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![glassnode Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1022821051187822593.png) glassnode [@glassnode](/creator/twitter/glassnode) on x 581.6K followers
Created: 2025-07-12 08:00:00 UTC

“#BTC balance on exchanges dropping = supply shock” is a meme. But that doesn’t mean there aren’t supply constraints - long-term holders are absorbing more $BTC than miners issue. That’s where pressure builds.

![](https://pbs.twimg.com/media/Gvk14SlWEAActnc.jpg)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1943943411024679412/c:line.svg)

**Related Topics**
[$btc](/topic/$btc)
[holders](/topic/holders)
[longterm](/topic/longterm)
[exchanges](/topic/exchanges)
[#btc](/topic/#btc)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)

[Post Link](https://x.com/glassnode/status/1943943411024679412)