Analysisbitcoinetftokenizationstablecoins
Bitcoin Shapes Crypto Market Structure 2026
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.
Key Points
- 1Highlights $44 billion net ETF and treasury demand for Bitcoin in 2025.
- 2Shows long-term holders selling: Coin Days Destroyed hit record high in 4Q 2025.
- 3Implies institutional inflows face muted price impact; liquidity and tokenization will shape allocation.
Scoring Rationale
Industry-wide, data-driven analysis with official Kraken sourcing; moderate novelty and limited new causal evidence presented.
Sources
Public references used for this report.
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