CryptoQuant CEO: The capital efficiency of Bitcoin continues to decline, and the next bull market relies on deep institutional involvement

CryptoQuant CEO stated that the capital efficiency of Bitcoin is continuously declining------In 2011, a net inflow of only $5 million could double the price, while this cycle requires about $101 billion to achieve the same effect. He believes that the next parabolic bull market cycle may require net capital inflows on the order of trillions of dollars, and Bitcoin must transition from being dominated by retail-driven ETF trading to becoming a core macro asset. If Bitcoin's actual market value can exceed $1 trillion, the next bull market is still expected to occur, while the current market value of gold has reached $27 trillion, indicating significant growth potential in comparison.