Coins on Exchange is (almost) a nonsense metric, I hear about supply squeeze since I heard about bitcoin.

Onchain analysis can't know which addresses are held by Exchange, they can just guess.

Many Exchanges or similar like Revolut or RobinHood, noKyc ones, aren't counted at all in any metrics.

Exchange would very likely use complex wallet structures in order to make harder to track in aggregate metrics and people on Glassnode always says this.

SUPPLY SQUEEZE THAT CREATES INSTANT OMEGA GREEN DILDO CANDLE IS HOPIUM.. sorry to break your dreams.