In 2026, the reorganization of 'scarcity' of Bitcoin, gold, and silver... ETFs and derivatives will change the price structure

Source: TokenPost Original Title: 2026년, 비트코인·금·은의 ‘희소성’ 재편… ETF·파생상품이 가격 구조 바꾼다 Original Link: In 2026, the expansion of ETFs and derivatives in the cryptocurrency and precious metals markets is reshaping the meaning of scarcity and the price formation structure.

How is the ‘Scarcity’ of Bitcoin, Gold, and Silver Repricing in 2026?

In 2026, the concept of ‘scarcity’ in the cryptocurrency and precious metals markets is being redefined. Beyond simple supply shortages, a combination of market accessibility, financial structures, and narratives is significantly influencing price formation. Bitcoin(BTC), gold, and silver each assert their ‘scarcity’ in unique ways, and investors now pay closer attention to how these assets function within financial markets rather than just their rarity.

Bitcoin: From Immutable Code to Financial Product

Bitcoin’s supply mechanism is strictly fixed. The total issuance is capped at 21 million, and it operates on a ‘halving’ schedule that reduces supply by half at regular intervals. This demonstrates a ‘programmed scarcity’ distinct from traditional assets.

However, in 2026, Bitcoin’s scarcity is taking on new forms through financial products. Especially, spot ETFs(ETF) and derivatives are leading demand and access strategies, playing a crucial role in price formation. Many investors now gain exposure to Bitcoin via ETFs rather than holding it directly, transforming Bitcoin from a personal-controlled ‘digital currency’ into a ‘financialized scarce asset.’

This indicates that traditional financial elements like liquidity management and hedging are increasingly influential in Bitcoin’s pricing.

Gold: Trust Over Mining Quantity

Gold’s scarcity has long been based on mining costs and limited reserves. But now, ‘trust in nations and institutions’ determines gold’s value more than its physical supply. Central banks and international investment institutions regard gold as a politically neutral and crisis hedge asset.

Gold is traded in various forms—from physical bullion to gold ETFs and futures contracts. Physical gold emphasizes safe storage and settlement functions, while ETFs offer advantages in quick trading and liquidity.

In times of geopolitical risk or financial instability, markets re-recognize gold as a ‘trustworthy collateral,’ leading to price adjustments. This highlights that gold’s role is not just about price appreciation but about functioning as an asset during systemic crises.

Silver: Between Industrial Demand and Financial Structure

Silver is the most complex asset in scarcity discussions. It has investment purposes like gold but also faces significant industrial demand, such as in electronics and solar panels. In 2026, this ‘dual demand’ redefines silver’s scarcity in a different way.

Despite relatively limited supply, market structures are often unstable. The silver futures market is small and sensitive, leading to sharp price reactions due to inventory changes or speculative positions. This explains frequent surges and drops unrelated to actual physical shortages.

Over half of silver demand comes from industrial use, creating a scarcity factor separate from pure investment considerations.

The New Meaning of ‘Scarcity’ Given by ETPs

A common change across Bitcoin, gold, and silver is the expanded role of exchange-traded products(ETP). While ETPs do not alter the intrinsic scarcity of assets, they change investor accessibility and purchase channels in the short term, affecting price response structures.

For Bitcoin, ETPs integrate blockchain-native assets into traditional financial markets. For gold and silver, transforming physical supply constraints into ‘tradeable financial products’ like stocks enhances market liquidity and price sensitivity.

Ultimately, scarcity is shifting from an ‘attribute of holding’ to an ‘attribute of trading and hedging.’

The Illusion of Scarcity and Liquidity Created by Derivatives

In 2026, derivatives further complicate scarcity perceptions. Contracts like futures and options provide investment exposure without directly holding the physical assets, creating an illusion of ‘abundant liquidity’ that is often unrelated to actual supply constraints.

In Bitcoin, derivatives trading causes much higher volatility than spot markets. Gold and silver also exhibit high trading volumes regardless of physical circulation, often distorting the ‘market-perceived scarcity.’

Investors now consider not just whether an asset is rare but how this scarcity manifests within specific market structures.

Reinterpreting Scarcity… Each Asset’s Unique Role

Ultimately, Bitcoin, gold, and silver are not ‘competing scarce assets’ but each plays a distinct role suited to different market needs. Bitcoin offers rule-based scarcity and borderless portability. Gold benefits from institutional trust and neutrality, favored by central banks. Silver reacts sensitively to industrial demand, reflecting economic structural changes.

The key in 2026 is that no single asset dominates. Scarcity itself is no longer a unified concept but functions differently depending on context and structure. This ‘financialization of scarcity’ drives capital flows, hedging strategies, and liquidity shifts, reshaping the entire market.