Analysisbitcoinetftokenizationstablecoins
Bitcoin Shapes Crypto Market Structure 2026
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7.2
Kraken Global Economist Thomas Perfumo says crypto markets in 2025 were dominated by Bitcoin, with institutional vehicles and macro forces shaping demand and liquidity. He reports U.S.-listed ETFs and digital-asset treasuries drove nearly $44 billion of net spot demand in 2025, while Coin Days Destroyed peaked in 4Q 2025, signaling long-term holder turnover and muted price impact.
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Industry-wide, data-driven analysis with official Kraken sourcing; moderate novelty and limited new causal evidence presented.
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