On November 24, CryptoQuant CEO Ki Young Ju posted on X stating 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 compared to the cumulative on-chain capital inflows. Based on the steady upward trend of the current Realized Cap, Bitcoin prices still have room for further increase, with a target price of $141,000.
Ki Young Ju explained that the Realized Cap measures the total value of all Bitcoins at the time of their last on-chain transfer, which reflects the scale of market capital inflows. Historical data shows that during bull markets, market capitalization often exceeds Realized Cap and reaches its peak when retail investors enter the market; while during bear markets, market capitalization may fall below Realized Cap.
