“Paper BTC has flooded the market since 2017. Futures markets. If you wanted to buy BTC, it used to be you had to buy real BTC. You can now buy paper BTC. Thus a no-coiner can sell you that paper. Together you have made a synthetic BTC.

That would-be demand for BTC gets diverted to paper BTC, fulfilled by counter traders who have no BTC to sell, they just have USD to back their bet.

In the old days, BTC would go on an exponential run because the only sellers were a trickle from the OGs and an even smaller amount from miners with their newly mined coins. Today the magic of paper BTC is what you want to watch.” 

Worth the paper they're not written on.