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

Former co-chairman of the board of directors of Canaan Creative, now founder and chairman of Nano Labs, Kong Jianping, stated yesterday: "The logic of Bitcoin's takeover is undergoing fundamental changes. The path of the past bull market was very clear: geeks → programmers → retail investors → mainstream finance, with each round of increase being the result of cognitive diffusion.

However, after 2024, ETFs and institutional holdings have changed the supply-demand structure. A portion of BTC is being transformed into dormant assets that do not participate in short-term speculative games, similar to how gold entered the central bank system. When chips are locked up for the long term, the number of sellers willing to enter and exit repeatedly decreases, and the price driving force will shift from 'cognitive diffusion' to 'supply contraction.' The next round of increase may no longer require new narratives and beliefs."