Bitcoin, Ethereum, and the Changing Architecture of Crypto Markets ▪️ Bitcoin institutional holdings reached ~12% of total supply ▪️ Ethereum L1 fee revenue declined 85% as activity shifted to Layer 2s ▪️ Solana stablecoin supply expanded 186% amid

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Bitcoin, Ethereum, and the Changing Architecture of Crypto Markets
 ▪️ Bitcoin institutional holdings reached ~12% of total supply
▪️ Ethereum L1 fee revenue declined 85% as activity shifted to Layer 2s
▪️ Solana stablecoin supply expanded 186% amid






Bitcoin, Ethereum, and the Changing Architecture of Crypto Markets<br /> Three data points from 2025:</p> <p>▪️ Bitcoin institutional holdings reached ~12% of total supply<br /> ▪️ Ethereum L1 fee revenue declined 85% as activity shifted to Layer 2s<br /> ▪️ Solana stablecoin supply expanded 186% amid













Bitcoin, Ethereum, and the Changing Architecture of Crypto Markets
 ▪️ Bitcoin institutional holdings reached ~12% of total supply
▪️ Ethereum L1 fee revenue declined 85% as activity shifted to Layer 2s
▪️ Solana stablecoin supply expanded 186% amid





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