Woofun AI data shows that Bitcoin demonstrates a marked decline in capital efficiency throughout historical market cycles. The 2011 cycle recorded a net inflow of roughly $2.8 billion, resulting in a price surge of approximately 55,000%. Subsequent cycles saw $69 billion drive a 10,000% increase in 2015, while $365 billion supported a 2,000% rise in 2018. In the current cycle since 2022, accumulated funds have reached about $697 billion, yet the corresponding appreciation stands at approximately 689%.