TechFlow news, July 04, according to CoinDesk, CryptoQuant data shows that Bitcoin exhibits obvious diminishing capital efficiency characteristics across historical bull and bear cycles, with net inflows of about $2.8 billion driving Bitcoin up about 55,000% in the 2011 cycle, about $69 billion corresponding to about 10,000% gains in the 2015 cycle, about $365 billion corresponding to about 2,000% gains in the 2018 cycle, and the current cycle since 2022 has attracted about $697 billion in funds, but the gain is about 689%.
CryptoQuant founder Ki Young Ju stated that for Bitcoin to experience parabolic gains again, it may require over $1 trillion in new capital inflows and further solidify its status as a macro asset, rather than just an ETF-driven trading asset; this trend reflects that as market cap expands, Bitcoin's marginal returns are naturally declining, and unless larger-scale institutional capital steps in to absorb, high-multiple growth will be difficult to replicate early cycle performance.
