“Quick math:

-330k BTC mined / year this halving era

-FTX has -$1.4B in BTC on books, meaning 80k BTC

-Assuming incurred this year, means FTX "increased" BTC supply issuance 25% this year

-Others likely did same” Croesus

In addition, to the first time in #bitcoin’s history, exchange balances are declining into the halving.