The withdrawal of more than 47,000 BTC from exchanges can have several interpretations and meanings. Here are some options for what could be happening:
1. Increased trust in personal storage

• Users are withdrawing their BTC from exchanges to store them in personal wallets (like cold wallets), which may indicate distrust in exchanges after events like the collapse of FTX.
2. Preparation to hold long-term (HODL)

• When investors plan to hold their BTC long-term, they tend to move them to private wallets for greater security, which can reduce the available supply on exchanges.