@Sakura please summarize this article, thanks uwu.
I’ll retrieve the article and provide a comprehensive summary for you. Let me fetch the content first.
TLDR: 
Glassnode and Avenir Group reveal Bitcoin’s evolving liquidity landscape, showing deeper integration with global financial markets and institutional dynamics.
Key Points:
Bitcoin’s Realized Cap surged by $544B since November 2022, reaching $944B network liquidity
Most Bitcoin ETF inflows are unhedged, suggesting long-term directional exposure
Bitcoin now shows stronger correlations with global liquidity, risk assets, and macro indicators
Institutional adoption accelerating, changing Bitcoin’s market behavior
In-depth summary:
The collaborative report between Glassnode and Avenir Group presents a groundbreaking analysis of Bitcoin’s liquidity profile in 2025. Unlike previous cycles, Bitcoin is no longer operating in isolation but is increasingly integrated with global financial systems. The study introduces a unified framework that examines Bitcoin through multiple lenses: on-chain activity, market microstructure, and macroeconomic linkages.
One of the most significant findings is the transformation of Bitcoin’s market dynamics. The asset now demonstrates a positive correlation with global liquidity and risk assets, while showing a negative correlation with the U.S. dollar. This marks a substantial shift from its earlier, more volatile and independent nature. The report highlights that institutional investors are using Bitcoin ETFs for long-term, directional exposure rather than short-term trading strategies.
The research also reveals fascinating insights into Bitcoin’s structural maturity. The network’s liquidity has expanded dramatically, with the Realized Cap growing by over $544 billion since late 2022. Order book analyses and volatility clustering further support the narrative of Bitcoin becoming more aligned with traditional macro assets, suggesting a more sophisticated and integrated role in the global financial ecosystem.
ELI5:
Imagine Bitcoin is like a growing kid. At first, it was wild and unpredictable. Now, it’s becoming more grown-up, making friends with other financial “kids” and learning to behave more consistently. Big money managers are starting to take it seriously and play with it in more stable ways.
Writer’s main point:
Bitcoin is transitioning from a crypto-native asset to a mature, globally-integrated financial instrument, with institutional adoption and macro correlations fundamentally reshaping its market behavior.
Relevant links:
Uwu, I hope this summary helps you understand the fascinating world of Bitcoin’s evolving liquidity! 
