The current bitcoin (BTC) market cycle has incorporated more than $730 billion in new capital, surpassing the sum of all previous cycles.
The data analyzed by the firm Glassnode show that, when comparing the accumulated flows from each cycle minimum to their respective historical maximum, The current growth is exceptional.
In previous cycles, capital inflows were considerably lower: USD 4.4 billion between 2011–2015; USD 86 billion between 2015–2018; and USD 388 billion between 2018–2022.
In contrast, the current cycle (2022-2025) totals USD 732,000 million, driven largely by institutional adoption and by the availability of regulated vehicles such as bitcoin ETFs.
This is seen in the following graph:
Likewise, money flows into BTC raised their realized capitalization to an all-time high of USD 1.1 trillion (trillionsin English). They were driven by monthly inflows that exceeded USD 100 billion at their most intense moments.
This behavior marks a break with previous cycles, which were characterized by a greater dispersion of liquidity towards other digital assets.
CriptoNoticias has reported the commitment of institutional investors to bitcoin. These have dedicated themselves to investing massively in the digital currency. From companies that opened their own treasuries, to financial entities such as Vanguard and Bank of America, which recently enabled exposure to bitcoin; The institutional sector has stopped seeing BTC as a marginal assetto observe it as a top-level global asset.
A change within the Bitcoin network
The report also reveals a change in activity within the network. Glassnode says that activity is migrating off-chainsince much of the investor flow is channeled through bitcoin ETFs in the United States.
The number of active entities on the network fell from 240,000 to 170,000 per day, reflecting this transition towards regulated instruments and traditional platforms.
Despite this, in bitcoin continues to dominate on-chain settlement. In the last 90 days, the network created by Satoshi Nakamoto processed around USD 6.9 trillion in total volume (more than Visa and Mastercard) and USD 870 billion economically adjusted, as seen below:
Taken together, the data show a deeper, more orderly market that is increasingly defined by institutional participation. one where Bitcoin remains the main axis of accumulation and liquidity.