The latest report from Glassnode shows that the Bitcoin market is entering a more mature cycle, with a significant increase in institutional participation, declining market volatility, and rapid expansion in the scale of tokenized real-world assets (RWA). Data indicates that approximately $732 billion in new capital has been absorbed this cycle, and the one-year realized volatility has nearly halved, indicating a continuous improvement in market stability.
In the past 90 days, Bitcoin’s on-chain settlement volume was approximately $6.9 trillion, on par with payment giants like Visa and Mastercard. Although some transactions have shifted to ETFs and brokerage channels, on-chain transactions still dominate. Capital inflows into regulated ETFs are driving capital to flow through traditional channels, enhancing market liquidity and reducing spot volatility.
Tokenized RWAs have grown rapidly: the scale soared from $7 billion to $24 billion within a year, marking a peak in institutional adoption. Pension funds, hedge funds, and corporate investors are seeking on-chain exposure rather than simply betting on cryptocurrencies. With improvements in custody, compliance, and settlement infrastructure, tokenized funds are expected to continue attracting capital in 2025.
Glassnode points out that the market structure is larger and more stable, with a higher proportion of institutional funds, reduced volatility, and enhanced market resilience. Stablecoins continue to serve as a bridge between traditional and digital markets, with a dual-track settlement system becoming the norm. ETF demand is driving institutional market-making and arbitrage activities, narrowing spreads and lowering the risk of sell-offs.
Analysts believe that institutional participation will deepen further, and tokenized funds will drive market evolution. The integration of digital assets with traditional finance is accelerating, and the market is moving toward greater scale, maturity, and institutionalization.
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