孔劍平:比特幣價格驅動力正由“認知擴散”轉向“供給收縮”
12월 29, 2025 15:04:02
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ChainCatcher 消息,原嘉楠科技董事會聯席主席,現 Nano Labs 創始人及董事長孔劍平昨日發文表示:"比特幣的接盤邏輯正在發生根本性變化。過去的牛市路徑很清晰:極客→程序員→散戶→主流金融,每輪上漲都是認知擴散的結果。
但 2024 年後,ETF 和機構化持倉改變了供需結構。一部分 BTC 正在轉化為不參與短周期博弈的沉寂資產,就像黃金進入央行體系一樣。當籌碼被長期鎖定,願意反復進出的賣方越來越少,價格驅動力就會從"認知擴散"轉向"供給收縮"。下一輪上漲,也許不再需要新的敘事和信仰。"

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