Market supply dynamics are shifting noticeably. Exchange outflows continue to mount, which means the liquid supply available on trading platforms keeps shrinking—a classic signal of tightening conditions. Meanwhile, major holders are sitting on 189M BLUR tokens, representing roughly 13% of the supply currently on exchanges and about 38.6% of the circulating supply in total. What this really tells us is that supply concentration outside exchanges remains substantial. When that much of an asset is locked away in the hands of a few players rather than freely tradeable, it reshapes how the market functions.