% of supply on exchanges/miners/funds — % of circulating supply on exchanges / miners / funds — the long-horizon custody structure of the market
Supply share by entity follows the movement or balance of Bitcoin at labeled market participants: % of supply on exchanges/miners/funds. It helps put exchange, whale, miner and custody activity into context.
The long-horizon custody map: a shrinking exchange share means supply migrating to self-custody; the miner share shows structural miner treasury behavior.
Entity labels are probabilistic and wallets are often reorganized. A flow is evidence of movement, not proof of an investor's intent or a future price move.