This is the first bull market in #Bitcoin history where #Bitcoin Exchange Reserve drop. And substantially. Supply shock is real. 
Discussion
Feels like the exchanges may have played a part in both the directions. This halving’s dip seems to make more sense than the previous NGU alongside supply go up.
Buckle up! 🎢
Exchange reserves means all BTC under their management or is already discounted the ETFs and MSTR holdings?
Just wondering if the available BTC is even less than that already....