Question about ETH market cap

Hey All! Been thinking about this for a while now and wanted to hear y'all thoughts on how this will play out

Once ETH 2.0 roles out and becomes truly deflationary, how will it's market cap react? Meaning currently, market is defined by current price of coin/stock times the available supply. So for simple math sake, if each eth is worth $100 and there are 10 coins, market cap is $1000. Now once eth 2.0 kicks out, let's say only 8 coins are left and price is the same, would the market cap theoretically drop? Or would the price increase due to market condition to keep the market cap the same?

Happy to hear your thoughts on how this plays out! I have a few scenarios in my head but want to see how this will actually play out (with possible real examples, if any are available)