Looking back at the previous Bitcoin bull markets, there’s actually a very clear path of who steps in to buy: Geeks → Need to understand cryptography Programmers → Need to understand technical feasibility Retail investors → Need to understand the get-rich-quick narrative Mainstream finance → Need to understand legitimacy Every bull run is essentially a wave of cognitive adoption. This is also why past bull markets always came with new narratives, new slogans, and new beliefs. But after 2024, with institutional ETFs continuing to gain momentum, new buying won’t just come from emotions, judgment, or belief—it’ll increasingly come from asset allocation and regulatory frameworks. This directly changes the supply-demand structure. In the past, BTC selling pressure mainly came from three groups: 1️⃣ Early holders cashing out as part of their lifecycle 2️⃣ Panicked retail investors during high volatility 3️⃣ Trading funds driven by strong market cycles But ETFs and institutional holdings are turning a portion of BTC into dormant assets that no longer participate in short-term cycles. This is very similar to the changes gold underwent when it entered central banks, pension funds, and insurance systems. This means the next BTC bull run might not even need new cognitive buyers to happen. When a portion of BTC is locked up long-term, and when fewer sellers are willing to repeatedly trade in short cycles, the price driver shifts from “cognitive adoption” to “supply contraction.” The rise in price itself will become a passive outcome.