Ki Young Ju, CEO of CryptoQuant, wrote: "The Bitcoin market does not seem to have reached the level of a bubble yet. The market cap has not increased significantly relative to the cumulative on-chain capital inflows. Based on the current realized market cap, BTC could rise to $141,000. The realized market cap is growing steadily every day. Realized market capitalization measures the total amount of capital that has flowed into the Bitcoin market. It is calculated by adding the value of all Bitcoins to the price they last moved on the chain. Historically, market capitalization has tended to exceed realized market capitalization in bull markets, peaking as retail investors join in. In bear markets, market capitalization typically falls below realized market capitalization. "