Binance Report: ETF Net Inflows Exceed $21 Billion, RWA TVL Surpasses DEXs According to Binance Research's 2025 annual report, the crypto market capitalization surpassed $4 trillion for the first time in 2025. Despite significant market volatility, the market still closed down approximately 7.9% for the year. Bitcoin prices reached new highs but retreated somewhat towards the end of the year, underperforming gold and US stocks. Institutional investor holdings increased significantly, with ETF net inflows exceeding $21 billion. The stablecoin market capitalization grew to over $305 billion, DeFi gradually became institutionalized and achieved record returns, and the total value locked in Real-Way Assets (RWA) reached $170 billion, surpassing decentralized exchanges (DEXs). Looking ahead to 2026, the three policy drivers of loose monetary policy, fiscal stimulus, and regulatory deregulation may reignite market risk appetite, driving a new round of growth led by institutional funds.