Crypto Market Trends

Crypto
2

2025 Market Trends by Glassnode and Gemini

Solana has outperformed both BTH and ETH since 2022 recovery

  • Since its November 2022 low, Solana outperformed Bitcoin and Ethereum on 344 of 727 trading days.
  • Bitcoin leads realized capital at 70.6%, followed by Ethereum (22.4%) and Solana (6.9%).

Retail Investor speculative activity has surged back

  • At Bitcoin’s $100K ATH, new investors held $99.6B (13.7% of network wealth), compared to $45.3B (22.5%) last peak cycle.
  • Solana leads speculation this cycle (~10B, 21% share), surpassing Ethereum for the first time (~6B,4.7% share) in new capital acquisition.
  • Solana has 12.3M daily active addresses, far exceeding Bitcoin (760K) and Ethereum (501K).
  • Solana processes $37B in daily transfers, outpacing Bitcoin ($22B) and Ethereum ($5B), driven by retail and MEV activity.
  • Solana biggest memecoins (BONK & WIF) saw realized cap surge 477% ($901M → $4.3B). While Ethereum memecoins (SHIB & PEPE) grew by $5.7B (+45%)

Crypto Futures has also surged in popularity, especially on Solana Network

  • Bitcoin’s price surpassing $100K pushed futures trading volumes for the 3 assets to an all-time high of $120B/day.
  • Open interest surged significantly (BTC: +216% to 50B, SOL: +292% to 5B, ETH: +196% to 20B).
  • Funding rates show a universal long bias, reflecting strong speculative activity across major assets.

ETFs Represent a Growing Portion of Circulating Supply and price movements

  • In one year, Bitcoin and Ethereum ETFs amassed 47% ($126.4B) of gold ETFs’ AUM.
  • Bitcoin ETFs acquired 2.4x issuance (+515K BTC), highlighting strong demand.
  • Outflows under $1B caused ~10% drops, while $4B inflows drived up to +35% gains.
  • Investors anticipate the first Solana ETF in 2025.
  • U.S. spot ETFs and CME futures enable regulated cash-and-carry trades, fueling growth.

Other influential Factors

  • APAC retail-driven on-chain activity is outpacing the US and EU.
  • The 2024 Bitcoin halving had a muted impact due to pre-event pricing and external catalysts like U.S. Bitcoin ETFs.
  • Bull market corrections have softened in 2023-25 as institutional adoption and better education deepen market understanding.
1 Like