#Bitcoin needs more capital to generate smaller price increases. The 2011–2013 cycle only required about $2.8 billion in realized capital to generate a gain of over 55,000%. In the current cycle, the market has absorbed nearly $700 billion in new capital, but the price increase has only been around 689%. This is a clear manifestation of the law of diminishing marginal returns. As market capitalization and liquidity expand, each new dollar of capital will have a smaller impact on the price of #Bitcoin. However, it's noteworthy that Bitcoin still increased nearly sevenfold despite absorbing the largest amount of capital in history. This reflects strong long-term demand and #Bitcoin's gradual transformation from an exponentially growing asset to a macro asset with an increasingly mature liquidity structure. Returns may be diminishing, but the scale and quality of the money flow are increasing.