The logic of Bitcoin's absorption is undergoing a fundamental change.

The past bull market path was very clear: geeks → programmers → retail investors → mainstream finance, with each rise being the result of cognitive diffusion.

But after 2024, ETFs and institutional holdings have changed the supply and demand structure. Some BTC are transforming into dormant assets that do not participate in short-term speculation, similar to how gold enters the central bank system.

When chips are locked in for the long term, and sellers willing to buy and sell repeatedly become fewer and fewer, the price driving force will shift from "cognitive diffusion" to "supply contraction."

The next round of rally may no longer require new narratives and beliefs.