$BTC - The Halving Effect Enters Its Next Phase**

Now 6 weeks post-halving, Bitcoin's supply dynamics are manifesting through:

• Record-low exchange balances (≈1.8M BTC)

• Increased illiquid supply as institutions accumulate

• Rising futures contango despite spot price stability

The network's security budget remains healthy at current levels, with fee revenue supplementing reduced block rewards. As the macroeconomic fog clears, BTC's scarcity premium appears poised to strengthen further.