Looking back at Bitcoin's previous bull markets, there is actually a very clear onboarding path:

Geeks → Need to understand cryptography
Programmers → Need to understand technical feasibility
Retail investors → Need to understand the narrative of getting rich quickly
Mainstream finance → Need to understand legality

Each round of price increase is essentially a diffusion of cognition.

This is also why past bull markets were always accompanied by new narratives, new slogans, and new beliefs.

But after 2024, with continuous efforts from institutional ETFs,

New buying is no longer solely driven by emotions, judgments, or beliefs; it is increasingly based on asset allocation and institutional frameworks.

This directly changes the supply and demand structure.

In the past, the selling pressure of BTC mainly came from three groups:

1️⃣ Early holders cashing out over their lifecycle
2️⃣ Panic retail investors during high volatility
3️⃣ Trading funds in strong cyclical phases

Now, ETFs and institutional holdings are transforming some BTC into dormant assets that no longer participate in short-term speculation.

This is very similar to the changes after gold entered central banks, pension funds, and insurance systems.

This means that the next rally of BTC might occur without relying on new cognitive-driven buying.

When some chips are locked in long-term, and the number of willing sellers who repeatedly buy and sell in short cycles decreases, the driving force behind the price will shift from "cognition diffusion" to "supply contraction."

The rise itself will become a passive outcome.