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After Bitcoin's strong breakthrough from its all-time high, the crypto market's attention is quietly turning to high-beta assets such as Ethereum and Solana. Multiple on-chain data and capital flow signals show that a round of altcoin-led market may have quietly started. Ethereum and Solana performed strongly, and the main funds accelerated their entry Recently, the market performance of Ethereum and Solana has been particularly eye-catching. According to Huobi HTX platform market data, as of now, Ethereum (ETH) has risen from 2,474 USDT to 3,857 USDT in early July, an increase of more than 55%. This significant rise is not accidental, as data from the on-chain monitoring platform Lookonchain shows that from July 1 to 21, 23 whales or institutions have bought a total of 681,103 Ethereum, with an amount of about $2.6 billion, indicating that ETH is becoming the core target of the market's main funds to increase their positions. At the same time, the ETF market also released positive signals. According to Trader T monitoring, on July 21, the net inflow of ETH spot ETFs reached $297 million, the highest single-day inflow record in history, accounting for 80% of the Bitcoin ETF trading volume, and it was also a continuous 12-day net inflow, and the capital tilt trend was very obvious. On the other hand, Solana, once known as the "Ethereum killer", also performed well. According to Huobi HTX platform market data, Solana (SOL) rose from 157.8 USDT to 204.6 USDT, an increase of 29.6%. At the same time, Solana ecosystem tokens generally rose, with RAY up 21.01% in the past 24 hours as of 10:00 on July 22; PENGU rose 20.5% in the past 24 hours; JUP rose 17.14% in the past 24 hours; AI16Z has risen by 14.73% in the past 24 hours. The strength of ETH and SOL is not just a single outbreak of individual mainstream assets, but more like a structural signal - funds are shifting from Bitcoin to the more volatile and growing altcoin sector, and the prelude to the "altcoin season" may have officially begun. BTC market share continues to fall, and the altcoin seasonal index strengthens While ETH and SOL have risen in turn, the market structure has also quietly changed. Bitcoin's market dominance is gradually eroding, providing room for capital to flow into altcoin assets. Coinmarketcap data shows that Bitcoin's market share has continued to decline and is now trading at 60.1%, a new low since March this year. Meanwhile, the Altcoin Season Index rose, reaching a high of 55 on July 21 and is now at 50. The index shows that about 50 of the top 100 cryptocurrencies by market capitalization have outperformed Bitcoin in gains over the past 90 days. Source: CoinMarketCap Source: CoinMarketCap Chloe (@ChloeTalk1), a columnist for HTX DeepThink and a researcher at HTX Research, believes that Bitcoin's strong breakthrough has broken through record highs, stimulating the market's general expectations for the "altcoin activation season". Bitcoin's rise in this round is due to its safe-haven nature and US dollar credit asset label, and at a time when Japanese government bond yields are rising and the global interest rate structure may reach an inflection point, combined with the structure of the options market, this constitutes an important structural basis for funds to switch from BTC to altcoin assets. Market view: The real altcoin bull market may still be to come QCP Capital pointed out in its latest research report that multiple indicators show that the altcoin season may have quietly begun. The altcoin seasonal index has crossed 50, a new high since December last year. The passage of the GENIUS Act provides a clear regulatory framework for stablecoin issuance, prompting corporate finance departments to consider ETH, SOL, XRP, ADA, and others as a new generation of crypto reserve assets. In addition, if the pledged Ethereum spot ETF is approved, it is expected to further promote institutional shifts from Bitcoin ETFs to ETH allocations. Last week, ETH spot ETFs saw net inflows exceeding BTC for two consecutive days, significantly increasing the confidence of institutions such as BlackRock. The options market also showed strong bullish signals, and the market was expected to be optimistic in the fourth quarter. Futures whale James Wynn believes that BTC may reach around $145,000 by the end of July. Subsequently, a sharp correction is expected, falling back to $110,000. The next 1 to 2 months will usher in a strong altcoin bull market, which is the stage where everyone really starts FOMO. He also predicts that Bitcoin's dominance has been maintained for too long, and altcoins are gradually emerging. By the fourth quarter, after the Fed starts cutting interest rates, Bitcoin will usher in a new round of gains, possibly between $160,000 and $240,000.

Written by: Ethan "2021 is the year of Layer 1 competition, and 2024 is a carnival of memes. So, where will the main line of the market go in 2025?" The answer to this question, which has sparked heated discussions on the X platform, is being clearly revealed by mainstream capital: With the successful legislation of the GENIUS Act and the official inclusion of stablecoins in the U.S. sovereign regulatory framework, a new multidimensional financial narrative integrating "stablecoins, × RWA×s, ETFs, × DeFi" is rising strongly. In this profound evolution of cross-chain finance, the core focus is no longer on Bitcoin or meme coins but on the battle between Ethereum and Solana for the old and new order. The two public chains have essential differences in technical architecture, compliance strategies, expansion paths, ecological construction models, and even value foundations. At present, this competition that determines the future pattern has entered a critical stage where capital is fiercely betting with real money. Capital Betting Preference: From "BTC Faith" to "ETH/SOL Either" Unlike previous crypto bull markets driven by macro currencies and generally rising and falling, the market in 2025 will show significant structural differentiation. The head projects are no longer rising synchronously, and funds are concentrating on selected battlefields, and the trend of survival of the fittest is emerging. The most intuitive signal comes from changes in institutional buying strategies: ETH: A number of U.S.-listed companies have begun to build Ethereum asset vaults on a large scale. On July 22, GameSquare announced that it would increase its digital asset vault authorization to $250 million and increase its holdings by 8, 351 ETH, with a clear goal of "allocating high-quality Ethereum ecological assets to achieve stablecoin income"; SharpLink Gaming increased its holdings by a total of 19, 084 ETH this month, with a total position of 340,000 ETH and a market capitalization of over $1.2 billion. A new wallet address has purchased more than 106,000 ETH through FalconX in the past 4 days, worth nearly $400 million. The Ether Machine announced that it will complete a backdoor listing plan with 400,000 ETH and receive more than $1.5 billion in financing support from top institutions including Consensys, Pantera, Kraken, etc., aiming to become the "largest public ETH output company". SOL: The buying scale is also amazing, and it is more explosive and speculative. DeFi Development Corp, a listed company, announced that it increased its holdings by 141, 383 SOL, bringing its total holdings to nearly 1 million. Upexi, a SOL treasury company, announced that it purchased 100,000 SOL for $17.7 million, with a total position of 1.82 million and a floating profit of more than $58 million. According to CoinGecko data, PENGU has reached a market capitalization of $2.785 billion, surpassing BONK ($2.701 billion) to become the largest Solana ecosystem meme coin by market capitalization. These phenomena indicate that ETH and SOL have become the preferred underlying assets for institutional multi-asset allocation. However, the investment logic of the two shows significant differences: ETH is used as an "institutional target for on-chain treasury bonds + high-quality asset underlying + spot ETF access"; SOL is being built into a "high-performance consumer application chain + the main battlefield of the new meme economy". The two betting methods represent the expectations of the two main lines of the crypto market in the future: ETH is the financial engine taken over by the system, and SOL is the speculative track for capital offensive betting. ETH: The misread institutional spindle that is fulfilling the mission of financial assets In the past two years, the Ethereum narrative has been questioned for a while. From the lack of significant improvement in staking income after the merger, to the fragmentation of the Layer 2 ecosystem, high gas fees, and the active relocation of projects such as dYdX and Celestia, the market's expectations for ETH have fallen to a trough. But the reality is that ETH has never left the market, but has become the core asset most deeply tied to the institutional narrative. Its underlying support lies in the in-depth institutional coordination of three dimensions: The RWA core hub position was established Currently, the total amount of RWA issued on the chain exceeds $4 billion, with more than 70% occurring on the Ethereum mainnet and its L2 network. Core products, including BlackRock's BUIDL, Franklin Templeton's BENJI, Ondo's USDY, and Maple's cash fund, all use ETH as a key pegged layer or liquidity medium (such as WETH). The larger the RWA, the more indispensable ETH becomes. Spot ETFs are an anchor asset to stablecoin policies After the passage of the GENIUS Act, stablecoin issuers such as Circle and Paxos clearly set "on-chain reserve transparency" and "short-term U.S. Treasury pledge structure" as their core demands. In Circle's latest asset allocation, WETH's proportion has risen to 6.7%. At the same time, Grayscale, VanEck and other institutions have accelerated the preparation of Ethereum spot ETF products. After BTC, ETH is likely to be the next ETF focus. On-chain lock-up and developer ecology are still in an absolute advantage As of July 22, the total TVL of the Ethereum mainnet and L2 network reached $110 billion, accounting for 61% of the global crypto TVL. ETH developers' monthly active users are stable at more than 50,000, which is 4 times that of Solana and more than 8 times that of other L1s. This means that no matter how the market narrative changes, ETH, as the "main financial layer" for on-chain asset governance, value precipitation, and liquid distribution, is difficult to shake in the short term. In terms of price, ETH has approached the $4000 mark. The process of ETH reigniting market expectations as BTC breaks through and stabilizes above $120, 000 is not the fabrication of new stories, but the rediscovery of old values. SOL: The native consumption power on the chain, the capital logic behind explosive power Compared with Ethereum's "financial hub" positioning, Solana is more like a consumer infrastructure in high-frequency scenarios. Its narrative has successfully transformed from a "chain with optimal technical parameters" to a "native explosive manufacturing machine on the chain", and ushered in a structural breakthrough in 2024-2025. MemeCoin's home market, not secondary transition: In this round of "crypto consumer goods" craze, the number and liquidity of MemeCoins emerging on the Solana chain have reached a record high. According to market data, as of July 22, BONK, the meme project with the highest market capitalization on Solana, reached $2.67 billion, followed by PENGU ($2.32 billion) and TRUMP ($2.2 billion), and the combined market capitalization of the three has surpassed Dogecoin. With Solana's extremely low gas fees and high TPS, these projects form a rapid closed loop of "low-cost experiments, →community-driven FOMO, → high-frequency trading stimulation". On Solana, memes have become a native consumption behavior for on-chain users. Capital bets on "on-chain activity", not technical routes: The huge increase in holdings by listed companies such as DeFi Development Corp and Upexi shows that mainstream capital is viewing SOL as a trinity of "tradable assets + user growth metrics + narrative carrier", focusing on ecological activity, transaction depth, and the consumption attributes of the "on-chain story" rather than technical details. Ecological products have moved from explosive models to "basic consumer layers": From Jupiter's DEX experience and Backpack mobile wallet to Solana mobile phones and the upcoming Solana App Store, the entire ecosystem is trying to build a closed loop closer to the habits of Web2 users. On-chain native consumption (including Meme, DePIN, mini-games, community points, and social media) has become the "local life" of Solana, creating a natural consumption scenario for SOL. Although its TVL is only 12% of Ethereum's, the transaction frequency, per capita interaction, and total gas consumption on the Solana chain have significantly surpassed traditional L1s such as Polygon and BNB Chain. It is more like a "daily active entrance" for crypto natives than a pure financial "pricing anchor". Price Signal: Break above $200 for a high-volatility main upward wave: With BTC stabilizing at $120,000 and ETH sprinting to $4,000, SOL has also recently regained above $200. High volatility accompanied by high popularity is itself a precursor to the brewing of a new narrative and the change of positions of the main force. What we are seeing is not speculative frenzy, but a shorter and shorter feedback loop between "on-chain behavior and price response". This is a model that drives transaction expectations with consumption data, ETH can't do it, and SOL becomes the paradigm. Whale Game and Policy Catalysis: Who Can Undertake the Bullet of the Main Force Changing Positions? The application of technology determines the "narrative potential" of the public chain, while funds and policies determine its "transaction carrying capacity" - especially when BTC exceeds $120,000 and the market enters the main upward wave, it is crucial to identify the next stage of "capital aggregation zones". On-chain data shows that since Q2 2025, the "on-chain positioning" behavior of the three major institutions has shown completely different strategies: Grayscale continued to increase its holdings of ETH (a total of 172,000 tokens, approximately US$640 million) from May to July, which was clearly used to build its basic position in spot ETH ETFs; Since June, Jump Trading has frequently adjusted its positions on the Solana chain, focusing on BONK, PENGU, and Jupiter, and has accumulated nearly 280,000 SOL holdings through multiple addresses. DeFi Development Corp and Upexi, two listed companies, have continuously announced their increase in SOL, both of which have formed more than one million holdings (with a total market capitalization of nearly $500 million) and achieved considerable floating profits. This is not a simple "win or lose" bet, but a market stratification: ETH is a "structured asset allocation" and SOL is a "short-cycle volatility tool". Differentiated policy trends promote "two-line growth". On July 19, U.S. President Donald Trump officially signed the GENIUS Act for U.S. Stablecoins, marking the implementation of the first federal regulatory framework for stablecoins in the United States. At the same time, the Solana team collaborated with exchanges such as OKX and Bybit to promote the "compliant issuance of consumer assets" experiment. For example, OKX launched a dedicated Launchpad for Solana on-chain assets in July and introduced a light KYC mechanism for the meme coin issuance process. This "two-way compliance" means that policy dividends are being distributed differentially according to application scenarios, capital attributes, and risk appetite: ETH continues to absorb traditional capital, and SOL has become a compliance testing ground for young users and consumption scenarios. Short-term policy expectations: ETH benefits more pronounced, SOL is less capped. Although ETH is at the forefront of policy dividends in terms of ETFs and RWAs, it also faces multiple thresholds from the SEC in terms of securities attribute identification and pledge classification. Because the SOL ecosystem is less involved in centralized issuance and complex staking channels, its tokens and applications are more likely to enter the regulatory "gray safety zone". This results in a more robust upward path for ETH but with longer periods, and a steeper and more volatile upward path for SOL. Who defines the future? Hedging allocation, not either Judging from the market path after BTC breaks through $120,000, the difference between ETH and SOL is no longer a linear question of "who replaces whom" but a distributed answer to "who defines the future in what cycle". ETH is the protagonist of the medium and long-term narrative supported by the structure With the support of the GENIUS Act, the path to ETH's inclusion in the financial compliance system is clear. Whether it is the promotion of spot ETFs or its positioning as a "clearing and settlement layer" in the RWA model, it has made it a "core asset" for Wall Street to allocate blockchain assets. Judging from the position building logic of institutions such as BlackRock and Fidelity, ETH is evolving from a "gas token" to a "basic financial platform", and its valuation anchor has also shifted from on-chain activity to treasury bond yield model and staking interest rate. ETH's way of winning is not to explode, but to precipitate. SOL is a short-term burst in structural cracks In contrast to the stability of ETH, SOL has become the main battlefield for capital games in high-frequency trading, meme coin narratives, terminal applications, and native consumer goods (such as Saga mobile phones). From BONK to PENGU to JUP's governance experiments, the Solana chain has built a set of highly liquid and penetrating "native narrative markets". Combined with the actual performance on the chain: SOL's TPS, cost, and terminal response speed continue to lead; The independence of the SVM ecosystem also frees it from the dilemma of involution and duplicate construction of the EVM ecosystem. More importantly, SOL is one of the few narrative depressions that "can take on funds and is willing to volatilize", and after BTC starts the main upward wave, it has become a core short-term option to capture the "rapid response of capital rotation". Therefore, this is not a "multiple-choice question", but a "cyclical game question": For medium- and long-term funds that are optimistic about institutional changes and bet on the structured entry of traditional capital, ETH is the first choice. For short-cycle participants looking to capture opportunities for capital rotation and narrative explosions, SOL offers more intense beta exposure. Between narrative and institutionality, fluctuation and precipitation, ETH and SOL may no longer be opposing options, but constitute the optimal combination under the mismatch of the times. Who defines the future? At present, it seems that the answer may not be a single item, but a continuous fine-tuning process of this "portfolio weight".