In his podcast, Tom Lee points out that Bitcoin has been around for about 14 years, and the earliest crypto natives—those who were only in their twenties back then—have now matured, with many having accumulated considerable wealth. This is driving a change in the Bitcoin holder structure, with some early holders choosing to sell their Bitcoin.

At the same time, he also mentioned a potential risk more focused on Bitcoin itself—quantum computing. With the rapid development of quantum technology, about one-third of Bitcoin wallets are currently unable to upgrade, meaning they are vulnerable to quantum computing.

In contrast, traditional financial systems can address similar risks by mandating users to upgrade their passwords and security standards. However, in the Bitcoin network, some wallets that haven't been upgraded for a long time (such as Satoshi Nakamoto-related wallets) pose a structural challenge. A true solution to this problem may ultimately require a Bitcoin fork.