Binance Research Annual Report: Net ETF Inflows Exceed $21 Billion for the Year, RWA TVL Surpasses DEX

In 2025, the cryptocurrency market capitalization surpassed $4 trillion for the first time, although it still closed down approximately 7.9% for the year despite significant volatility. Bitcoin reached a new high but retreated at the end of the year, underperforming gold and US stocks. Institutional holdings saw significant growth, with ETFs experiencing net inflows exceeding $21 billion. The market capitalization of stablecoins increased to over $305 billion, DeFi became more institutionalized and achieved record returns, and Real-World Asset On-Chain (RWA) TVL ($17 billion) surpassed DEXs. Looking ahead to 2026, a triple policy driver (loose monetary policy, fiscal stimulus, and regulatory easing) may reignite market risk appetite, driving a new round of growth dominated by institutional funds.