2025 Market Main Line: stablecoin, RWA, ETF and the multidimensional financial new pattern of Decentralized Finance

In 2021, Layer 1 projects shone brightly, and in 2024, Meme coins became all the rage. So where will the focus of the crypto market be in 2025? The trends of mainstream capital provide a clear answer: with stablecoins coming under regulation, a new multidimensional financial landscape integrating stablecoins, RWA, ETF, and Decentralized Finance is taking shape.

In this financial revolution, Bitcoin and Meme coins are no longer the protagonists; instead, it is a struggle between the old and new order of Ethereum and Solana. The two have essential differences in technology, compliance, scalability, and ecosystem development. Currently, this competition, which is crucial for the future landscape, has entered a heated stage, and capital is making significant bets.

Capital Allocation Shift: From Bitcoin Faith to Either Ethereum/Solana

Unlike previous years, the cryptocurrency market in 2025 shows a clear structural differentiation. Leading projects are no longer rising in sync, with funds concentrating on selected tracks, and the survival of the fittest is evident.

This trend is especially evident in institutional buying strategies:

In terms of Ethereum, multiple listed companies are significantly increasing their holdings of ETH:

• GameSquare has raised the authorization of digital assets to $250 million, adding 8,351 ETH.
• SharpLink Gaming has accumulated an additional 19,084 ETH this month, bringing its total holdings to 340,000 coins.
• A new address purchased over 106,000 ETH within 4 days, worth nearly $400 million.
• The Ether Machine plans to complete its listing with 400,000 ETH and receive $1.5 billion in funding support.

On the Solana side, the buying scale is equally astonishing:

• DeFi Development Corp increased its holdings by 141,383 SOL, with a total position of nearly 1 million coins.
• Upexi purchased 100,000 SOL for $17.7 million, bringing the total holdings to 1.82 million coins.
• The market capitalization of PENGU has reached $2.785 billion, surpassing BONK to become the largest meme coin in the Solana ecosystem.

This indicates that ETH and SOL have become the preferred underlying assets for institutions. However, the investment logic for the two is different: ETH is viewed as an on-chain government bond and institutional asset, while SOL has become a high-performance application chain and the main battlefield of the new Meme economy. This represents an expectation of two future paths for the crypto market.

Ethereum: Institutional Dominance, the Mission of Financial Assets is Coming to Fruition

In the past two years, Ethereum has faced doubts at times. However, in reality, ETH has been deeply tied to institutional narratives and has become a core asset. Its support comes from three aspects:

1. The core hub position of RWA is established. The total on-chain RWA exceeds 4 billion USD, with 70% on the Ethereum mainnet and L2. Mainstream RWA products all use ETH as a key medium.

2. Spot ETFs and stablecoin policy anchor assets. The issuer of stablecoins prioritizes on-chain reserve transparency, with the proportion of ETH continuously increasing. ETH is very likely to become the next ETF focus.

3. On-chain locked assets and developer ecosystem advantages are obvious. Ethereum's TVL has reached $110 billion, accounting for 61% of the global total. Developer activity is 4 to 8 times higher than that of other public chains.

The price of ETH has approached 4000 USD. As BTC breaks through 120,000 USD, ETH reignites market expectations, marking a rediscovery of its long-term value.

Solana: On-chain Native Consumption Power, the Capital Logic Behind the Outburst

Compared to Ethereum's positioning as a financial hub, Solana is more like a consumption infrastructure for high-frequency scenarios. Its narrative has shifted from "optimal technology chain" to "on-chain blockbuster incubator," achieving breakthroughs in 2024-2025.

1. The birthplace of Meme coins. A large number of high market cap Meme projects have emerged on Solana, such as BONK and PENGU, with a total market cap exceeding Dogecoin. Low Gas fees and high TPS create a rapid experimental closed loop.

2. Capital bets on "on-chain activity". Public companies significantly increase their holdings of SOL, focusing on ecological activity and trading depth, rather than technical details.

3. Ecological products are moving towards the "basic consumption layer". From DEX to mobile wallets, and then to Solana phones, a closed loop that aligns with Web2 user habits is being constructed. On-chain native consumption has become a feature of Solana.

4. The price breaks through 200 dollars, entering a high volatility main upward wave. High volatility accompanied by high interest indicates a new narrative brewing.

This is a model driven by consumption data expectations for trading, which ETH finds difficult to achieve, with SOL becoming the benchmark.

Whale Games and Policy Catalysts: Who Can Take Over the Main Force's Position?

On-chain data shows that since Q2 2025, major institutions have adopted various on-chain accumulation strategies:

• Grayscale continues to increase its holdings of ETH in preparation for the ETF.
• Jump Trading frequently adjusts its positions in Solana ecosystem assets
• DeFi Development Corp and Upexi significantly increased their holdings of SOL

This reflects the market segmentation: ETH is a structural allocation, while SOL is a short-term volatility tool.

In terms of policy, the "GENIUS Act" has been implemented, paving the way for ETH to be included in the compliance framework. At the same time, Solana is collaborating with exchanges to promote the compliant issuance of consumer assets. This "dual compliance" allows for differentiated distribution of policy dividends: ETH attracts traditional capital, while SOL becomes a testing ground for young users.

In the short term, ETH benefits more noticeably but faces multiple barriers, while SOL is less restricted but more volatile.

Future Landscape: Hedging Allocation, Not Either/Or

The differences between ETH and SOL are no longer a simple substitute relationship, but rather define the future in different cycles.

ETH is the long-term protagonist supported by structure, evolving from a Gas Token to a foundational financial platform. Its valuation anchor shifts towards government bond yields and staking rates. The advantage of ETH lies in its stable accumulation.

SOL is a short-term catalyst and has become the main battleground for capital games in high-frequency trading, Meme coins, and terminal applications. Its independent ecosystem and high performance allow it to break free from EVM competition, becoming a core option for capturing capital rotation.

Therefore, this is not a multiple-choice question, but a cyclical game:

• Optimistic about institutional reforms and the entry of traditional capital, the first choice is ETH.
• Short-term participants looking to capture rotation opportunities find greater flexibility with SOL.

ETH and SOL may no longer be opposites, but rather form the optimal combination under the mismatch of the times. The key to the future lies in the continuous adjustment of this "combination weight."