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A thread 🧵
$BTC exchange reserves rose about 17,500 BTC last week to 2.719M, though much of it could be holders moving coins off Coldcard hit wallets to safety, not sellers.
Watch the early-June high at 2.7365M.
Reclaim it, and supply is returning as a trend, not a one-off.
$BTC barely moved even as gold and the S&P 500 print fresh highs.
Bitfinex Alpha featured in @Cointelegraph, calls it a signal of stress, but a genuine breakdown needs "something more forceful" backed by volume.
What would that catalyst have to be?
Bitcoin keeps reclaiming $63,000 despite repeated breaks, while ETFs are absorbing corporate selling with ease.
Derivatives still price a range, though hedging is building.
For now, crypto-native flows appear to be driving $BTC more than macro.