[CryptoQuant CEO: Bitcoin's Capital Efficiency Continues to Decline, Next Bull Market Depends on Institutional Deep Entry] According to Deep Tide TechFlow, on July 1, the CEO of CryptoQuant stated in an article that Bitcoin's capital efficiency is continuously declining—back in 2011, a net inflow of just $5 million could double its price, whereas in the current cycle, approximately $101 billion is required to achieve the same effect. He believes that the next parabolic bull market cycle may require net capital inflows on the scale of trillions of dollars, and Bitcoin must transition from retail-dominated ETF trading to becoming a core macro asset. If Bitcoin's actual market value can surpass $1 trillion, the next bull market is still likely to occur. In comparison, gold's current market value has reached $27 trillion, indicating that there is still considerable room for growth.