Opinion: The simple model for Bitcoin is over…

According to BlockBeats, on July 1st, CryptoQuant CEO Ki Young Ju pointed out that Bitcoin's capital efficiency is declining significantly. In 2011, only $2.7 billion in net capital inflow was needed to drive a 55,436% price surge, while in the current cycle, $697 billion in net inflow has only resulted in a 689% increase. A more direct comparison is that the realized market capitalization required to double Bitcoin's price has ballooned from approximately $5 million in 2011 to approximately $101 billion in the current cycle, a decrease in efficiency of over 2000 times. "Realized market capitalization" represents the actual capital absorbed on-chain based on the last moving average price, rather than the theoretical market capitalization formed by the order book, thus more accurately reflecting the volume of funds entering the market. Despite the seemingly grim data, Ki Young Ju remains optimistic about BTC, believing that the next parabolic bull market requires deeper institutional allocation—Bitcoin cannot be driven solely by retail investors and ETFs; it must become a core macro asset, and this transformation is still in its early stages. Ki Young Ju points out that if Bitcoin can absorb over $1 trillion in realized market capitalization, another parabolic bull market is still within the realm of possibility. Compared to gold's market capitalization of approximately $27 trillion, the potential for large-scale institutional adoption of Bitcoin remains enormous. The next major bull market will require trillions of dollars in net capital inflows. The "simple model" is over, but the "institutional model" is just beginning.

Opinion: The simple model for Bitcoin is over; the next bull market will require trillions of dollars in institutional funding.

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