Kong Jianping: The underlying logic of taking over bitcoin is undergoing a fundamental change, and the next rally may no longer require new narratives or beliefs.

According to TechFlow, on December 29, Nano Labs founder Kong Jianping posted on social media stating, “The underlying logic of taking over bitcoin is undergoing a fundamental change.”

The path of previous bull markets was very clear: geeks → programmers → retail investors → mainstream finance. Each round of price increase was the result of cognitive diffusion.

But after 2024, ETFs and institutional holdings have changed the supply and demand structure. Some BTC is being converted into dormant assets that do not participate in short-term cycles, just like gold entering the central bank system.

When chips are locked up for the long term and there are fewer and fewer sellers willing to repeatedly enter and exit, the price driver will shift from “cognitive diffusion” to “supply contraction.”

The next round of price increases may no longer require new narratives or beliefs.”