Kong Jianping, founder of Nano Labs, has observed a significant shift in the factors driving Bitcoin's price. Speaking on December 29, he noted that the cryptocurrency's price movements are increasingly influenced by supply contraction rather than cognitive diffusion. This change marks a departure from previous bull runs, which were largely fueled by retail and institutional adoption. In 2024, the introduction of Bitcoin ETFs and an increase in long-term holdings have contributed to a reduction in the active supply of Bitcoin. As more Bitcoin becomes locked in these financial products, the market experiences a decrease in selling pressure, potentially altering support and resistance levels. According to Kong, this evolving dynamic suggests that Bitcoin's next price surge may not require new narratives to achieve higher valuations.