#比特币价格走势 Recently, I came across an interesting observation: the logic behind Bitcoin's rise is quietly changing.

The previous pattern of "geek → programmer → retail investor → mainstream finance" that fueled successive price increases is being disrupted. Now, with ETFs and institutional holdings changing the game—more and more Bitcoin are being locked up long-term, similar to how gold enters the central bank system, and the number of willing sellers who trade repeatedly is decreasing. This means that the price driving force is shifting from "telling a new story" to "actual supply becoming truly scarce."

At the same time, I’ve noticed another voice: the next decade may see steady upward movement rather than explosive growth. Strong returns, but with more moderate volatility and some fluctuations in between. This is actually good news for long-term investors like us.

Why do I say this? Because it means we no longer need to chase every wave of emotional volatility. Retail investors may exit early at the end of the year due to "four-year cycle expectations," but such rapid rotations will become increasingly difficult to profit from in the future. True gains will flow to those who stick to proper position management and are not scared off by short-term ups and downs.

Instead of chasing stories of overnight riches, think about how to maintain your patience and discipline in this new phase, where the focus shifts from "cognitive game" to "scarce assets." That is the core of prudent asset allocation.