that the amount of Ethereum staking withdrawals has surpassed 910,000 $ETH, setting a new historical high, indicating that a very small portion of staked users are beginning to withdraw.
These holders say that 100% is a bit extreme, but definitely more than 95% are profitable, which is a good thing.
Crypto-native users are starting to "cash in," as Wall Street influencers officially take over the world’s largest blockchain network.
In the short term, Ethereum prices are under selling pressure, but in the long term, this may not be a bad thing.
Any global network that wants to operate stably needs long-term participants, not just those who swing trade, buying high and selling low.