Bitcoin has attracted a record $732B in new capital during the 2022–2025 cycle, surpassing the total inflows of all previous ones combined.
This accumulation phase has also pushed Bitcoin’s Realized Cap to a historic all-time high while the market trades calmer, larger, and more institutional.
Capital Inflows and Realized Cap
Glassnode’s Q4 Digital Assets Report with FasanaraDigital shows that cumulative capital inflows in the 2022–2025 cycle reached $732B. Previous timelines experienced an influx of $4.4B from 2011–2015, $86B over 2015–2018, and $388B during 2018–2022.
Data reveals that monthly net inflows during the current session have ranged from $30B to $100B, with the most recent upswing in October 2025 bringing approximately $39.8B per month into the network. Since then, these movements have cooled to around $15B per month. The report notes that this influx comes from stablecoin liquidity, spot ETF demand, and tokenized asset rails, which have changed how money gets into the ecosystem.
On the other hand, the leading cryptocurrency also achieved another milestone this year with its Realized Cap reaching $1.1T. Unlike market capitalization, which assesses all coins at the most recent market price, the metric tracks cumulative net capital inflows and outflows, valuing each coin at its last on-chain transaction. During the 2022–2025 period, Bitcoin’s price also climbed from $16K to $126K, representing an increase of 690%.
Market Dominance and Volatility
Since November 2022, Bitcoin’s dominance has increased from 38.7% to 58.3%. Glassnode attributes this to a shift toward higher-liquidity and lower-risk assets. Meanwhile, Ethereum’s market share has declined to 12.1%, continuing its multi-year trend of underperformance relative to Bitcoin following the 2022 Merge. The broader Altcoin sector now represents 21.3% of the total market due to subdued retail participation and limited speculative capital compared with previous cycles.
Additionally, Stablecoins account for 8.3% of the total market, slightly higher than last year but below their 17.3% peak in late 2022. The report highlights that these assets remain the primary quote currency on centralized and decentralized exchanges. Further, their rising adoption in emerging markets contributes to liquidity and supports dollar-denominated trade.
The data also reveals a decrease in Bitcoin’s long-term volatility, with the figure dropping from 84% to 43%. The digital asset’s realized volatility has also recorded a structural decline as market depth expanded. Meanwhile, short-term fluctuation measures over one-month and three-month periods have swung between 17% and 75%.
Despite being lower than in previous Bitcoin cycles, Glassnode reports that these levels remain above typical equity and commodity benchmarks, indicating that the market continues to respond to liquidity shifts and changes in sentiment.
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