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When the State Moves Coins: Why Bitcoin’s Biggest ETF Is Soaring While Governments Quietly Reshuffle

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Bitcoin supply has tightened as spot ETFs have absorbed coins into long-term custody, with IBIT holding 800,000+ BTC and exchange balances having fallen by 90,000 BTC. U.S. government wallets have shifted 667 BTC and hold over 200,000 BTC, shaping liquidity and volatility.
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