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Hard to differentiate but my estimates are based on true independent self-custody without any external services or custodians. There are much larger number of individuals holding 1+ btc on exchanges.

Jon 5mo ago 💬 1

I know individuals with 10+ bitcoin exposure entirely on exchanges.

With options like Onramp, I really just don’t understand that decision even if you can’t get all the way to self-custody.

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Discussion

bitcoinlimit 5mo ago 💬 1

This also explains why we’re still barely above $100k

Jon 5mo ago 💬 1

Call me a heretic, but I don’t buy the massive paper bitcoin narrative

Exchange holdings just suck, why not own ETF if that’s what you want?

bitcoinlimit 5mo ago 💬 1

when in-kind redemption passes, expect a flood of conversions.

Jon 5mo ago

How hilarious would it be for an exchange (or two) blow up to be because of in-kind redemptions 😂