🚨Is the Bitcoin supply shock cancelled?

Even when adopting the framing that the bitcoin in Coinbase custody is just as liquid as the bitcoin on exchanges, I still think we're in a different regime post 2020.

1.4M coins have been mined since March 2020 and exchange balances has shrunk by 178,000 since then.

Coins on the Coinbase exchange have shrunk by around 300,000, or by 25% since 2021, even when ignoring the additional 700,000 coins that have gone to Coinbase custody in that time.

Even if I accept the premise that coinbase custody coins are just as liquid, and likely to be sold as the coins on the exchanges, I still think we're in a different regime post 2020...