On November 24th, CryptoQuant CEO Ki Young Ju posted on X, stating that the BTC market has not yet entered the bubble stage. From the perspective of Realized Cap, the rise in Market Cap is not significant relative to the cumulative on-chain fund inflows. Based on the steady rise trend of the current Realized Cap, there is still pump space for the BTC price, with a target price of up to $141,000. Ki Young Ju explained that Realized Cap measures the scale of market fund inflows by calculating the sum of the values of all BTC's last on-chain transfers. Historical data indicates that during a Bull Market, Market Cap often exceeds Realized Cap and peaks when retail investors get on board; while in a Bear Market, Market Cap may fall below Realized Cap.