former co-chairman of Canaan Technology's board and current founder and chairman of Nano Labs, recently shared insights on the evolving dynamics of Bitcoin investments. He noted a fundamental shift in the logic behind Bitcoin's market movements. Historically, bull markets followed a clear path: from enthusiasts to programmers, then retail investors, and finally mainstream finance, with each surge driven by expanding awareness.

However, post-2024, the introduction of ETFs and institutional holdings is altering the supply-demand structure. A portion of Bitcoin is becoming dormant, akin to gold entering central bank systems, as it transitions into assets not engaged in short-term trading cycles. As these assets are locked in for the long term, the number of sellers willing to repeatedly enter and exit the market diminishes, shifting the price-driving force from 'awareness expansion' to 'supply contraction.'
Kong suggests that the next market surge may not require new narratives or beliefs to drive growth.