All bitcoin is in someone’s custody. I’m curious how you know 15% gets to a purchaser’s wallet that holds their own keys? Where is the other 85% going? Staying on nostr:npub1xkere5pd94672h8w8r77uf4ustcazhfujkqgqzcykrdzakm4zl4qeud0en ? Sending to other exchanges? Straight to purchases?

I’m not doubting your numbers , just curious as to how you came to this conclusion and what people are doing. It seems way low to me for the buy and hodl narrative these days.