Previously, sudden large decreases in Bitcoin held in exchanges has correlated with increases in the price of Bitcoin. The thinking is that the Bitcoin that is in exchanges is intended for trading or converting to fiat, while Bitcoin that has been moved to cold storage is intended to be held long term.
According to Coindesk writer Myuao Shen, we can't be certain what a large decrease in Bitcoin balance on exchanges means for the price of Bitcoin. The crypto economy is too diverse now to infer what decreases on exchanges means for Bitcoin.
For what it's worth, the price of Bitcoin has increased over 10% during early August trading. So while we can’t be certain of how large decreases on exchanges affect the Bitcoin price, we continue to see the trend that decreases on exchanges increase the price of Bitcoin.