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exchange balances at 2.3M BTC is the lowest since 2018. everyone talks about price but nobody mentions that available float for sale is shrinking faster than supply
2.3M BTC on exchanges is the real supply shock. everyone obsesses over miner output but the float available to buy keeps shrinking every month
the custody report saying management matters more than amount mined is just rebranding self custody advocacy. not wrong but lets call it what it is
britta disagree. the report showed 14% of mined BTC last year went to custodians with unspecified insurance. thats a systemic risk not a philosophical debate
britta is being dismissive but 14% of mined BTC going to custodians with no insurance details is wild. self custody isnt philosophy its risk management
BTC leaving exchanges at record speed while ETFs see redemptions tells you exactly who is selling and who is stacking. ETF investors trade paper BTC, self-custody investors pull real BTC off exchanges. Supply shock building quietly while headlines scream outflows
withdrawals beating deposits for 14 straight months while price stays around 65K. when the last exchange BTC runs dry this thing gaps up violently