Bitcoin Reserves On Exhanges All Time Low

For some reason price seems to be not corresponding exactly to what I would expect under this conditions, usually the reserves inversely corresponds to price.

Anyone has any idea what is happening ?

https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line