{"id":133373,"date":"2026-02-07T17:30:32","date_gmt":"2026-02-07T17:30:32","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=133373"},"modified":"2026-02-07T17:30:32","modified_gmt":"2026-02-07T17:30:32","slug":"why-some-traders-say-bitcoins-21-million-cap-is-being-diluted-off-chain","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=133373","title":{"rendered":"Why Some Traders Say Bitcoin\u2019s 21 Million Cap Is Being Diluted Off-Chain"},"content":{"rendered":"<p>Several X accounts have reignited a long-running debate in bitcoin circles, arguing that a single onchain bitcoin now underpins multiple financial claims across exchange-traded funds (ETFs), futures, perpetual swaps, wrapped tokens, and structured products. The argument, often labeled the \u201cpaper bitcoin\u201d theory, draws direct comparisons to gold\u2019s financialization in the 1980s, when derivatives came to [\u2026]<\/p>","protected":false},"excerpt":{"rendered":"<p>Several X accounts have reignited a long-running debate in bitcoin circles, arguing that a single onchain bitcoin now underpins multiple financial claims across exchange-traded funds (ETFs), futures, perpetual swaps, wrapped tokens, and structured products. The argument, often labeled the \u201cpaper bitcoin\u201d theory, draws direct comparisons to gold\u2019s financialization in the 1980s, when derivatives came to [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":133374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-133373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/133373"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=133373"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/133373\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/133374"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=133373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=133373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=133373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}