This isn't an "institutional market". It's an unregulated, decentralised one.

As such it is 'policed' by holders, buyers, and anyone else with an interest in seeing open and free markets work efficiently. In an "institutionalised market" you might get away with the strategy of justifying a high unit price to the market based on low supply volume because you have a whole pile of regulations governing the release of that supply.

But in decentralised markets we only have marketcap to go by in doing comparative valuations. That's why it's important that all valuations are treated & reported consistently, using the blockchain-isssued supply as its basis. Satoshi has 1 Million Bitcoin in a wallet that "are not circulating" and apparently are even less likely to than the 98 Million under-reported VERI. They still get included in the marketcap valuation.