Bitcoin has attracted $732 billion in this cycle, and the current market structure has entered a new phase of low volatility and institutionalization.
According to the latest report jointly released by Glassnode and Fasanara Digital, Bitcoin has attracted a record $732 billion in new capital inflows during the market cycle from 2022 to 2025.
This figure not only far exceeds any previous independent cycle but also surpasses the total inflow of capital from all prior cycles, marking the market's entry into an unprecedented new phase.
Moreover, the continuous influx of massive capital has fundamentally changed Bitcoin's market structure. Firstly, it has driven Bitcoin's "realized market cap" (reflecting the total value of actual on-chain investment costs) to a historic high of $1.1 trillion, establishing an exceptionally solid value foundation for the price.
Secondly, the market has shown more institutional characteristics, larger scale, and calmer trading. Bitcoin's 30-day volatility has significantly decreased from 73% to 53%, and 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 the capital in this cycle has mainly entered the ecosystem through new channels such as stablecoin liquidity, U.S. spot ETFs, and tokenized assets, which is starkly different from previous cycles that primarily relied on retail investors making direct purchases.
At the same time, Bitcoin's market share has significantly increased, rising from 40.50% in November 2022 to the current 59.41%. In contrast, the market shares of Ethereum and other altcoins have been squeezed, reflecting that capital is preferentially flowing towards Bitcoin, which is viewed as a “core asset” during the cycle.
In summary, the report depicts a development landscape for the Bitcoin market driven by institutional-level capital. The fundamental transformation in capital scale, market structure, and investor composition collectively drives Bitcoin into a new pattern characterized by greater liquidity, milder volatility, and Bitcoin dominance.
