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How are you adjusting on-chain models for ETF holdings?
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@blockonomist
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2026-05-17 08:12:22
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Genuine question for people doing on-chain analysis: how are you accounting for ETF-held BTC that generates no on-chain signal? If 10-15% of circulating supply sits in BlackRock/Fidelity custody and never moves, SOPR and MVRV are increasingly measuring the behavior of a subset of holders. Has anyone built an adjusted version? Curious what approaches people are actually using.
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