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The most sensitive pool in terms of reaction. Coins stored in major exchange hot wallets can be sold off within minutes, representing the fastest selling pressure. Over the years, this pool has been shrinking, dropping from several million BTC in 2021 to just over 2 million BTC today.
ETF circulating pool: slower liquidity but growing. As of early December 2025, spot Bitcoin ETFs hold around 1.31 million BTC. ETF shares are traded and redeemed on the secondary market rather than through direct spot transactions. This friction weakens reflexive selling during intraday volatility but amplifies market swings when there is a wave of redemptions.
Corporate and treasury circulating pool: determines market volatility