[Kong Jianping: The Driving Force Behind Bitcoin's Price is Shifting from 'Cognitive Diffusion' to 'Supply Contraction'] BlockBeats News, December 29: Kong Jianping, former Co-Chairman of the Board at Canaan Technology and current Founder and Chairman of Nano Labs, stated in an article yesterday: 'The underlying logic of Bitcoin's market dynamics is undergoing a fundamental shift. In past bull markets, the trajectory was clear: geeks → programmers → retail investors → mainstream finance. Each wave of price increases was the result of cognitive diffusion. However, after 2024, ETFs and institutional holdings have altered the supply-demand structure. A portion of BTC is being converted into dormant assets that do not participate in short-term cycles, much like how gold entered central bank systems. When tokens are locked up for the long term and the number of sellers willing to repeatedly trade decreases, the driving force behind price shifts from 'cognitive diffusion' to 'supply contraction.' The next wave of price increases may no longer require new narratives or beliefs.'