glassnode: Institutional participation in the Bitcoin market is higher this cycle, and the scale of tokenized RWAs has increased to $24 billion in one year.

According to Foresight News, glassnode released its Q4 digital asset report stating that in this cycle, Bitcoin saw $732 billion in new capital, with its 1-year realized volatility nearly halved. The market has become calmer, larger in scale, and with higher institutional participation. Over the past 90 days, Bitcoin’s settlement volume was approximately $6.9 trillion, on par with or higher than Visa and Mastercard. As funds flow to ETFs and brokerages, trading activity is shifting off-chain, but Bitcoin and stablecoins still dominate on-chain settlements. The scale of tokenized RWAs grew from $7 billion to $24 billion in one year, marking the strongest phase of institutional adoption to date. Tokenized funds are among the fastest-growing sectors in 2025, offering asset management companies new distribution channels and providing underserved investors with investment opportunities.