Bitcoin’s ‘Infinite’ Paper Supply — Not Wall Street — Is The Real Problem, Says Analyst
Posted On February 6, 2026
As Bitcoin (CRYPTO: BTC) slid back from recent highs, some market voices blamed outdated narratives such as four-year cycles or technical anomalies. Others argue the issue runs much deeper.
BTC’s ‘Theoretical Infinite’ Supply
Veteran technical analyst Bob Kendall said Bitcoin is no longer priced by on-chain scarcity or the fixed 21-million supply.
Once financial layers were added, including futures, perpetuals, options, ETFs, lending products, wrapped BTC and swaps, Bitcoin effectively lost scarcity at the point of price discovery. Supply can now be synthetically created, making BTC trade more like gold or oil in derivatives-heavy markets.
As a result, Kendall said …
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