[glassnode: $732 billion in new Bitcoin funds in Q4, Bitcoin and stablecoins continue to dominate on-chain settlements] According to a report by Jinse Finance, glassnode and Fasanara Digital jointly released the 'Q4 Digital Asset Report,' stating that new Bitcoin funds in Q4 reached $732 billion, with one-year realized volatility nearly halved. The current market is trending toward more stable trading, with continued expansion in scale and a significant increase in institutional participation. Over the past 90 days, Bitcoin's total settlement volume was approximately $6.9 trillion, comparable to or exceeding Visa and Mastercard. As funds flow into ETFs and brokers, trading activity is gradually migrating off-chain, but Bitcoin and stablecoins continue to dominate the on-chain settlement space. The scale of tokenized real-world assets (Tokenized RWAs) has grown from $7 billion to $24 billion within a year, marking the strongest growth phase for institutional adoption. Tokenized funds are expected to be one of the fastest-growing segments by 2025, providing asset management institutions with a new distribution channel while offering previously underserved investors opportunities to participate.