Here's something worth noting: ETFs combined with publicly traded companies now hold a larger stash of $BTC than all the centralized exchanges combined.

This shift in holdings tells us something about where institutional money is flowing. Traditional finance vehicles and corporate balance sheets are accumulating coins at a pace that's outstripping exchange reserves. The supply dynamics are quietly transforming as Bitcoin moves from trading venues into longer-term institutional custody.

What does this mean? Exchanges used to be the dominant holders. Not anymore. The asset is maturing, and the holder profile is evolving with it.