It's easy to misjudge based on data from just one point in time; looking at several days gives a more accurate picture.
For example: Keel Infrastructure liquidated its BTC reserves, realizing $192 million in the third quarter; $BTC 24h +1.53%, with a trading volume of 1.565 billion.
The direction isn't clear, so if you're trading, it's best to follow the market signals.