As of 13 May in a few short days there was a massive exodus of BTC from exchanges into small holders' hands. That was accompanied by a massive drop in price and then a 30% increase taking the price of BTC back over 30K USD.
Instability that we see now - the price of BTC now is back to about 29K USD - is to be expected as the BTC is clearly changing hands on a massive scale. But demand is strong and that is a good thing.
And long term the scarcity of BTC is likely to result in the growth of its value as adoption becomes more widespread.
References
Bitcoin price sees ‘hell of a reversal candle’ as 168,000 BTC leaves exchanges
William Suberg, Cointelegraph, 13 May 2022