Key Takeaways
- Glassnode reports Bitcoin's 2025 cycle is behaving differently due to deep liquidity and institutional adoption.
- Bitcoin's market cap has reached $2 trillion, surpassing silver and Meta.
- Bitcoin dominance has risen from 38% to 59% since the 2022 FTX collapse, showing a shift away from altcoins.
Blockchain analytics firm Glassnode has identified “atypical” characteristics in Bitcoin’s 2025 market cycle, highlighting its deep liquidity, institutional adoption, and reaction to global events.
Bitcoin’s ability to trade 24/7, even when traditional markets are closed, has positioned it as a unique global asset during economic uncertainty.
Capital flows & market cap
Glassnode reports that Bitcoin has attracted over $850 billion in net capital inflows, with a daily economic volume of nearly $9 billion.
The asset’s market capitalization has reached $2 trillion, making it the seventh-largest asset globally, surpassing silver, Saudi Aramco, and Meta.
Government adoption
Nations like Bhutan and El Salvador have incorporated Bitcoin into their financial strategies, while U.S. policymakers continue discussions on its role as a strategic reserve asset.
Price action & global events
Bitcoin experienced a sharp decline from $104,000 to below $93,000 following President Trump’s new tariffs on Mexico, Canada, and China.
Glassnode noted that this reaction underscores Bitcoin’s role as a 24/7 global asset responding to macroeconomic shifts.
Institutional investment
Meanwhile, institutional investors are driving market trends.
U.S. spot Bitcoin ETFs have attracted over $40 billion in net inflows, pushing total assets under management to $120 billion within a year.
Market dominance
Since the 2022 collapse of FTX, Bitcoin dominance has risen from 38% to 59%, signaling a preference for Bitcoin over altcoins.
Bitcoin’s market cap has surged 5.3x from its 2022 lows, outpacing the 4.7x growth of altcoins.
Market maturity
Glassnode attributes Bitcoin’s growing stability to institutional participation, regulatory clarity, and increased liquidity, reinforcing its status as a maturing financial asset.
