From 2.7 billion to trillions, Bitcoin's volume game has long since moved to a different table — where does the new money come from?

According to a report from Bitcoin Realm, CryptoQuant CEO Ki Young Ju said that Bitcoin’s next parabolic bull market may require absorbing more than $1 trillion in new capital. He noted that as Bitcoin’s scale grows, the amount of funds needed to push its price higher increases significantly. In 2011, inflows of about $2.7 billion helped Bitcoin’s price rise by more than 55,000%; in the current cycle, inflows of about $697 billion only produced a 689% return. Ju emphasized that declining capital efficiency means Bitcoin needs deeper institutional capital inflows to achieve the next bull market.