Derivatives don’t mint new Bitcoin, analysts say, pushing back on viral claims that state paper BTC has broken the 21-million cap.
A market analysis viewed almost 5 million times on X states that Bitcoin derivatives have turned the cryptocurrency’s 21-million-supply cap into a “theoretically infinite” one.
Past Bitcoin (BTC) falls had a clear catalyst, but sharp drops in the opening months of 2026 have sparked several theories, ranging from digital asset treasuries (DATs) blowing up under pressure to a lingering hangover from October’s mass liquidation cascade.
Robert Kendall, author of “The Kendall Report,” claimed he cracked it in his viral X post. He argued that Bitcoin’s valuation logic based on fixed supply “died” once cash-settled futures, exchange-traded funds (ETFs) and other financial instruments were layered on top of the asset.
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