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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.