The liquidity in the crypto market continues to accelerate in 2023. Data updated to September 1, 2025 indicates a growing capitalization of about 600 billion dollars since the beginning of the year (CoinGecko and CoinMarketCap) and a stablecoin supply close to 277.8 billion dollars (DefiLlama).
Recent institutional reports from the Bank for International Settlements and the International Monetary Fund confirm the importance of global liquidity and institutional flows as key factors for financial markets, including digital assets.
The findings, also derived from flow trackers like Farside and CoinShares, outline a return of institutional capital to the sector. In this context, some industry analyses (Binance Research) offer further comparative elements on the ongoing trends.
According to the data collected by our team of analysts monitoring on-chain flows, exchange activity, and sector reports since 2020, we have observed a progressive increase in institutional volumes following major regulatory milestones and the launch of products with qualified custody.
The analysts highlight how peaks in institutional demand are often correlated with policy events and phases of volatility compression.
Outlook 2023: capitalization increasing by ~+600 billion
After an uncertain start to the year, the aggregate market value has risen by approximately +9.9% in 2023 (CoinGecko, CoinMarketCap). It should be noted that the recovery has not been linear: phases of volatility have alternated with periods of accumulation.
The dynamic has been driven by increasing demand, even in a context of regulation under discussion in the United States and Europe, and by a strengthening of the on-chain infrastructure. An interesting aspect is the gradual convergence of macro themes and the microstructure of the markets.
Drivers of the Recovery
- Regulation in evolution: Discussions on a more defined regulatory process are underway both in the United States and in Europe, with expected impacts on transparency and market standards. See insights on US and EU crypto regulations: US process, EU process.
- Institutional Access: The adoption of spot ETFs and products with qualified custody is simplifying access for institutional investors, making it easier to include in policies and mandates.
- On-chain Maturation of DeFi: With increased activity and more stable transaction costs, the DeFi ecosystem continues to strengthen, also thanks to scaling solutions and more robust infrastructures.
Crypto ETF: the regulated access favored by institutional investors
ETFs on digital assets offer a vehicle compliant with the investment policies of funds, private banks, and pension funds.
The structure with specialized custody reduces operational complexities (keys, procedures, audits) and makes portfolio allocation replicable. An interesting aspect is the predictability of flows compared to purely retail cycles, although they remain sensitive to the macro framework and prices.
However, estimates regarding net flows exceeding 28 billion dollars and an overall management of over 1.2 million BTC in spot ETFs (Farside; CoinShares) are extremely high and should be considered with caution [data to be verified].
Flows and AUM in 2023
- Net flows into spot ETFs on BTC and ETH: over 28 billion dollars in 2023 [data to be verified].
- Bitcoin in ETF spot: more than 1.2 million BTC under total management [data to be verified], with a potentially limiting effect on the free supply of BTC.
- Demand concentration: more predictable and less cyclical flows compared to pure retail investments.
Expanding Stablecoin: Supply at 277.8 Billion
The circulating supply of stablecoins has surpassed $277.8 billion (DefiLlama). The increase is not just about trading: there is growing use in payments, settlement, and as a reserve (“dry powder”) for rapid market entries.
In this context, the elasticity with which liquidity moves between exchanges and protocols has become more evident.
- Dominance of major issuers like USDT and USDC and greater penetration on layer-2.
- Expansion in the use of stablecoins as collateral in lending protocols and treasury management solutions.
Corporate Treasuries: Approximately 800,000 BTC in Publicly Listed Companies
Around 174 public companies are expected to collectively hold approximately 800,000 BTC (BitcoinTreasuries). This data highlights a growing normalization in the use of Bitcoin as a corporate reserve, with greater integration into balance sheets thanks to more structured policies.
Among the most mentioned names, MicroStrategy stands out, but it is not the only case of strategic adoption. For detailed data on treasuries, our internal database is available: Bitcoin in treasuries.
Macro Liquidity (M2) and Crypto: Why They Matter Together
The expansion of global liquidity (aggregate M2) tends to support assets considered risky, including cryptocurrencies. When financial conditions ease, part of the capital is directed towards BTC, ETH, and other sector tokens.
It should be noted that the scenario remains sensitive to monetary policies, interest rate trajectories, and central bank strategies (institutional sources: BIS, IMF).
On-chain Indicators and Market
- DEX: represent approximately 23.1% of the aggregated spot volumes [data to be verified].
- Decentralized perpetual/futures: share close to 9.3% [data to be verified].
- Lending on-chain (TVL): over 79.8 billion dollars [data to be verified].
These numbers indicate an evolving ecosystem, with greater interoperability between exchange, leverage, and on-chain credit. Looking ahead, the quality of liquidity and market depth remain decisive variables.
Adoption: ETFs and treasuries as a dual demand channel
ETFs and treasuries operate in synergy: the former expand access for a range of regulated investors, while the treasuries consolidate long-term demand.
The combined effect of these two channels could help mitigate potential cyclical shocks and promote greater structural liquidity in the crypto market. In this context, the stability of flows becomes a significant element.
Snapshot — key numbers (update: September 1, 2025)
- Total market capitalization: increase of approximately 600 billion dollars since the beginning of the year (CoinGecko and CoinMarketCap) [data to be verified].
- Stablecoin supply: 277.8 billion dollars (DefiLlama).
- Spot BTC/ETH ETF Flows: over 28 billion dollars in 2023 [data to be verified].
- BTC in ETF spot: overall management exceeding 1.2 million BTC [data to be verified].
- BTC in quoted treasuries: approximately 800,000 BTC (BitcoinTreasuries) [data to be verified].
Final Analysis
The combination of an expanding stablecoin supply, steady flows into ETFs (albeit with estimates to be verified), and increasing involvement of corporate treasuries has contributed to strengthening the liquidity of the crypto market in 2023.
The sustainability of this balance will depend on macroeconomic conditions, regulatory developments under discussion, and the growing adoption of digital payments. Ultimately, 2023 could mark a significant step towards greater integration between traditional finance and digital infrastructures.