Based on TechFlow, Fasanara Digital and Glassnode have jointly published a report analyzing the evolution of core ecosystem infrastructure in the fourth quarter of 2025, including spot liquidity, ETF inflows, stablecoins, tokenized assets, and decentralized perpetual contracts. The report highlights that Bitcoin attracted over $73.2 billion in new capital, pushing its realized market cap to $1.1 trillion, with a price increase of over 690%. Long-term volatility for Bitcoin has nearly halved, dropping from 84% to 43%, reflecting increased market depth and institutional participation. Over the past 90 days, Bitcoin’s settlement value reached $6.9 trillion, matching or exceeding traditional payment networks like Visa and Mastercard. ETF daily trading volume has grown from under $10 billion to over $50 billion, peaking at $90 billion after a deleveraging event on October 10. Tokenized real-world assets (RWA) expanded from $70 billion to $240 billion in a year, with Ethereum as the primary settlement layer. Decentralized perpetual contracts also saw explosive growth, with DEX share rising from 10% to 16–20% and monthly volume exceeding $1 trillion.
Fasanara Digital and Glassnode Release 2025 Q4 Institutional Market Outlook
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