Glassnode: Institutional Participation in the Bitcoin Market Is Higher This Cycle, Tokenized RWA Market Grows to $24 Billion in One Year

ChainCatcher news, according to the Q4 digital asset report released by glassnode, this cycle saw $732 billion in new capital flowing into bitcoin, with its 1-year realized volatility nearly halved. The market is now calmer, larger in scale, and has higher institutional participation. In the past 90 days, bitcoin settlement volume was approximately $6.9 trillion, on par with or even higher than Visa and Mastercard.

As capital flows into ETFs and brokerages, trading activity is shifting off-chain, but bitcoin and stablecoins still dominate on-chain settlements. The scale of tokenized RWA grew from $7 billion to $24 billion within a year, marking the strongest phase of institutional adoption so far. Tokenized funds are one of the fastest-growing areas for 2025, providing new distribution channels for asset management companies and investment opportunities for previously underserved investors.