Don't forget the new coins being mined which have to be immediately sold to pay the $2.7 billion dollar operating cost [0] to secure the network. It should come as no surprise that the price of bitcoin has fallen so much and peak mining capacity has fallen by 30% when you have $2.7 billion dollars worth of newly generated bitcoin supply being sold each year.
[0]: https://digiconomist.net/bitcoin-energy-consumption