What’s the next big demand catalyst for Bitcoin?

I think most people understand Bitcoin’s limited supply and the growth in fiat money supply as key drivers of value. But demand still needs to be there.
Last cycle, a lot of stars aligned. You had an administration that was viewed very favorably by the crypto market, growing optimism around a potential federal Bitcoin reserve, and a broader sense that crypto was becoming mainstream. That created a rush of capital into Bitcoin.
Looking ahead, is there anything on the horizon that could drive a new wave of demand? These catalysts often emerge quickly and are hard to predict in advance, but it feels like some level of excitement or a compelling narrative is needed for capital to rotate back into the space. What sort of foundation is currently being put into place?