CryptoQuant CEO: New funds are flowing into Bitcoin, which only happens during a bull market CryptoQuant CEO Ki Young Ju posted that new funds are flowing into Bitcoin, 'this only happens during a bull market.' He based this on Bitcoin's 'realized market cap': the total market cap calculated using the price of each coin during its last on-chain transfer, which better reflects actual capital inflows compared to just the coin price. From the chart, this indicator peaked at the beginning of the year, then dropped for a while, and has recently started rising again.