Kong Jianping: The driving force behind Bitcoin's price is shifting from "cognitive diffusion" to "supply contraction"

GateUser-6433627c · 2025-12-29T07:03:29+00:00

Kong Jianping stated that the buy-in logic of Bitcoin is undergoing a fundamental change, and future increases will depend on supply contraction rather than widespread recognition. ETF and institutional holdings are turning some Bitcoin into long-term assets, reducing short-term traders, which leads to a change in price driving forces.

GateUser-6433627c

2025-12-29 07:03:29

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On December 29, the co-chairman of the original Canaan Inc. board of directors, now the founder and chairman of Nano Labs, Kong Jianping, posted a statement saying: “The logic of Bitcoin’s takeover is undergoing a fundamental change. The past bull market path was very clear: geeks → programmers → retail investors → mainstream finance. Each rally was the result of cognitive diffusion. But after 2024, ETFs and institutional holdings have changed the supply and demand structure. Some BTC are transforming into dormant assets that do not participate in short-term speculation, similar to how gold enters the central bank system. When chips are locked in long-term, and sellers willing to buy and sell repeatedly become fewer, the price driving force will shift from ‘cognitive diffusion’ to ‘supply contraction.’ The next rally may no longer require new narratives and beliefs.”

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