Kong Jianping: The driving force behind Bitcoin's price is shifting from "cognitive diffusion" to "supply contraction"

BlockBeats News, December 29, Kong Jianping, former Co-Chairman of the Board at Canaan and now founder and Chairman of Nano Labs, stated yesterday: "The logic behind bitcoin's handover is undergoing a fundamental change. The bull market path in the past was very clear: geeks → programmers → retail investors → mainstream finance, with each round of price increase resulting from the spread of awareness.

But after 2024, ETFs and institutional holdings have changed the supply and demand structure. A portion of BTC is being transformed into dormant assets that do not participate in short-term cycles, just like gold entering the central banking 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 'awareness diffusion' to 'supply contraction'.

The next round of price increases may no longer require new narratives and beliefs."