Bitcoin doesn't have 21 Million supply anymore
Bitcoin's fundamental thesis has changed drastically, and the $126K to $62K crash you just witnessed is proof.
If you think bitcoin is purely supply vs. demand, you're trading a market that doesn't exist anymore.
In the old days, 1 BTC = 1 BTC. You held the keys, you owned the asset.
Today, thanks to ETFs, lending, and the futures/derivatives complex, one bitcoin supports multiple layers of claims simultaneously.