If you still think that the price of Bitcoin is only driven by buyâsell (supply & demand),
Then read this text twice.
Because the truth is hardâ
đ Today's Bitcoin market is not a natural market.
đ This is not fear, not sentiment, not retail selling.
đ This is derivatives-driven price control.
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â The problem did not start today:
âĸ Not today
âĸ Not last week
âĸ Not a sudden market crash
đ This has been built over months
đ Now only the pace has increased
đ The line where everyone makes mistakes
When supply can be artificially made, scarcity does not exist.
The biggest strength of Bitcoin was:
âĸ Fixed supply (21 million)
âĸ No printing
âĸ No manipulation
But now the question isđ
Where is the price determined? In the blockchain, or in the paper market?
Answer: In the derivatives market
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đ§ On-chain scarcity â Price scarcity
In the blockchain:
âĸ BTC supply fixed
âĸ Coin count clear
But where does the price come from:
âĸ Futures
âĸ Perpetuals
âĸ Options
âĸ ETFs
âĸ Swaps
âĸ Wrapped BTC
đ This is where synthetic BTC is created
đ Unlimited amount
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â ī¸ Bitcoin is now like Gold
Once upon a time:
âĸ Gold was scarce
âĸ Oil was supply-based
âĸ Silver was a real asset
What happened next?
âĸ Futures came
âĸ Paper contracts came
âĸ Price discovery has shifted
Bitcoin is now on the same path.
___________________________________
đŖ Where has the Bitcoin Thesis broken?
Old thesis said:
âĸ 21M hard cap
âĸ No rehypothecation
âĸ Free market price
But what Wall Street addedđ
âĸ Cash-settled futures
âĸ Perpetual contracts
âĸ Options chains
âĸ Spot ETFs
âĸ Prime broker lending
âĸ Wrapped BTC
âĸ Total return swaps
đ Result?
One real BTC creates multiple claims.
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đ Synthetic Float Problem (in simple terms)
One real BTC is now supporting:
âĸ ETF share
âĸ Futures position
âĸ Perp exposure
âĸ Options delta
âĸ Broker loan
âĸ Structured product
đ One coin, together with 5-6 paper claims
This is not a free market.
It's a fractional-reserve price system.
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đī¸ How is the price 'engineered'?
It's not random. It's a system.
Playbook:
1ī¸âŖ Paper BTC creation
2ī¸âŖ Actually short during a rally
3ī¸âŖ Leverage liquidation trigger
4ī¸âŖ Covered below
5ī¸âŖ Repeat again
đ Here demand is irrelevant
đ Price moves through positioning and liquidation
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đ§ Retail does not have a problem here
Retail:
âĸ Panic
âĸ Emotion-driven
âĸ Late entry
But it does not control.
Controls:
âĸ Those who create leverage
âĸ Those who print paper BTC
âĸ Those who see the liquidation map
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đ§ So is Bitcoin over?
No.
But:
âĸ Short term price = manipulated
âĸ Long term value â short term price
đ Smart people see price and asset as separate.
-----------------------------++---------------
đ§ What needs to be understood
Bitcoin blockchain is still honest.
But Bitcoin price discovery is not honest.
Who will understand this:
âĸ He will not go into leverage
âĸ He will ignore the noise
âĸ He will have patience
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â ī¸ Final word
This is not a fear post.
It's not hype.
This is awareness.
It's okay to ignore.
But don't say in the futureâ
No one said before.
-----------------------------------------
đ Follow
Because the market is understood first,
clears all the time later.
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#MarketCorrection
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