With only 6% of supply being available what happens to Bitcoin as exchanges dry up?

It’s something I’ve wondered for a while but what will really happen to bitcoins price as the supply dries up? Yes the scarcity should drive the price up but there are so many other coins out there will people really get into a bidding war for the original coin? It’s even more concerning when so few (not actually that few) control such a large amount of the supply. Will it become more of a collector item? Will the whales start unloading if the price starts to drop? If they do does the price go up or down as people react to it?

I honestly didn’t thing this would be an issue for another ~50 years but with adoption accelerating maybe it will happen sooner.