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Bitcoin Market Cycle Matures with Institutional Flows and $24B in Tokenized RWAs
Glassnode Report – Bitcoin’s current cycle is marked by heavier institutional participation, ETF-driven liquidity, and the rapid expansion of tokenized real-world assets (RWAs). According to blockchain analytics firm Glassnode and Fasanara Capital’s Q4 Digital Assets Report, Bitcoin has absorbed approximately $732 billion in new capital, accompanied by a nearly 50% reduction in one-year realized volatility. The report emphasizes that larger investors are reshaping the market, fostering more stable liquidity conditions and reducing extreme price swings in spot trading.
Tokenized RWAs Hit $24 Billion
Tokenized RWAs have grown from $7 billion to $24 billion in just one year, signaling significant institutional adoption. The report highlights that pension funds, hedge funds, and corporations are increasingly seeking on-chain exposure to traditional assets without taking directional bets on cryptocurrencies. Enhanced custody, compliance, and settlement infrastructure have supported sustained inflows throughout 2025, according to Glassnode.
Bitcoin Settlements Rival Traditional Payment Networks
Over the past 90 days, Bitcoin settled approximately $6.9 trillion, placing it on par with major payment processors like Visa and Mastercard. Despite growing activity in ETFs and brokerage channels, Bitcoin and stablecoins remain dominant for value transfer on public ledgers, serving as the primary bridge between traditional and digital markets.
ETFs and Market Structure Evolution
Capital flows into regulated investment vehicles have fundamentally altered how investments enter and exit the cryptocurrency market. ETFs have attracted increased market-making and arbitrage activity, tightening spreads and reducing dislocations during selloffs. The report describes the market as larger, more resilient, and structurally mature, with deeper liquidity and a higher share of institutional flows across derivatives, spot markets, and on-chain data. Analysts anticipate that institutional involvement will continue growing as tokenized funds gain broader adoption.
Glassnode concludes that this cycle represents a turning point for Bitcoin, combining robust institutional flows, reduced volatility, and the rapid growth of tokenized RWAs, signaling a more mature and resilient market structure.
