The new coins aren't immediately put onto the market. They just show up as extra coins in wallets. The miners may or may not immediately try to cash out. Probab

The new coins aren't immediately put onto the market. They just show up as extra coins in wallets. The miners may or may not immediately try to cash out. Probably a fair number of them don't, since why else would they be in this game to begin with if they weren't true believers? The price of bitcoin that is recorded on all the exchanges is merely the spot price. That spot price may or may not try to factor in such details as the total supply of the coins, but it is also likely that a lot of the buyers aren't factoring that in at all. And it is also likely that there isn't much depth to the spot price at any given time, and the bottom could fall out at any point with no warning, like a game of musical chairs, since there is no intrinsic value there except the speculative value.