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glassnode: In Q4, Bitcoin saw $732 billion in new capital. Bitcoin and stablecoins continue to dominate on-chain settlements.

[glassnode: $732 billion in new Bitcoin funds in Q4; Bitcoin and stablecoins still dominate on-chain settlement]
glassnode and Fasanara Digital jointly released the “Q4 Digital Asset Report,” stating that in Q4, the scale of new Bitcoin funds reached $732 billion, with one-year realized volatility nearly halved. The current market is trading more steadily, with continuous growth in scale, and institutional participation has increased significantly.

Over the past 90 days, the total Bitcoin settlement amount was approximately $6.9 trillion, on par with or higher than Visa and Mastercard. As funds flow into ETFs and brokerages, trading activity is gradually migrating off-chain, but Bitcoin and stablecoins still dominate on-chain settlement.

The scale of tokenized real-world assets (Tokenized RWAs) grew from $7 billion to $24 billion within a year, entering the strongest growth phase for institutional adoption. Tokenized funds are one of the fastest-growing sub-sectors for 2025, providing asset management institutions with a brand-new distribution channel while giving previously underserved investors opportunities to participate.

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