[Binance Research Annual Report: Annual ETF Net Inflows Exceed $21 Billion, RWA TVL Surpasses DEX] The 2025 annual report released by Binance Research shows that the crypto market capitalization surpassed $4 trillion for the first time in 2025. Despite significant volatility, the market ended the year down approximately 7.9%. Bitcoin hit a new all-time high but retreated by year-end, underperforming gold and U.S. equities. Institutional holdings saw significant growth, with ETF net inflows exceeding $21 billion. Stablecoin market capitalization grew to over $305 billion, DeFi moved toward institutionalization and achieved record-breaking returns, and Real World Assets (RWA) on-chain TVL ($17 billion) surpassed DEX. Looking ahead to 2026, a triple policy boost (monetary easing, fiscal stimulus, and regulatory relaxation) may reignite market risk appetite, driving a new wave of growth led by institutional capital.