Last week’s read: $2.4B of ETF inflows pulled BTC off exchanges and tightened supply. Our exchange data shows a smaller move. 📉 Exchange supply fell about 35.8k BTC from Sep 20 to 27, to 1.325M. Net exchange flows match the drop. 📊 The week before, Sep 13 to 20, exchanges had gained almost 20k BTC. 🧭 Across both weeks, that leaves about 15.9k BTC off exchanges, and supply still sits above every July reading. 🔀 Sep 22 alone accounts for about 26.7k of last week’s drop, on roughly double the usual weekday outflow volume. That volume rules out a pure relabeling. An exchange moving coins into a wallet we haven’t tagged would leave the same trace. More than half of last week’s drawdown reversed the week before. 🔍 ETF flow context in our Sep 22 Insight: https://app.santiment.net/insights/read/11213 🔗 Explore BTC supply on exchanges in Sanbase: https://app.santiment.net/charts/btc-supply-on-exchanges-32162?utm_source=x&utm_medium=post&utm_campaign=btcexchange_092026&aff=33