Odaily Planet Daily reports that as Bitcoin sales intensify and fall below $70,000, its core selling point of “limited to 21 million coins” is being questioned by the market. Analysts point out that derivatives such as ETFs, cash-settled futures, options, and margin lending have diluted Bitcoin’s scarcity, creating a “synthetic supply” that causes prices to be driven more by derivatives trading than by supply and demand. Senior analyst Bob Kendall wrote, “Once synthetic supply is possible, assets are no longer scarce, and prices become a derivatives game. This is exactly the current situation with Bitcoin. Similar structural changes have also occurred in gold, silver, oil, and stock markets.” (CoinDesk)
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