based on materials from the site - By Coindoo.com
This cycle has proven surprisingly stable, becoming a sort of 'market clock' for investors. However, the current cycle may not fit this pattern. While Bitcoin has indeed risen from its lows, it remains unclear whether this indicates the beginning of another bull market peak.
Previous cycles were characterized by the moods of retail investors marked by extreme volatility. However, the current cycle is fundamentally different: institutional capital is changing the market structure.
ETF flows are rethinking liquidity: the approval of spot ETFs has made capital inflow more convenient and transparent. The trading behavior of institutional investors tends to be more rational, with smoother profit-taking and less panic volatility. The growth of digital asset treasury obligations (DAT): Organizations like BlackRock and others currently hold a combined total of 15.8 billion USD in spot ETFs on Bitcoin and Ethereum, representing 10% of the market capitalization of BTC ETFs. Only IBIT BlackRock absorbed 12.45 billion USD in the second quarter, accounting for almost 97% of net fund inflow.
This shift signals a transition from markets 'driven by the moods of retail buyers' to cycles 'driven by institutional capital flows'.
In addition to ETFs and pension funds, real assets (RWA) become a key factor in 2025:
Market trajectory:
2017: The concept of RWA, focused on real estate and art, emerged.
2021: DeFi protocols (e.g., MakerDAO) integrated RWA for collateralized lending.
2023: The RWA market volume exceeded 5 billion USD; Goldman Sachs and Franklin Templeton launched tokenized products.
2025: BlackRock and Goldman Sachs accelerate the large-scale deployment of RWA.
Future forecasts:
BCG: The tokenized asset market will reach 16 trillion USD by 2030.
Citi: A range of 4 to 5 trillion USD.
21.co: 3.5–10 trillion USD.
By lowering barriers to entry and increasing liquidity, RWA tokenization can direct long-term capital into cryptocurrency and support financing for the real economy.
Hong Kong has taken a leading position in regulation in Asia:
2019: SFC announced that most STOs are likely to fall under securities legislation.
2023: SFC issued guidance for intermediaries, creating a dual structure: 'financial assets first, then technology'.
Key features:
Developed legal framework: RWA with characteristics of securities are already regulated under the Securities and Futures Ordinance.
Progressive openness: Easing restrictions extending beyond the realm of professional investors.
Practical focus: Emphasis on tokenized green energy and infrastructure financing.
Hong Kong is poised to become a testing ground for Asian RWA and Web3.
In June 2025, MemeStrategy, listed on the Hong Kong Stock Exchange, acquired 2,440 SOL tokens (worth approximately 2.9 million HKD), becoming the first company listed on the Hong Kong Stock Exchange to take a position in Solana. This move underscores the growing recognition of Web3 assets among traditional Asian financial institutions.
Previously, Hong Kong capital markets had already begun exploring the Web3 sector. In March 2023, COOL LINK (08491.HK) announced the acquisition of 4.54% of Blissful Link, a Web3 developer.
The four-year Bitcoin cycle once seemed unbreakable, but new forces are emerging:
Institutional capital provides a steady influx of funds; 401(k) pension plans can provide stable 'long flows' of capital;
Asset tokenization financed by risk offers a new powerful growth scenario;
Regulation and capital markets in Hong Kong stimulate the adoption of Web3 in Asia.
This bull market may not simply repeat past emotional cycles. On the contrary, it may signify the beginning of a structural financial shift and deeper integration between cryptocurrency, traditional finance, and the real economy.
