price ripping

mempools empty

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Discussion

1) why

It’s all paper bitcoin sitting on exchanges

That actually makes a lot of sense because there’s nothing in the code references the price. 🤙

Free transactions for everyone!

Because most people trade on centralized exchanges, no transactions on-chain for those trades.

yes, and a lot of people this cycle are buying bitcoin stocks instead of real bitcoin

it is under appreciated that 90% of bitcoin bought on strike is withdrawn to self custody

BTC treasury companies scaling bitcoin was not in anyone’s bingo card for 2025

No complaints here

WHAT HAPPENED TO ALL CAPS ODELL

gave up caps for lent

WEN CAPS BACK

Everything is still on exchanges?

Institutional adoption.

Why!

Demand on exchange not on chain. Trading paper

Oh I see. Makes sense. Cucks then, huh?

Maybe I shouldn't be placing buy orders right now 😂🤔

Because most of the volume is through ETF now so not a lot of on chain movement between wallets.

Even with all those steaks and shakes being bought?!?

Hmmm wonder how this affects UTXOracle

👈 It's a good time to inscribe moment with ChainTok 😉

That’s all I keep trying to wrap my head around.

Massive buying, but few are moving.

I don’t delve into on-chain analysis anymore, but I’m wondering about on-exchange vs off-exchange. Has it veered very far lately?

Maxis surely need to push Self-Custody hard, right now.

Otherwise it’s likely to slip away.

But that will need to be done by the blue-checks and the thumbnail-jockeys I suppose.

Context

There is no scalability problem 👍

#Bitcoin has crossed the rubicon and retail still remains largely unaware. We are so early!