Well, now it is. The inception of derivatives and other financial products built on cryptocurrencies took away one thing the value of BTC was based on - its limited supply. Look at Cryptocompare BTC market data. About 1/3 of the trading volume comes from BitMex exchange, which is actually trading a derivative called a "perpetual contract", instead of actual BTC. Not one spot trading exchange can come even remotely close with their volumes to BitMex. With the 200x leverage what BitMex offers for trading, it virtually expands BTC supply to 200 times. Plus CBOE and CME futures, and such. The more of these financial products based upon cryptocurrencies are being created, the less scarce blockchain based coins will become. The whole cryptomarket works now exactly like the fractional reserve banking, where the real money (reserves) created by the central banks, make only a fraction (about 5%) of the total money supply, the rest of 95% is just private banking sector created IOU contracts called credit, built upon the reserves.