Fasanara x Glassnode

Q4 2025 Digital Assets Report

Get an authoritative in-depth perspective on the Q4 2025 digital asset landscape for institutional investors.

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Key Highlights

Below are some of the many takeaways from the report:

This cycle is Bitcoin-led, spot-driven, and institutionally anchored

Bitcoin attracted $732B in new capital this cycle — more than all prior cycles combined. Ethereum and the broader altcoin sector appreciated strongly too, peaking at over +350% gains, but did not outperform Bitcoin (+690%) as in prior cycles.

Market structure has matured – but leverage shocks still bite

Bitcoin spot volumes have scaled into the $8B–$22B range, reflecting deeper liquidity, just as one-year realized volatility has declined from 84.4% to 43.0%. However, average daily liquidations expanded to $68M long and $45M short.

Tokenization Market Breakdown

Tokenized assets are expanding the market’s financial rails

RWAs grew from $7B → $24B in a year. RWA collateral is low-correlation vs crypto assets, increasing stability and capital efficiency in DeFi. Tokenized funds are among the fastest-growing categories, opening new distribution channels for asset managers..

Execution and settlement infrastructure scaled under stress

DEX-perpetual share grew from ~10% → ~16% of perpetual volume, as monthly perpetual volume crossed $1T for the first time. During October's volatility, ClearLoop processed $1.8B in collateral movements and issued 70+ margin calls totaling over $1B. CEX spreads, especially in futures, have structurally compressed from 0.25% → 0.05%, still reacting to short-term price swings.

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