Bitcoin's onboarding logic undergoes a major shift: from cognitive diffusion to supply contraction

【Crypto】An interesting observation: the logic of Bitcoin’s bull market is quietly changing.

Looking back at past bullish cycles, the path was very clear—geeks awaken first, then programmers follow, retail investors enter, and finally mainstream financial institutions recognize it. Behind each surge, it is essentially layers of cognitive diffusion.

But after 2024, the game has changed. The emergence of ETFs and institutional-level holdings have completely rewritten the supply and demand dynamics. Now, a large amount of BTC is gradually transforming into a “dormant asset”—institutions buy and just hold, with no intention of selling in the short term. This is similar to the logic of gold flowing into central bank systems.

When chips are locked in long-term, sellers willing to trade frequently and flip repeatedly become increasingly scarce. At this point, the driving force of the price will shift—no longer driven by cognitive diffusion from new entrants, but by the gradual tightening of supply.

To put it simply, the next bull run may not require new narratives and beliefs to drive it. It’s purely because selling pressure is decreasing.