According to @Andre_Dragosch, Coinbase is seeing "crazy" BTC exchange net outflows that point to a massive demand overhang and an unfolding supply deficit on the venue (source: @Andre_Dragosch on X, Oct 29, 2025). He adds that BTC looks like a "coiled spring," underscoring the trading relevance of tightening spot supply on Coinbase for Bitcoin price action (source: @Andre_Dragosch on X, Oct 29, 2025).

According to @caprioleio, Bitcoin ETFs have resumed buying more than the daily BTC supply (source: @caprioleio). The daily Bitcoin supply is the new BTC issued via block rewards, approximately 450 BTC per day since the April 2024 halving reduced the subsidy to 3.125 BTC per block (source: Bitcoin.org).

According to @Andre_Dragosch, the Bitcoin on-exchange balance has hit its lowest level since November 2018, with only 2.716 million BTC remaining on exchanges, representing 13.7% of the circulating supply. This indicates an ongoing supply deficit on exchanges, as reported by @glassnode.