Bitcoin’s latest market cycle is shaping up to be one of its most mature, with new Glassnode data showing a surge in institutional participation, calmer trading conditions and rapid growth in tokenized real-world assets.
Glassnode and Fasanara Capital, in their Q4 Digital Assets Report, say the structure of the market has shifted meaningfully as larger investors deepen their presence.
One-year realized volatility has nearly halved, suggesting a market that is growing both in size and in stability as institutional players take a larger role.
The report estimates that Bitcoin has absorbed about $732B in new capital this cycle, a level of inflow that has arrived alongside a sharp drop in volatility.
Even as more activity moves off-chain into ETFs and brokerage channels, Bitcoin and stablecoins continue to dominate value transfer on public ledgers. Flows into ETFs have reshaped the way capital enters and exits the asset. The shift toward regulated wrappers is steering large volumes through traditional market rails, which has contributed to steadier liquidity conditions and reduced the frequency of large swings in spot trading.
Settlement volumes remain a key sign of scale. Glassnode says Bitcoin settled roughly $6.9T over the past 90 days, placing it on par with or above payment giants Visa and Mastercard.
