PANews reported on November 24 that CryptoQuant CEO Ki Young Ju said on the X platform that the Bitcoin market does not seem to have formed a bubble yet. The market value has not increased significantly relative to the accumulated on-chain capital inflow. Based on the current realized upper limit, it may rise to $141,000. The realized upper limit is steadily increasing every day.

Realized market cap measures the total capital inflow into the Bitcoin market. It is calculated by adding up the value of all Bitcoins at the price at which they last moved on-chain. Historically, market cap tends to exceed realized market cap during bull markets, peaking as retail investors join in. In bear markets, market cap typically falls below realized market cap.