#美联储回购协议计划 The Bitcoin buy-in logic is quietly changing.

Looking back at past bull markets, the pattern was clear — first geeks and programmers entered, then retail investors followed suit, and finally large funds and traditional finance participated. But after 2024, this script has been rewritten.

ETF and institutional-level holdings have reshaped the entire supply and demand structure. A large amount of BTC is locked in vaults by institutions, just like gold being stored in central banks, becoming a long-term dormant asset. Once the chips are locked in long-term, selling pressure naturally disappears — fewer sellers mean supply contracts naturally.

At this point, the logic for price increases has completely reversed. It no longer relies on new stories, new beliefs, or retail investors chasing highs, but is driven purely by supply scarcity. The next market cycle may not require any new narrative at all, simply driven by the natural uplift from locked-in chips.