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Exactly. Buying BTC is basically a bet on the future demand of bitcoin.
If you think that the demand will stay the same or increase in these times of worldwide chaos, you buy bitcoin.

Wallet adresses are increasing
Wallet adresses HODLing > 1BTC are increasing
BTC that is stored on exchanges is decreasing for nearly a year now
All of the above is bullish

I didn't know that BTC stored on exchanges is decreasing that constant. Makes a lot of sense.