Bitcoin may still have another parabolic bull run ahead, according to CryptoQuant founder Ki Young Ju. But the catch is that the next one may need "trillions in new capital inflows."
Ju argued in a Wednesday post on X, July 1, that Bitcoin's capital efficiency has sharply declined as the asset has grown.
- Across the broader cycle, $2.7 billion in net inflows drove a 55,436% rally in 2011.
- However, in the post-2022 cycle, roughly $697 billion has produced only a 689% gain.
"Bitcoin likely has another parabolic cycle ahead," Ju wrote, adding that the next cycle would likely need "deeper institutional allocation."
In a follow-up post, Ju narrowed the same argument to a simpler benchmark. In 2011, he said, just $5 million in net capital inflows was enough to double Bitcoin's price. In the current cycle, it took about $101 billion to double it.
Ki Young Ju
Bitcoin bulls often point to past halvings, drawdowns and recoveries as if the market can simply repeat old percentage gains. But Ju argues each new cycle needs a much larger capital base to produce a smaller return.
Ju also said Bitcoin's next bull case depends on it becoming a "core macro asset" rather than just another retail-driven ETF trade.