Bitcoin likely has another parabolic cycle ahead. Yes, capital efficiency is declining. In 2011, just $2.7B in net capital inflows drove a 55,436% price increase. This cycle, $697B produced a +689% return. The next parabolic bull cycle likely requires deeper institutional allocation. Bitcoin needs to be a core macro asset, not just a retail-driven ETF trade. That shift is still early, not invalidated. If Bitcoin can absorb $1T+ in realized cap, another parabolic bull run remains on the table. Gold's market cap is currently $27T.(Ki Young Ju)