Report: Bitcoin has achieved a market value of $850 billion, becoming a global macro asset that many countries and institutions are paying attention to

Odaily News According to a recent report from Glassnode, Bitcoin has absorbed approximately $450 billion in additional capital since November 2022, bringing the total realized market value (Realized Cap) to $850 billion, making it a global macro asset that countries and institutions are paying attention to.
It said that the growth in Bitcoin's realized market value was driven by its growing role on the global stage, which attracted institutions and sovereign entities. The report highlighted the involvement of nation states in Bitcoin as a key factor, including Bhutan's involvement in large-scale mining operations, El Salvador's establishment of Bitcoin as legal tender, and the United States considering its potential as a strategic reserve asset.
Additionally, Bitcoin serves as a decentralized payment network. Over the past year, the Bitcoin network processed an average of $8.7 billion in adjusted economic transactions per day, for a total of $3.2 trillion.
The report also noted that new demand is now coming in bursts, rather than a continuous inflow as in previous cycles. Participation by small retail investors has declined compared to the 2021 peak, while large entities have increased their holdings.
Despite the good market conditions, Google search interest in Bitcoin has not yet reached the levels seen in 2021. The investor base is changing, with retail participants showing more strategic accumulation behavior.
The launch of the US spot Bitcoin ETF has provided investment opportunities for institutional investors, with net inflows exceeding US$40 billion within one year of its launch and comprehensive assets under management exceeding US$120 billion.
The Bitcoin investor community has shown resilience during market corrections. Actual losses in the current cycle are lower than in previous cycles, with the only major event being the yen carry liquidation on August 5, 2024. The report also highlights that unlike past cycles, Bitcoin's decline is more controlled and actual volatility is lower.
Overall, price action in this cycle has been characterized by a series of rallies followed by a period of consolidation, with a more stable market structure as more sophisticated players trade Bitcoin and other cryptocurrencies.