The fundamental logic of Bitcoin's market dynamics is undergoing a major shift. In the past, the bull market path was clear: geeks → programmers → retail investors → mainstream finance. Each surge was the result of cognitive adoption spreading. But after 2024, ETFs and institutional holdings are changing the supply-demand structure. A portion of BTC is turning into dormant assets that don't participate in short-term cycles, much like how gold entered central bank systems. As tokens become locked up long-term and fewer sellers are willing to trade repeatedly, the price driver will shift from 'cognitive adoption' to 'supply contraction.' The next bull run might not even need a new narrative or belief system.