#比特币vs代币化黄金

Q4 new capital inflow for BTC reached 732 billion USD, indicating a significant influx of new capital into the market.

By the end of 2025, we are witnessing the gradual formation of a 'mature crypto market structure' — rather than just the traditional 'bull/bear market' cycle.

🔹 Institutional/capital dominance + liquidity & volatility stabilization: The 732 billion USD of new capital inflow + declining volatility indicates that this round of 'capital entry' is more about asset allocation/reserves rather than short-term speculation. This is a major positive for industry stability and confidence.

🔹 On-chain and off-chain infrastructures coexist, but on-chain remains the main force: Even as more funds flow through off-chain channels like ETFs and brokers, Bitcoin + stablecoins' dominant position in on-chain settlement and value transfer remains unshaken. This indicates that the role of 'value bearer + liquidity anchor' on-chain is still solid.

🔹 RWA + crypto hybrid systems are gradually taking shape: The expansion of tokenized asset scale suggests that traditional assets (such as bonds, real estate, commodities, etc.) are entering the crypto ecosystem in the form of 'on-chain assets.' This will lead to broader asset allocation choices and may significantly alter the structure of crypto assets — no longer just 'coin vs coin,' but a new financial structure coexisting of 'traditional assets + crypto assets + hybrid assets.'

🔹 Long-term holding + portfolio allocation may become mainstream: Given the increased market depth, declining volatility, and improved infrastructure, I believe that more and more institutions/high-net-worth investors will choose a combination of 'low volatility + strong liquidity + multi-asset allocation' — for example, a mix of BTC + RWA token + stablecoins/traditional assets. Such a configuration is expected to find a balance between 'risk vs return vs stability.'