TechFlow reports, on July 1, the CryptoQuant CEO stated in a post that Bitcoin's capital efficiency is continuously declining—in 2011, a net inflow of only $5 million was enough to double the price, while this cycle requires about $101 billion to achieve the same effect. He believes that the next parabolic bull cycle may require net capital inflows at the trillion-dollar level, and Bitcoin must transform from retail-dominated ETF trading into a core macro asset. If Bitcoin's actual market cap can break through $1 trillion, the next bull market remains possible, and given that gold's current market cap has reached $27 trillion, the growth potential remains considerable in comparison.
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