The CEO of CryptoQuant stated that in the current cycle, BTC could increase by 3–5 times, pointing to signs of a market reversal and capital inflow.

Interest in AI limits broad demand for BTC

In his view, the bull market has already started, but there is not yet widespread retail participation, as attention is currently focused on AI-related projects.

Volatility declines as institutional role grows

He expects the next bear cycle to be milder. According to the CEO, market expansion and a larger share of institutional participants are smoothing out price fluctuations.

On-chain signals: Realized Cap growth and stable MVRV

Realized capitalization is increasing, indicating new money entering BTC. He noted that older large holders have stopped selling, and major players opened long positions near the market bottom. In addition, MVRV has not dropped below 1 and the 365-day PnL is showing signs of reversal, supporting a bullish scenario.