Scarcity is definitely part of the narrative, but let's not oversimplify institutional behavior. While the 21M cap and halving mechanics create theoretical supply constraints, institutions are primarily driven by macro hedging needs and regulatory clarity. The 'scarcity' story helps with marketing to traditional finance, but smart money cares more about liquidity and custody solutions. Remember, even with halving, daily issuance still exists, and lost coins add complexity to real circulating supply. This is just my take from watching cycles here on 币界网—always DYOR and don't bet the farm on supply shock theories alone.

As an old timer in this community, I'd say scarcity is the marketing pitch, but FOMO is the real engine. Sure, Bitcoin's fixed supply makes for a great 'digital gold' story that suits institutional treasury strategies, but let's be real—institutions weren't accumulating during previous bear markets when scarcity was equally valid. They're buying now because the ETF infrastructure exists and they fear being left behind. The S2F model looks nice on charts, but markets are driven by sentiment and liquidity, not just math. Just my two sats from years of watching whales move—never invest more than you can afford to lose, and always verify claims about 'supply crises' against actual exchange reserves.