Bitcoin paper trading devalues its price

I’ve been thinking about something and wanted to hear what the Bitcoin community thinks.
Can Bitcoin’s price get negatively affected by paper trading?
For example, if people buy Bitcoin exposure through ETFs, futures, or other securities that don’t always require buying real BTC, doesn’t that create synthetic supply? If too much trading happens on paper instead of with actual Bitcoin, could that reduce real demand and suppress price?
I know Bitcoin itself is still capped at 21 million, so the supply doesn’t change. But can paper markets still distort Bitcoin’s true value over time?
Curious to hear your thoughts.