We’re seeing a shift in ownership structure.
Only 15% of Bitcoin’s free float is left on exchanges, and OTC balances are at decade lows. That’s not just a “supply shock” - that’s institutions.
Everyone’s shouting about the supply crunch, but this isn’t just about price.
It’s about a deeper shift: institutional accumulation + mature custody infrastructure.
New game.
And yes, supply shock is real. When BlackRock, Bitwise, Bernstein, and Standard Chartered forecast $200K and more this year - they’re not guessing. They’re watching the order books.
This is what structural transition looks like:
→ Distribution through intermediaries
→ Institutional custody maturity
→ Direct long-term ownership
→ Real scarcity
➦ New price discovery regime
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