People keep quoting 21 million Bitcoin as if it means something. It doesn't. Markets don't price total

supply. They price what is actually for sale and what's actually liquid and that number's

collapsing and fast. Here, my friends, is what just happened. Two million dollar Bitcoin isn't

hype. It's driven by supplied disappearing in real time.

Here's what happened over the last five weeks.

Over 51,000 Bitcoin net outflow from the exchanges, not traded, not flipped, but pulled out of circulation.

Even in weeks where the inflows ticked slightly positive, the broader trend hasn't changed.

Bitcoins are leaving quietly,

and fewer are replacing them, meaning they're not coming back. Right now, Bitcoin on exchanges

is down to roughly 2.45 million BTC, which is near multi-year lows. And that is the number

that matters. Not 21 million what's actually available to buy today.

Because markets don't price the total supply. They price the marginal supply, willing to sell

at the current levels. Now we look at the flow of the new supply entering the system. Mining produces

3,150 Bitcoin per week. It's 450 Bitcoin per day or 3.125 Bitcoin every block,

roughly every 10 minutes. That's the entire fresh supply. I also remind you we recently

achieved the milestone of the 20 millionth mine Bitcoin, which means there's less than

1 million Bitcoin to mine between now and 2140.

And at the same time, trading activity hasn't slowed down.

The weekly volume is still between 215 billion.

So you have a market where hundreds of billions of dollars are moving every single week.

New supply, extremely limited, existing supply steadily

being removed. That's not the equilibrium. That's tightening conditions. That's compression.

...