1/4 I fear this is spot on. @CryptoNobler's thread unpacks $BTC's "synthetic supply" problem. ETFs, structured notes (@CryptoHayes), futures, options, swaps, lending—all flood the system with "paper" BTC. When it swamps real demand, price crashes. https://t.co/zWfyxNlvrh https://t.co/9it54buYZE