The research says ETFs, tokenised assets and leveraged derivatives are reshaping market dynamics and amplifying liquidation pressures.
S&P Global has published research assessing Bitcoin’s evolving role in financial markets, stating that the cryptocurrency now accounts for more than half of the digital asset market’s approximately US$2.33 trillion valuation. Bitcoin’s price has fallen by nearly half since October 2025 The organisation noted that Bitcoin’s price has fallen by nearly half since October 2025, even as its long-term volatility continues to decline. S&P Global attributed this moderat