All my tracks have 'download from the cloud' icons
I have been attempting to move my iTunes library to an external HD. My iTunes preferences show that the library is located on the external HD (volumes/music/iTunes v2/iTunes media) but all of the music in my iTunes library is now displaying a cloud icon with an arrow pointing downwards. Previously, I was able to play music locally. I do have iTunes Match and Apple Music enabled.
I have noticed that, when I look at the folders on the external HD, the physical music files are 'outside' of the iTunes folder (i.e. they are in a folder on their own rather than being included in the iTunes v2/iTunes media folders.
Where should I go from here?
MacBook Pro, OS X Yosemite (10.10.4)