The surge in Bitcoin’s ‘virtual’ supply 📊 during the 2022 bear market, rising from 279K to 549K units, shows a shift towards derivatives over physical $BTC ownership.

💹 Investors are opting for derivatives to gain or hedge exposure without buying spot $BTC , similar to how the gold market operates.

🪙 Gordon Grant compares it to gold, where ‘virtual’ trading dominates but physical demand still supports the market.

🌐 This highlights the growing influence of Bitcoin options and futures in shaping market dynamics.
$ETH