ChainCatcher message, CryptoQuant CEO Ki Young Ju stated on X that the Bitcoin market has not yet entered a bubble phase. From the perspective of Realized Cap, the growth in market capitalization is not significant relative to the cumulative on-chain capital inflow. Based on the current steady upward trend of the realized market cap, there is still room for Bitcoin price to rise, with a target price of $141,000.

Ki Young Ju explained that realized market cap measures the scale of market capital inflow by calculating the total value of all Bitcoins at the time of their last on-chain transfer. Historical data shows that during a bull market, market cap often exceeds realized market cap and peaks when retail investors enter the market; conversely, during a bear market, market cap may fall below realized market cap.