Bitcoin attracted a record $732 billion 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 an all-time high as the market trades calmer, larger and more institutional.
Capital inflows and realized ceiling
Glassnode Q4 Digital Assets Report with FasanaraDigital watch that cumulative capital inflows during the 2022-2025 cycle reached $732 billion. Previous timelines saw an inflow of $4.4 billion between 2011 and 2015, $86 billion between 2015 and 2018, and $388 billion between 2018 and 2022.
The data reveals that monthly net inflows during the current session have ranged between $30 billion and $100 billion, with the most recent increase in October 2025 bringing approximately $39.8 billion per month to the network. Since then, these movements have moderated to around $15 billion per month. The report notes that this influx comes from stable liquidity, ETF spot demand, and tokenized asset rails, which have changed the way money enters the ecosystem.
On the other hand, the leading cryptocurrency also achieved another milestone this year with its realized cap reaching $1.1 billion. Unlike market cap, which values all coins at the most recent market price, the metric tracks cumulative net inflows and outflows of capital, valuing each coin at its last on-chain transaction. During the period 2022-2025, the price of Bitcoin also increased from $16,000 to $126,000, an increase of 690%.
Market dominance and volatility
Since November 2022, Bitcoin dominance has increased from 38.7% to 58.3%. Glassnode attributes this to a shift towards more liquid and less risky assets. Meanwhile, Ethereum’s market share declined to 12.1%, continuing its multi-year trend of underperformance versus Bitcoin following the 2022 merger. The broader Altcoin sector now accounts for 21.3% of the total market due to moderate retail participation and limited speculative capital compared to previous cycles.
Additionally, Stablecoins represent 8.3% of the total market, slightly higher than last year but below their peak of 17.3% at the end of 2022. The report highlights that these assets remain the main listing currency on centralized and decentralized exchanges. Additionally, their growing adoption in emerging markets contributes to liquidity and supports dollar-denominated trading.
The data also reveals a decrease in Bitcoin’s long-term volatility, from 84% to 43%. The realized volatility of the digital asset has also seen a structural decline as market depth has expanded. At the same time, short-term fluctuation measures over one-month and three-month periods have fluctuated between 17% and 75%.
Although 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 changes and sentiment shifts.
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