The only place it's exposed to competitive bidding is the exchanges. Crypto 101, mining difficulty adjusts, the cost to create the next coin constantly changes.
The more demand there is for primary supply, the more the price rises.
So no. Exchanges are not the only place it's exposed to competitive bidding. The primary market (obtaining coin straight off the blockchain for a price based on how many other people are trying to do the same) is the first.