If your bitcoin is sitting on an Exchange, you don't own any Bitcoin

What did we learn from the debacle at FTX?!

Well, we learned that leverage kills and you can't trust anyone!

Sure, we learned that, but besides all that, we learned that if you let someone else custody your bitcoin, and potentially lend it, you don't really own bitcoin.

That's what many people are starting to finally realize as bitcoin is fleeing exchanges in mass.

Check it out:

(Source: https://twitter.com/BTC_Archive/status/1593569981744259075/photo/1)

This is great news as it means there are less available coins to be sold.

We need to clean up the space and get all those paper bitcoins destroyed so we can let the true supply and demand dynamics play out.

FTX in effect created excess bitcoin by letting people buy bitcoin when they actually held none...

They sold those bitcoin for their altcoin...

I would assume they aren't the only Exchange to do this...