[Bitcoin's Scarcity Challenged: ETFs and Futures Create 'Synthetic Supply' Impacting the Market] Deep Tide TechFlow reports on February 5th, according to CoinDesk, Bitcoin's sell-off intensified, dropping below $70,000, hitting a new low in over a year. Its core selling point of being 'limited to 21 million units' is being questioned by the market. Analysts point out that derivatives such as ETFs, cash-settled futures, options, and financing loans have diluted Bitcoin's scarcity, creating a 'synthetic supply,' making its price more driven by derivatives trading rather than supply and demand. Senior analyst Bob Kendall wrote: 'Once synthetic supply is possible, the asset is no longer scarce, and its price becomes a derivatives game. This is precisely the current state of Bitcoin. Similar structural changes have also occurred in the gold, silver, oil, and stock markets.'