Bitcoin exchange balances just hit their highest since Jun 15. The supply squeeze that ETF-inflow headlines kept citing has almost entirely unwound. 📉 The drain was real. BTC on exchanges fell from ~1.337M on Jun 12 to ~1.304M on Jul 28, roughly 33,000 coins off exchanges, about -2.5%. 🔀 Then it reversed. Balances bottomed on Jul 28 and have climbed to ~1.332M by Aug 16, about 28,000 BTC back on, roughly 84% of the drain undone. 📊 The refill is now flattening out. Supply has stalled around ~1.332M over the past few days, leaving it ~5,200 coins below the June peak. ⚖️ Worth noting why this and strong ETF inflows can both be true: creations can be sourced from OTC desks and existing holders, so inflows do not have to pull coins off visible exchange wallets. The squeeze took six weeks to build. It unwound in under three. 🛠️ One metric surfaced all of it: Supply on Exchanges. Explore now in Sanbase: https://app.santiment.net/charts/btc-supply-on-exchanges-12-05-1608-2026-32024 (researched with Santiment MCP + Claude)