To clarify, I contend that when increased competition for block rewards raises the amortized cost of a mined coin above what allows a competitive margin, the miner is incentivized to hold until prices rise, thus constraining supply in s subtle but persistent manner.  Most hash power will follow the margin to another coin, but hash power always remains, and the desire not to take a loss will mean that coins mined above market will be withheld from the market until prices rise. The higher that support level of persistent hashing rises, the more supply is constrained.

The causality seems clear to me, but has been a source of controversy whenever I have suggested it.