fascinating 
Discussion
Looks insanely bullish if true
Why? Spending BTC is good if you replace it
Sure, but I'd imagine circulating sats in hot wallets is a tiny percentage of overall supply. This trend is exactly what you want to see, per Gresham’s Law
Sure, but couldn't it also indicate that coins are being lost and not used?
The more valuable one – ‘good money’ – will be hoarded and will disappear from circulation, while the less valuable one – ‘bad money’ – will be passed on (used for transactions).
