You’re confusing concepts. The supply is fixed at 21 million. Denominator. That’s different from circulation, velocity etc. According to your logic, Bitcoin being hodl’d wouldn’t count towards supply. The denominator is always 21 million. How fast Bitcoin moves, how much is in circulation at any time, etc is calculated in the numerator. The power of Bitcoin is that you always know, the value of things is measured by a constant. So all the economic signals are accurately derived from that.