The supply is drying up 🚨



For years, the trade was simple: keep Bitcoin liquid, trade paper claims, and assume sellers would always exist. That trade is over.

Bitcoin on exchanges has collapsed to 2.7M $BTC, a level we've never seen, as institutions pull coins into cold storage and never bring them back.

Yes there is a lot of $BTC trapped in trade, lost and floating around.

But it's a lot less than you think.

Whales absorbed the rest. Treasuries locked it up. ETFs sealed the door.
BTC0.5%
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