Bitcoin attracted $732 billion in capital during the current market cycle, surpassing the combined inflows from all previous cycles. The figure represents the largest influx of investment in the cryptocurrency's history, according to a new industry report. Monthly inflows peaked at $39.8 billion in Oct. before cooling to $15 billion.

What Happened: Record Capital Inflows

Glassnode, an on-chain analytics firm, released its Q4 2025 Digital Assets Report in collaboration with Fasanara Digital, documenting the fourth quarter market development.

The report examined Bitcoin's Realized Cap, a metric that calculates total network value by measuring the price at which each token last moved on the blockchain. This approach treats the last transaction as the current cost basis, making the Realized Cap a sum of all acquisition values across circulating coins.

The metric's monthly change remained positive over the past two years, indicating sustained capital expansion. Inflows accelerated during rallies and slowed during flat or bearish periods. The Realized Cap reached a new all-time high of $1.1 trillion.

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Why It Matters: Historic Growth

The current cycle's $732 billion in inflows dwarfs the $388 billion attracted during the previous cycle.

The two cycles before that combined for approximately $90 billion in capital inflows.

The report described the milestone as evidence of "Bitcoin's continued evolution as a globally held, high-liquidity asset," marking a fundamental shift in the cryptocurrency's market position.

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