Bitcoin’s on-chain supply is still capped at 21 million. That hasn’t changed.
What has changed is how price discovery works in today’s market.
Over time, a large financial layer has formed around Bitcoin. This includes futures, perpetuals, options, ETF structures, and other derivatives that track BTC’s price without moving real coins on-chain.
When derivatives volume becomes larger than spot trading, price starts reacting more to positioning, leverage, and liquidations than to simple buying and selling of $BTC itself.
This doesn’t mean scarcity is gone on-chain. It means that in financial markets, synthetic exposure now plays a bigger role in short-term price behavior.
Understanding this helps explain why Bitcoin can move sharply even when on-chain activity looks quiet.
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