It's pretty striking when you do the math—over 95% of all bitcoins destined to enter circulation have already been mined. Think about that for a second. With a hard cap of 21 million BTC coded into the protocol from day one, we're essentially looking at a situation where the vast majority of the supply is already out there. The remaining chunk will trickle out through block rewards over the coming decades, but the scarcity dynamic has fundamentally shifted. This reality shapes everything about how we should think about Bitcoin's long-term positioning in the market.