According to CoinMeta, the founder of cryptoquant, Ki Young Ju, stated that he expects this round of the Bitcoin bull market cycle to see a gain of about 3 to 5 times, rather than the previous parabolic surge of over 10 times. Following that will be a more moderate bear market. He explained that when Bitcoin's market size was smaller and retail investors were dominant, hot money caused extreme pulse-like market movements and deep collapses of around 80%. However, now that the market size has expanded and the proportion of institutional ownership has increased, these factors have balanced out extreme fluctuations, restraining the upward multiples while also cushioning the downward declines. On-chain data shows that during this cycle, the MVRV indicator has never fallen below 1, indicating a continuous rise in market value. This reflects the entry of new funds, with ancient whales (large investors) stopping their selling, and futures whales building up large positions in long positions at the bottom. Moreover, the 365-day moving average of the profit and loss index is forming a key turning point.