There are only few exchanges that offer L-BTC. So most of the audience will be acquiring BTC first. That's why he shows the BTC to L-BTC peg-in. Not everyone is lucky to have access to Bull Bitcoin.
Discussion
Thanks, but the part I was confused about was why exchange > liquid > cold storage..
Why not just exchange > cold storage? Then realized probably to have the privacy step of L-BTC in the middle, is that the reason (assuming as you say folks don’t use an exchange with liquid)?
and volume
If you buy small amounts overtime, let say $50 weekly and send to your ColdCard, you will have to pay on-chain transaction fees to consolidate your UTXOs or top up you Lightning balance, which lately could be anywhere between 30 sat/vb and 500+ sat/vb.
On Liquid it's 0.1 sat/vb. That's why it best to stack on Liquid, top up LN and when it make economically sense, you go on-chain.
I like to refer to this Unchained article to size my on-chain UTXOs.