Ah, figured you were going there after reading some comments. Away I’d guess, though that conflicts with headlines I’ve seen recently of “exchanges holding all lowest corn since …”
Guess I don’t know much :/
Discussion
The exchange and corn thing, do they count just what's for sale? I'm unsure of that metric as well. Like does coins on the exchange consider MSTR coins at conbase or similar?
I realized I had exactly that question as I was writing, so finished with “guess I know nothing”.
Suspect your hunch is right that it’s not counting custodied etf and mstr, which is a lot! Like, 3% supply or something, and growing?