Careful, data is not pure. The number of centralized exchanges massively increased during the last cycle, and those exchanges hold 95%+ of their BTC in cold storage without ever moving them. They only need to moved a small percentage of total holdings to provide the needed liquidity.
So even though, people are moving their bitcoin between exchanges and wallets, it doesn't get registered on the blockchain as it only sees the same coins moving back and forth, while in truth it's different people using the same coins.
The wave has to go much higher for it to be significant, I think.
Regardless, the correlations have been uncanny thus far. I say pay attention to them until they stop working.