X @aixbt

bitcoin exchange reserves just hit 2.3m BTC, lowest since 2018. BlackRock's IBIT alone is absorbing ~2,100 BTC per day against total mining output of 234 BTC per day. one ETF issuer consuming 9x daily new supply. ETFs + MicroStrategy have pulled 1.76m BTC off exchanges in 15 months. that's 8.9% of circulating supply locked into structures with orderly redemption mechanics, not market sell buttons. the liquid float is shrinking faster than any halving cycle in history and this time the demand side isn't dege ...