According to @glassnode, digital assets are entering one of the most structurally important phases of the cycle, with Bitcoin (BTC) advancing through a three-year expansion driven by deep spot liquidity, historic capital inflows, and the pull of regulated ETF demand (source: @glassnode). According to @glassnode, this advance is not the result of speculative excess, underscoring that spot markets and ETF participation are now central to price formation and market structure (source: @glassnode). According to @glassnode, the market’s center of gravity has shifted toward spot liquidity and regulated ETF flows, highlighting these as the dominant drivers for institutional market perspectives in Q4 2025 (source: @glassnode).