According to TechFlow TechFlow, on December 29th, Kong Jianping, founder of Nano Labs, posted on social media that "the logic behind Bitcoin's acquisition is undergoing a fundamental change."
The path of past bull markets is clear: geeks → programmers → retail investors → mainstream finance, with each round of growth being the result of cognitive diffusion.
However, after 2024, ETFs and institutional holdings changed the supply and demand structure. Some BTC is transforming into dormant assets that do not participate in short-term speculation, much like gold has entered the central bank system.
When chips are locked up for a long time, fewer and fewer sellers are willing to repeatedly enter and exit the market, and the price driver will shift from "cognitive diffusion" to "supply contraction".
The next round of price increases may not require new narratives or beliefs.
