On December 29th, Kong Jianping, former co-chairman of the board of directors of Canaan Technology and current founder and chairman of Nano Labs, posted an article stating: "The logic behind Bitcoin's buying power is undergoing a fundamental change. The path of past bull markets was very clear: geeks → programmers → retail investors → mainstream finance, and each round of price increases was the result of cognitive diffusion."
However, after 2024, ETFs and institutional holdings altered the supply and demand structure. A portion of BTC is transforming into dormant assets that do not participate in short-term speculation , much like gold has entered the central bank system. When tokens are locked up for extended periods, fewer sellers are willing to repeatedly enter and exit the market, and the price driver shifts from "cognitive diffusion" to "supply contraction."
The next round of price increases may not require new narratives or beliefs .
