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RE: Weekly report: How much STEEM is stored on the exchanges? - September 5, 2019
It is possible to buy STEEM on an exchange without having a STEEM account yourself. In that case, the exchange holds the STEEM for you in their Steem account/wallet.
For example, here is Bittrex's wallet: https://steemitwallet.com/@bittrex/transfers
There we go. The missing piece. Thank you. I'm not sure why I haven't put the two and two together, but the exchange has the STEEM account, rather than the individual, and since it's all liquid, it has nothing to do with the reward pool.