Tokenization grows 2,500% since May 2025: Will this fuel crypto’s 2024-style rally?

Is crypto setting up for a 2024 repeat cycle?

Back then, crypto saw a powerful risk-on phase, with total market cap climbing to $3.7 trillion, while Bitcoin gained more than 120% and broke above $100,000 for the first time.

The catalyst appeared to be a powerful combination: Spot Bitcoin ETFs opened the floodgates for institutional demand right when the post-halving supply squeeze was starting to build.

For context, the April 2024 halving cut Bitcoin’s block reward from 6.25 BTC to 3.125 BTC, reducing supply creation.

However, that squeeze does not appear to be translating into the same sort of momentum as the previous cycle thus far, with the price struggling through 2025 and extending into 2026. So, what will provide the catalyst for the next move higher? 

As can be seen in the chart above, tokenized-asset holders have crossed 3.5 million for the first time.

To put this into perspective, the holder base has grown by 109% in the past 30 days alone and more than 2,500% since May 2025, while the total represented asset value has risen to $387 billion.

Notably, the shift is also gaining momentum with bigger players as Robinhood and other institutions are now entering the tokenization market.