Binance Research Annual Report: ETF Net Inflows Exceed $21 Billion for the Year, RWA TVL Surpasses DEX January 15th - Binance Research's 2025 annual report shows that the crypto market capitalization surpassed $4 trillion for the first time in 2025, although it still closed down approximately 7.9% for the year despite significant volatility. Bitcoin reached a new high but retreated at the end of the year, maintaining a market capitalization of approximately $1.8 trillion, underperforming gold and US stocks. Institutional holdings increased significantly, with ETF net inflows exceeding $21 billion. L1 competition focused on protocol revenue, while L2 fragmentation intensified. Stablecoin market capitalization increased to over $305 billion, with daily trading volume reaching $3.54 trillion. DeFi is trending towards institutionalization and achieving record returns, with DeFi protocol annual revenue reaching $16.2 billion. Real-World Asset On-Chain (RWA) TVL ($17 billion) surpassed DEX. Looking ahead to 2026, three policy drivers (loose monetary policy, fiscal stimulus, and regulatory easing) may restart market risk appetite, driving a new round of growth dominated by institutional funds. On the regulatory front, policies in the US, Europe, and Asia are becoming clearer. $BNB {future}(BNBUSDT)