Bitcoin’s “capital efficiency” is declining, meaning increasingly larger net inflows are needed to generate the same price impact, according to CryptoQuant CEO Ki Young Ju.

According to ChainCatcher, he said that in 2011, about $5 million in net inflows could double Bitcoin’s price, while in the current cycle it would take roughly $101 billion to achieve a similar effect.

He argued that the next parabolic bull-market cycle may require net capital inflows on the scale of several trillion dollars, and that Bitcoin would need to shift from retail-led ETF trading to becoming a core macro asset.

Ki added that another bull market could still occur if Bitcoin’s realized market capitalization can break above $1 trillion. He compared this with gold’s current market capitalization of $27 trillion, saying Bitcoin still has room to grow by comparison.