Glassnode: The institutional participation in the Bitcoin market is higher in this cycle, and the scale of tokenized RWA has increased to 24 billion in one year

According to the fourth quarter digital asset report released by Glassnode, this cycle has seen Bitcoin's new capital reach $732 billion, with the one-year actual volatility nearly halving, resulting in a calmer market with larger scales and higher institutional participation. Over the past 90 days, Bitcoin's settlement amount has been approximately $6.9 trillion, on par with or higher than Visa and Mastercard.

As funds flow into ETFs and brokers, trading activity is shifting off-chain, but Bitcoin and stablecoins still dominate on-chain settlements. The scale of tokenized RWA has grown from $7 billion to $24 billion within a year, marking the most significant phase of institutional adoption to date. Tokenized funds are one of the fastest-growing areas for 2025, providing asset management companies with new distribution channels and offering investment opportunities to previously underserved investors.