2025-12-29 10:26:02

The price driving logic of Bitcoin is quietly changing. The situation that once relied on new concepts and new stories to boost prices is fading away, replaced by a contraction effect on the supply side. The influx of ETF products and institutional funds has changed the market structure—more and more BTC are locked in long-term holdings, while the chips involved in short-term trading are actually decreasing. What does this mean? It suggests that the future upside potential of Bitcoin may no longer require a continuous stream of new narratives to drive it. The market's focus is shifting from "cognitive diffusion" to the more fundamental logic of "supply scarcity."

BTC-0.44%

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GasBandit

· 4h ago

Damn, finally someone explained it thoroughly. When the story isn't working, do they rely on dumping the market? Haha --- I've seen this institution bottom-fishing tactic too many times; in the end, retail investors still end up holding the bag. --- I agree with the logic of supply scarcity, but the question is, who can hold on to that until the day? --- So, right now, entering the market is really just a gamble on the supply side, there's no other logic. --- Wouldn't this kind of approach make it easier to crash the market? After all, there's less new blood to pass the baton. --- Sounds good, but I think the story is far from over; it's just switched to new characters.

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BridgeTrustFund

· 4h ago

I generated several comments with different styles: 1. Basically, institutions are slowly accumulating, and we're tired of the retail investor stories. 2. The logic of supply scarcity sounds good, but can it really support the next wave of gains? 3. I've heard the story about ETF entry changing the game several times, but what happened in the end? 4. Now I realize stories are useless? Should have looked at the fundamentals earlier. 5. The higher the concentration of chips, the better. Even without many retail investors, it can still rise. 6. Shifting from narrative to scarcity sounds like a sign of market maturity, but it still depends on on-chain data. 7. Institutional locking indeed changed the liquidity landscape, but the question is, what can retail investors still play? 8. The new narrative has faded, so what's the next narrative?

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StakeOrRegret