Kategorie: Bitcoin News

• Bitcoin’s 2025 cycle shows rising institutional flows, lower volatility, and deeper liquidity.
• Tokenized real-world assets surge to $24 billion, boosting institutional adoption and on-chain activity.
• ETFs reshape Bitcoin liquidity as stablecoins remain key rails in a more mature digital asset market.

Bitcoin’s latest cycle is developing under a very different market structure, with data from Glassnode and Fasanara Capital pointing to deeper institutional participation, rapid growth in tokenized real-world assets, and a notable drop in volatility.

Their Q4 Digital Assets Report highlights how Bitcoin’s behaviour has shifted as regulated investment channels expand, and liquidity becomes more stable across spot, derivatives, and on-chain markets.

The findings show how ETF flows, settlement activity, and broader adoption of tokenised instruments are shaping a more mature phase in the digital asset ecosystem.

These structural changes are defining how capital moves through Bitcoin in 2025.

Institutional flows reshape the cycle

The report estimated that Bitcoin has absorbed around $732 billion in new capital during this cycle.

This has occurred alongside a clear decline in one-year realised volatility, which has fallen by nearly half.

Glassnode linked this trend to increased depth across major markets and a larger share of trading driven by institutional strategies.

Glassnode also reported that Bitcoin settled approximately $6.9 trillion over the past 90 days.

This puts Bitcoin in a range comparable to payment networks such as Visa and Mastercard.

Even with more trading moving into ETF and brokerage channels, the report found that Bitcoin and stablecoins still dominate value transfer on public blockchains.

ETF channels deepen liquidity

ETF-linked demand has reshaped how investment enters and exits Bitcoin.

Instead of relying mainly on on-chain movement or exchange activity, a greater share of flows now passes through regulated investment vehicles.

According to the report, this shift has encouraged smoother liquidity conditions and fewer sharp price changes in spot markets.

Traditional market makers and arbitrage firms have increased their presence due to ETF participation.

Their involvement has tightened spreads and reduced disruption during periods of heightened selling pressure.

This development reflects a broader alignment between digital asset markets and established financial infrastructure.

Tokenized RWAs accelerate

Tokenized real-world assets have expanded from $7 billion to $24 billion within one year.

Glassnode stated that this rise reflects stronger institutional demand, including interest from pension funds, hedge funds, and corporations that want on-chain exposure to familiar financial instruments.

Tokenized funds have gained momentum as asset managers test new distribution models and investors seek simplified access to traditional assets.

Platforms involved in tokenised RWAs have strengthened custody, settlement, and compliance systems.

This foundation has encouraged consistent inflows throughout 2025, supporting a growing segment of the market that links traditional assets with blockchain settlement rails.

Stablecoin role strengthens

Glassnode described the market structure as larger and more stable than in previous cycles.

The data indicated deeper liquidity across spot, derivatives, and on-chain channels, which has contributed to a more measured trading environment.

Reduced volatility has become a defining feature of the cycle, shaped by institutional trading strategies that tend to use steady allocation models.

Stablecoins continue to serve as key connectors between traditional and digital financial systems.

The report stated that stablecoin settlement demand remains substantial across centralised and decentralised platforms.

Glassnode characterised the dual-rail system created by stablecoins and traditional infrastructure as a permanent part of the ecosystem, supporting both institutional flows and retail trading activity.

Analysts referenced in the report expect institutional participation to expand as tokenised funds gain broader acceptance.

Glassnode presented this phase as a turning point marked by heavier institutional flows, rising tokenisation, and reduced volatility.

These factors suggest that Bitcoin and the wider digital asset sector are moving into a more structurally mature environment in 2025.

The post Glassnode report reveals Bitcoin’s growing stability amid ETF activity and RWA expansion appeared first on CoinJournal.

• Bitcoin price rose to near $93,000 on Friday before sell-off pressure resumed.
• Ethereum and XRP also climbed but faced key hurdles around $3,000 and $2.25.
• Sentiment remains downbeat across the crypto market despite notable gains for a few top altcoins.

The cryptocurrency market continued to witness a mixed outing on Friday, with Bitcoin retesting the $92,500 mark while Ethereum and XRP both broke to key resistance areas.

While gains indicated renewed investor optimism amid broader economic uncertainties, the swift retreat to below $91k for BTC highlights the fragile market sentiment.

Also, while Sky, Monero and Bitcoin Cash gained, Zcash, Dash and Aptos led the top losers in the leading 100 coins by market cap.

Bitcoin breaks to highs near $93k

Bitcoin’s price marked a decisive breach of the $92,500 resistance level by rising to near $93,000.

On Friday, the benchmark asset hit highs of $92,969 across major exchanges. However, the level has proved a robust barrier that means the quest to break higher towards the psychological $100 mark continues to evade bulls.

QCP Group analysts shared the short-term Bitcoin price outlook via an X post. They see mid-$90k levels as key supply wall zones, while major support remains in the $82k-$80k area.

“Options markets show caution even as year-end BTC call open interest stays heavy. Skew, IV and sentiment have softened, reinforcing a rangebound profile. Supply likely caps moves toward mid-90Ks, while support sits near 80–82K, leaving macro catalysts firmly in control of direction.”

Despite the dip to below $91k as of writing, BTC’s gains earlier in the day allowed layer-1 and layer-2 solutions on the Bitcoin network to post gains.

As noted, BounceBit and Stacks were among the Bitcoin ecosystem tokens to see an uptick.

But as prices have dipped again, rather than bounce higher, this latest move could be a dead cat bounce.

ETH and XRP face resistance

Like Bitcoin, Ethereum has struggled to sustain momentum. Recently, the top altcoin fell to lows of $2,600 after closing above $4,000 in late October. The breach of the $3,000 level threatened more pain for bulls.

However, after testing the demand reload zone, the ETH price has jumped back to the resistance area above $3,000.

That’s despite a 25% dip over the past month.

While prices are nearly 9% up in the past week, ETH’s inability to break higher reflects broader altcoin fatigue. Bitcoin’s drop to $90,504 at the time of writing suggests a potential downward cascade for ETH.

XRP has fared similarly, trading at $2.18 amid a 1.4% dip in the past 24 hours.

The token faces formidable overhead resistance at $2.25 and at $2.50. Per market data, the latter marks a level at which bulls have struggled since the crash on Oct. 10,2025.

The launch of spot XRP ETFs in recent days has failed to help bulls break higher.

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• The state legislation sets aside $10 million for Bitcoin accumulation.
• Texas is preparing a formal tender to choose a custodian for the reserve.
• New Hampshire authorised a Bitcoin reserve and approved a $100 million Bitcoin bond.

Texas is moving ahead with one of the most ambitious state-level crypto strategies in the country as it begins shaping the framework for a government Bitcoin reserve.

The state has now taken its first formal step by acquiring $5 million in shares of BlackRock’s iShares Bitcoin Trust.

The purchase is part of a wider plan triggered by legislation passed earlier this year, which allocated $10 million for future Bitcoin accumulation.

The early activity positions Texas to become the first US state to hold a dedicated cryptocurrency reserve, giving it a lead in a growing competition among states exploring digital asset policies.

Texas builds foundation for Bitcoin reserve

The state has been gathering information from the cryptocurrency industry to help design how its reserve will operate.

The review began after Texas issued a request for information in September seeking guidance on best practices for storage, security, and management.

Industry groups sent detailed submissions covering custody models, investment structures, governance frameworks, and security systems.

The process is part of a wider effort to ensure the reserve can be managed with clear procedures once it transitions from planning to execution.

Texas officials are expected to follow this phase with a formal request for proposal.

The tender will be used to select a custodian and determine the final operational rules for the programme.

The recent $5 million allocation acts as a temporary measure rather than direct Bitcoin ownership while the state completes its selection process, according to a CoinDesk report.

States explore government crypto strategies

Other states have also gained exposure to Bitcoin, though through different channels.

Michigan and Wisconsin accessed cryptocurrency markets through public-employee retirement funds.

Wisconsin sold a $350 million allocation in May, according to public records.

These moves reflect growing institutional interest at the state level, even in cases where governments have not yet adopted dedicated reserves.

Several states are actively studying the idea of holding Bitcoin for strategic purposes.

New Hampshire has authorised the creation of a government Bitcoin reserve, although it has not yet made any purchases.

Last week, the New Hampshire Business Finance Authority approved a $100 million Bitcoin bond designed to support an economic development fund backed by cryptocurrency.

The structure relies on private sector activity rather than direct state accumulation.

Early development continues nationwide

Arizona is also taking steps toward a government-level reserve.

Its legislation directs unclaimed cryptocurrency assets held by the state into a dedicated reserve.

The plan creates an initial legal foundation that could support future accumulation, although the full reserve framework is still in development.

These early efforts reflect a rising interest among states in integrating digital assets into long-term financial planning.

The state-level activity is unfolding alongside federal discussions.

President Donald Trump has publicly supported the idea of a national Bitcoin investment strategy.

The administration has issued an executive order directing officials to begin planning for a federal reserve structure.

Government teams working on the project are now waiting for congressional approval before advancing to the next stage.

Texas sets the pace in state crypto adoption

Texas remains the most advanced of the state-level initiatives due to its legislative backing and its first confirmed investment.

The move signals a shift from exploratory interest to practical implementation, with a structured plan for selecting custodians and defining reserve operations.

The next steps will determine how the state transitions from temporary allocations to direct Bitcoin ownership once contracts and governance systems are finalised.

The post Texas buys $5mn BTC ETF, pushes for Bitcoin reserve plan appeared first on CoinJournal.

• The company used common equity, preferred equity, and convertible debt this year.
• Preferred equity became a major part of the 2025 structure.
• Structured offerings included STRF, STRC, STRE, STRK, and STRD.

Strategy has entered 2025 with a funding approach that looks markedly different from its previous cycle, using a wider mix of securities to accelerate its capital inflows.

The company confirmed that it has raised $20.8 billion year-to-date in 2025.

The pace brings Strategy close to its entire 2024 total despite being recorded within a shorter period.

The latest breakdown signals how the firm’s financing activity is now tightly linked to its position in the corporate Bitcoin market, where it remains one of the largest holders globally.

New mix

Company data showed that Strategy raised $20.8 billion so far this year through a combination of common equity, preferred equity, and convertible debt.

The largest component was $11.9 billion in common equity, followed by $6.9 billion in preferred equity and $2.0 billion in convertible debt.

The preferred equity portion marks a notable shift for Strategy.

In 2024, the company relied on common equity and convertible debt, raising $16.3 billion and $6.2 billion, respectively.

The absence of preferred equity at scale in the previous cycle makes the new mix stand out as a structural change rather than a one-off adjustment.

The company also detailed activity across structured offerings.

These included $1.18 billion in STRF, $2.68 billion in STRC, $0.71 billion in STRE, $1.25 billion in STRK, and $1.07 billion in STRD.

Each of these securities contributed to the overall capital formation that pushed the year’s total to $21 billion.

Capital strategy

The broader mix in 2025 indicates that Strategy is increasing its reliance on varied securities to support its plans linked to digital assets.

Previous company statements have described Bitcoin as a treasury reserve asset, and the firm continues to align its fundraising operations with this approach.

Industry tracking data shows that Strategy holds one of the largest corporate Bitcoin positions worldwide.

This has drawn institutional participation into its offerings, as noted by the company.

The expansion of preferred equity and the continued use of convertible debt point to a funding structure designed to maintain access to capital while supporting the company’s cryptocurrency allocation strategy.

Although the company did not reference specific future goals in the latest update, the steady pace of fundraising and the widened mix suggest a model that can scale alongside digital asset accumulation.

The company’s method offers flexibility in market conditions, allowing it to tap investors through different instruments depending on demand.

Momentum

Figures showed that Strategy’s 2025 capital raising is approaching its 2024 total of $22.6 billion.

The rapid accumulation implies that if the current level continues, Strategy may exceed last year’s amount by year-end.

The pace adds further weight to the shift in how the firm uses capital markets to manage its treasury positioning and broader financial structure.

Investors have continued to participate across the company’s offerings as Strategy builds on its role in the Bitcoin market.

With the capital raised this year coming from a wider range of instruments, the company has positioned itself to keep drawing institutional demand while supporting its ongoing cryptocurrency acquisition strategy.

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