According to @cas_abbe, BlackRock says if every U.S. millionaire bought 1 BTC, available supply would be insufficient, highlighting a structural scarcity backdrop. According to @cas_abbe, 87% of BTC supply has not moved in 6+ months and only about 2.3M BTC is liquid, tightening tradable float. According to @cas_abbe, the U.S. has 7M+ millionaires and spot BTC ETFs are already absorbing more than daily issuance, creating a persistent order-flow imbalance. According to @cas_abbe, this setup implies a potential supply squeeze narrative that traders may track via ETF net inflows versus on-exchange liquid supply.