The on-chain data tells a story that can't be spun.

While BTC rallied to $97.5K, retail holders dumped roughly 47k coins within 72 hours—classic panic selling. But here's where it gets interesting: exchange balances have plummeted to a 7-month low, sitting around 1.18M BTC. That's significantly lower.

When supply tightens while prices climb, you're looking at a potential supply shock scenario. The math is straightforward—less bitcoin available on exchanges means fewer coins for sellers to offload. When retail capitulates and withdraws from exchanges, long-term holders typically accumulate. Combine that pressure with reduced selling power on centralized venues?

That's a recipe for sustained upside.