Bitcoin Attracts $732 Billion in This Cycle, Market Structure Enters New Phase of Low Volatility and Institutionalization

According to the latest report jointly released by Glassnode and Fasanara Digital, Bitcoin attracted a record-breaking $732 billion in new capital inflows during the 2022–2025 market cycle.

This figure not only far exceeds any previous individual cycle but also surpasses the total capital inflow of all previous cycles combined, marking the entry of the market into an unprecedented new phase of scale.

Additionally, the continuous influx of massive funds has fundamentally altered the market structure of Bitcoin. Firstly, it pushed Bitcoin's "realized market cap" (reflecting the total value of on-chain invested capital) to a historic high of $1.1 trillion, providing an exceptionally solid value foundation for prices.

Secondly, the market has become more institutionalized, larger in scale, and trading has become calmer. Bitcoin's 30-day volatility has dropped significantly from 73% to 53%. The expansion of market depth has led to a structural decline in volatility. Although short-term fluctuations still exist, overall market behavior has become more mature.

The report also points out that in this cycle, funds mainly entered the ecosystem through new channels such as stablecoin liquidity, US spot ETFs, and tokenized assets, which is a stark contrast to previous cycles that relied primarily on direct retail purchases.

Meanwhile, Bitcoin's market dominance has strengthened significantly, with its market share rising from 40.50% in November 2022 to the current 59.41%. In contrast, the market share of Ethereum and other altcoins has been squeezed, reflecting that capital during this cycle is prioritizing Bitcoin as the "core asset."

In summary, the report depicts a Bitcoin market undergoing a transformation driven by institutional-level capital. The fundamental changes in capital scale, market structure, and investor composition are jointly pushing Bitcoin into a new pattern characterized by greater liquidity, milder volatility, and Bitcoin dominance.

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