GuShiio.com 
Glassnode’s latest weekly report provides an in-depth analysis of Bitcoin’s position as a global asset and its market performance. Bitcoin has become a global asset with deep liquidity, tradable around the clock, providing investors with the conditions to speculate and express macroeconomic views. Not only has it accumulated over $850 billion in net capital inflows, it also processes nearly $9 billion in economic transaction volume every day, solidifying its position as an emerging store of value asset.
Since the collapse of FTX in November 2022, Bitcoin’s market share has risen from 38% to 59%, showing that capital flow and value accumulation are preferentially tilted towards Bitcoin. The launch of US spot ETFs has provided institutional investors with a wider range of investment channels and promoted the inflow of institutional capital. The composition of investors is also changing, with small investors showing more mature and rational investment behavior, while the proportion of institutional investors has increased significantly.
In addition, the overall market retracement in this cycle has declined, and volatility has gradually converged. On-chain data shows that investors have behaved more patiently and resiliently during periods of market stress, with realized losses being relatively small. Bitcoin’s realized volatility is at one of the lowest levels in its bull run history, indicating a more stable market structure.
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Bitcoin’s Global Asset Status: Bitcoin has become a global asset with extremely deep liquidity, tradable 24/7, enabling investors to express macroeconomic views when traditional markets are closed. It has accumulated more than $850 billion in net capital inflows and processes nearly $9 billion in economic transaction volume every day.
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Increased market dominance: Since the collapse of FTX in November 2022, Bitcoin’s market share has risen from 38% to 59%, indicating that capital flows and value accumulation are preferentially tilted towards Bitcoin. US spot ETFs provide broader access to institutional capital, and the core narrative of Bitcoin as a scarce asset is clearer.
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Changes in investor composition: The composition of digital asset investors is changing, and the proportion of more mature institutional investors in the Bitcoin field has increased significantly. Small investors accumulate on a larger scale when the market corrects and falls, and turn to selling when the market rises to a record high, showing more mature and rational investment behavior. The launch of the US spot ETF Bitcoin product has provided institutional investors with a new investment channel. Within 12 months of its launch, the ETF has absorbed a cumulative net inflow of more than US$40 billion.
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Market retracement decreases: The overall market retracement in this cycle has decreased, and volatility has gradually converged. On-chain data shows that the scale of realized losses in this cycle is relatively small, and investors are more patient and resilient. Bitcoin’s realized volatility is at one of the lowest levels in bull market history, typically below 50% in the current cycle, compared with frequently exceeding 80% to 100% in the previous two bull markets.
Text: GuShiio.com Diaoshi Intelligence Editor: Diaoshi Dada
