Between 2024 and 2025, Bitcoin has seen $625 billion in capital inflows, according to data shared by Ki Young Ju, CryptoQuant’s founder and CEO. That figure exceeds the $435 billion recorded during the cryptocurrency’s first 15 years of existence, from its launch in 2009 up to 2024.
Bitcoin’s realized cap recently crossed the $1 trillion threshold for the first time. Unlike market cap, which can fall rapidly during price corrections, realized cap moves more steadily.
Realized cap reveals long-term conviction
During the 2017 bull run, realized cap climbed gradually while Bitcoin’s price spiked. When markets corrected, the realized cap still held most of its ground. A similar trend appeared in 2021, and in the 2022–2023 downturn, the measure barely moved despite steep price falls.
Analysts interpret this as evidence that long-term holders refused to sell at a loss, a sign of conviction in the asset’s future.
Institutional adoption buoyed by a favorable regulatory landscape is one of several factors responsible for driving the inflows over the past 18 months. Spot Bitcoin exchange-traded funds (ETFs) have been pumping capital into the asset.
Publicly listed companies and sovereign wealth funds have also expanded their holdings, reinforcing Bitcoin’s role as a strategic treasury reserve.
According to Bitcoin Treasuries, there are over 3.7 million BTC held in treasuries, with 325 organizations publicly disclosing exposure to BTC. Michael Saylor’s Strategy is still the largest corporate holder, with more than 638,400 BTC and plans on buying more in the future.
Macro conditions are also at play because the United States’ soft inflation readings, along with expectations of interest rate cuts by the Federal Reserve, are increasing the appeal of risk assets.
Bitcoin market is at a crossroadsÂ
Analysts tracking momentum signals suggest Bitcoin remains in a bullish channel, with momentum readings above 0.8 pointing to sustained buying pressure.
Much depends on the Federal Reserve’s interest rate decision due on September 17, when policymakers are widely expected to deliver a cut.
If the Fed cuts interest rates as many, including President Donald Trump, want it to, analysts believe it could extend the Bitcoin rally. However, if it shocks the public and does otherwise or maintains the current rate, the decision may trigger more volatility in the market, some experts say.
The amount of inflows has pushed Bitcoin into uncharted territory and has also increased the chances of more profit-taking and near-term pullbacks occurring in the near future.
However, regardless of what may happen, recent trends show a resilience in the movement of Bitcoin. Unlike past cycles that were driven heavily by speculative retail trading, today’s inflows are dominated by institutional capital and long-term holders, suggesting a deeper foundation.
While Bitcoin is still leading in the market, the altcoin rally is also beginning to pick up. Ethereum has been leading the rally until recently, with Solana performing better in the past 30 days, with Ethereum going up by 4% in 30 days, while Solana has reportedly gone up by almost 30%.
Solana’s jump is partly attributed to Pump.fun and increasing institutional adoption. The Solana-based memecoin launchpad has been gaining enormous traction thanks to its livestream feature, where creators earned over $19 million in fees.
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