The cryptocurrency market is showing structural signals reminiscent of the 2024 rally, even as prices have struggled through 2025 and into 2026. Tokenized-asset holders have surpassed 3.5 million, a 109% increase in 30 days, while the total asset value reached $387 billion. Bitcoin ETF inflows are also accelerating, with a daily net inflow of $643 million recorded last Thursday—the highest since January. BlackRock’s IBIT Bitcoin ETF attracted $3.7 billion this quarter, the largest since Q3 2025, pushing its assets under management up 46% since July. The combination of tokenization growth, renewed ETF demand, and reduced Bitcoin supply issuance from the 2024 halving is drawing comparison to the conditions that preceded the previous institutional-driven rally.
The cryptocurrency market is showing early structural parallels to the 2024 cycle that saw total market capitalization reach $3.7 trillion. Bitcoin gained more than 120% and broke above $100,000 for the first time during that period.
The 2024 catalyst combined spot Bitcoin ETF approval with a post-halving supply squeeze. The April 2024 halving cut Bitcoin’s block reward from 6.25 BTC to 3.125 BTC, reducing new supply creation.
Prices have struggled through 2025 and into 2026, with the supply squeeze not yet translating into the same momentum. Tokenized-asset holders have now crossed 3.5 million for the first time.
The holder base grew 109% in the past 30 days alone and more than 2,500% since May 2025. The total represented asset value has risen to $387 billion.
Notably, Robinhood and other institutions are entering the tokenization market. On-chain trading is increasing, with 63% of Jupiter’s volume occurring outside normal market hours, indicating rising demand for 24/7 markets.
Capital flows in tokenized assets are growing, fueling institutional appeal. Combined with recent strength in ETF flows, this momentum could continue to build.
The reason behind the latest ETF inflows is still unclear. Bitcoin ETFs attracted $643 million last Thursday, the highest daily net inflow since January, according to Glassnode.
BlackRock’s IBIT Bitcoin ETF has attracted $3.7 billion so far this quarter, expected to become its highest quarterly inflow since Q3 2025. Inflows in September came in at $459.8 million, following $3 billion in August.
IBIT’s assets under management have grown by $19.6 billion, or 46%, since July. This illustrates how quickly institutional demand for crypto has returned despite ongoing macro FUD.
The combination of tokenization growth, increased ETF inflows, and Bitcoin’s reduced issuance of 3.125 BTC per block adds to the case. If institutional demand continues, diminished supply may well fuel the next parabolic rally.
