TechFlow news, December 29 — Nano Labs founder Kong Jianping posted on social media yesterday stating, "The fundamental logic behind who ends up holding Bitcoin is undergoing a profound change.
In previous bull markets, the path was clear: geeks → programmers → retail investors → mainstream finance. Each rally was driven by expanding awareness.
But after 2024, ETFs and institutional ownership have altered the supply-demand structure. A portion of BTC is turning into dormant assets that no longer participate in short-term trading cycles—just like gold entering central bank reserves.
As more coins are locked up long-term and fewer sellers remain willing to repeatedly enter and exit the market, the price driver will shift from 'expanding awareness' to 'supply contraction.'
The next rally may no longer require new narratives or beliefs."
