Bitcoin’s latest market cycle is starting to look very different from anything we’ve seen before. A new report from blockchain analytics firm Glassnode, produced in collaboration with Fasanara Capital, shows a major shift toward institutional money, a boom in tokenized real-world assets, and a noticeable drop in volatility across the crypto market.
The findings reveal that Bitcoin has drawn in an estimated $732 billion in fresh capital during this cycle alone — a sign that traditional investors are becoming more comfortable treating the world’s largest cryptocurrency as a legitimate asset class. Alongside that, Glassnode says Bitcoin’s one-year realized volatility has nearly been cut in half, pointing to a market that’s maturing and less driven by sudden speculative swings.
Bitcoin now rivals major payment networks
Bitcoin’s settlement activity is also soaring. Over the last 90 days, the network has processed around $6.9 trillion in value, placing it in the same league as global payment giants like Visa and Mastercard. While more activity is moving into ETFs and brokerage platforms, Glassnode notes that Bitcoin and stablecoins still carry the bulk of value transfer across public blockchains.
ETF boom reshapes liquidity flows
One of the biggest drivers behind this change? Exchange-traded funds.
Since spot Bitcoin ETFs were approved, professional investors — including pension funds and corporations — have been able to enter the market through familiar, regulated financial products. Glassnode explains that this has pulled capital into traditional trading rails, improving liquidity and making wild price swings less common. Stronger market-making and arbitrage activity from Wall Street firms have also tightened spreads, helping stabilize the market during pullbacks.
Tokenized real-world assets hit $24B
Another standout trend highlighted in the report is the rapid rise of tokenized real-world assets (RWAs) — things like funds, commodities, and debt instruments represented on-chain. The segment has soared from $7 billion to $24 billion in just one year, as asset managers embrace blockchain for faster distribution and improved settlement systems.
Pension funds, hedge funds and corporate treasuries are fueling much of the growth, especially when they want blockchain exposure without betting directly on Bitcoin or other volatile crypto assets.
Crypto enters a more mature phase
Overall, Glassnode characterizes the current cycle as a turning point. The crypto market has grown significantly in size, liquidity is deeper, and institutional players are taking the lead. Stablecoins remain a critical link between traditional finance and digital networks, ensuring capital can move freely across both ecosystems.
With regulated funds expanding and digital markets behaving more like their traditional counterparts, analysts believe institutional involvement will only accelerate from here.
Less chaos, more capital — Bitcoin and the broader crypto economy may finally be stepping into a more stable, structurally mature era.
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