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 BTCUSD 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.

However,…