Bitcoin’s market cap and fiat price are based on the reported circulating supply, but here’s the catch: it doesn’t account for lost coins. A huge chunk of Bitcoin is gone forever, locked away in lost wallets, forgotten keys, and mistakes people can’t undo. Since those sats are never coming back, the actual circulating supply available to the market is way smaller than what’s “technically” reported. That means Bitcoin’s real value in fiat terms is actually much higher than what you see on the charts, making each sat even more scarce and valuable than most people realize.