Wu said he learned that CryptoQuant founder Ki Young Ju posted that he expects this Bitcoin bull market cycle to deliver roughly a 3- to 5-fold gain, rather than the previous kind of parabolic surge of over 10x. What follows will be a milder bear market. He explained that when Bitcoin’s market size was smaller and retail investors dominated, hot money fueled extreme, pulse-like price action and a deep crash of around 80%. Today, as the market size has expanded and institutional ownership has risen, both sides have helped dampen extreme volatility: while limiting the upside multiple, they also cushion the downside and prevent it from plunging to an abyss. On-chain data shows that during this cycle the MVRV metric has never fallen below 1. The realized cap has continued to climb, reflecting new capital flowing in. Ancient “whales” have stopped selling, while futures whales have built a large number of long positions at the bottom. In addition, the 365-day moving average of the PnL Index is forming a key inflection point.