Capital efficiency decline ≠ no hope, trillions of dollars of inflows are the fuel for the next parabolic curve, and the path to institutionalization must be paved.

CoinWorld news, CryptoQuant founder Ki Young Ju stated that although Bitcoin's capital efficiency is declining—with $2.7 billion in net capital inflows driving a 55,436% price increase in 2011, while $697 billion in the current cycle only yielded a 689% return—Bitcoin could still experience another parabolic bull run. He pointed out that compared to gold's $27 trillion market cap, Bitcoin's growth potential remains large. However, since the capital required to double the price has surged from $5 million in 2011 to approximately $101 billion in the current cycle, future parabolic moves will depend on trillions of dollars in net capital inflows. Bitcoin needs to transition from retail-driven ETF trading to becoming a core macro asset, meaning institutional adoption rates must achieve a true explosion in growth.