CryptoQuant founder: Bitcoin's next parabolic bull market requires institutions to increase allocation.

CryptoQuant founder Ki Young Ju pointed out that Bitcoin's next parabolic rally requires deeper institutional allocation, not just retail funds driving ETFs. If Bitcoin can absorb over $1 trillion in realized market cap增量, a new surge is still possible.
(Previous context: BlackRock calls for "1-2% Bitcoin" allocation in portfolios as the optimal risk diversification tool)
(Background supplement: CryptoQuant founder: It's hard to say Bitcoin has bottomed; hitting the realized price is key)

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• Capital efficiency declines, Bitcoin enters "scale for gains" phase
• The divide: institutional allocation vs. retail speculation
• Gold comparison: $1 trillion increment is just the starting point
• Market synchronization signal: Next low may appear in September

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CryptoQuant founder and CEO Ki Young Ju posted an analysis on X platform on July 1, indicating that Bitcoin is likely to experience another parabolic cycle, but the next big bull run requires increased institutional allocation.

Capital efficiency declines, Bitcoin enters "scale for gains" phase

Ki Young Ju used data to illustrate Bitcoin's declining capital efficiency:

• In 2011, only $2.7 billion in net inflows drove a 55,436% price surge
• In this cycle, $697 billion entered the market, resulting in only a 689% gain

In other words, the return per unit of capital for Bitcoin has significantly decreased, but Ki Young Ju believes this indicates the asset is maturing, not that the logic has failed.

The divide: institutional allocation vs. retail speculation

Ki Young Ju emphasized that the next parabolic bull market requires deeper institutional allocation. Bitcoin needs to become a "core macro asset," not just a vehicle for retail funds to speculate on ETFs.

This transformation process is still in its early stages. For example, BlackRock just deposited 7,432 BTC (about $446 million) into Coinbase on June 29, showing that large institutions continue to build positions.

Gold comparison: $1 trillion increment is just the starting point

Ki Young Ju used gold as a reference: If Bitcoin can absorb over $1 trillion in realized market cap increment, a new surge is still possible. Currently, gold's total market cap is about $27 trillion, leaving Bitcoin with multiple times room for growth to reach that scale.

This echoes BlackRock's recent allocation recommendation—allocating 1-2% Bitcoin in a portfolio as the best risk diversification tool. Institutional actions and rhetoric are gradually aligning.

Market synchronization signal: Next low may appear in September

On the same day, BIT Official published a daily chart analysis pointing out that the next low in Bitcoin's current cycle will likely not appear until September. July is typically one of Bitcoin's stronger months, but the market often enters a consolidation phase lasting about two months thereafter.