The BTC balance on exchanges continues to decline— 2.47 million, accounting for 11.7% of total supply, back to 2019 levels. This doesn’t necessarily mean selling pressure is reduced, it only indicates: 1. Spot ETFs are absorbing a large amount of BTC 2. Companies like MicroStrategy are hoarding BTC This leads to lower liquidity, higher volatility, and the main battleground for price discovery shifting from exchanges to a few institutions. Sharp rises and steep drops will become the norm.