🚨 Bitcoin’s 21M supply hasn’t changed — price discovery has.

Bitcoin no longer moves mainly on spot buying and selling.

With derivatives now dominating volume, price is driven by leverage, positioning, and liquidations.

Derivatives and ETFs don’t create new BTC on-chain, but they create synthetic exposure.

One real BTC can back multiple financial positions, expanding “paper Bitcoin” and weakening scarcity in price terms.

As a result, price can drop without heavy spot selling.

21M still holds on-chain — but paper Bitcoin now drives short-term price action.