Glassnode: Institutional participation is higher in this Bitcoin market cycle; the tokenized RWA market size has increased to $24 billion in one year.

According to a Q4 digital asset report released by Glassnode, as reported by Mars Finance, Bitcoin saw $732 billion in new capital inflows during this cycle, with 1-year realized volatility nearly halved. Market trading is calmer, larger in scale, and with higher institutional participation. Over the past 90 days, Bitcoin settlements totaled approximately $6.9 trillion, on par with or higher than Visa and Mastercard. While trading activity is shifting off-chain as funds flow to ETFs and brokers, Bitcoin and stablecoins still dominate on-chain settlements. The size of tokenized RWAs grew from $7 billion to $24 billion in one year, representing the largest institutional adoption to date. Tokenized funds are one of the fastest-growing sectors in 2025, providing asset management firms with new distribution channels and offering investment opportunities to previously underserved investors.