Bitcoin liquidity has vanished into a “shadow” system where corporate debt cycles now dictate the crash risk
As of Dec. 8, Bitcoin ETFs maintain 1,495,160 BTC and public firms maintain 1,076,061 BTC. Combined, that’s roughly 2.57 million BTC, considerably greater than the 2.09 million BTC sitting on centralized exchanges. The most price-sensitive stock in Bitcoin’s 19.8 million circulating provide has migrated out of alternate wallets and into constructions that reply to totally…
