2025 Crypto Market Main Line: Stablecoins, RWA, ETFs and Decentralized Finance's Multidimensional Financial New Narrative

In 2021, Layer 1 flourished, and in 2024, Meme coins shone brightly. So how will the market's main line evolve in 2025? With stablecoins being integrated into the U.S. regulatory framework, a multidimensional new narrative of finance that combines stablecoins, RWA, ETF, and Decentralized Finance is emerging.

In this profound transformation of cross-chain finance, the focus has shifted to the struggle between the old and new order of Ethereum and Solana. The two public chains have essential differences in terms of technical architecture, compliance strategies, scalability paths, and ecological construction models. Currently, this competition, which will determine the future landscape, has entered a critical stage of intense capital betting.

Capital Preference: Shifting from BTC to ETH/SOL

Unlike the previous bull markets characterized by general rises and falls, the market in 2025 is showing structural differentiation. Funds are concentrating their bets on selected tracks, and a survival of the fittest situation is becoming apparent.

Regarding ETH: Many listed companies are building large-scale asset vaults.

• A certain company has authorized an increase in its asset vault to $250 million, adding 8,351 ETH.
• Another company has accumulated an additional 19,084 ETH this month, bringing the total holdings to 340,000 coins.
• A new address bought over 106,000 ETH in 4 days, worth nearly 400 million dollars.
• A certain company plans to complete its IPO with 400,000 ETH, securing $1.5 billion in funding support.

As for SOL: the buying scale is astonishing and more speculative.

• A listed company has increased its holdings of 141,383 SOL, with a total holding of nearly 1 million.
• A certain company bought 100,000 SOL for $17.7 million, with a total holding of 1.82 million coins.
• A certain Meme coin has a market capitalization of 2.785 billion USD, surpassing BONK to become the largest Meme coin by market cap in the Solana ecosystem.

This indicates that ETH and SOL have become the preferred underlying assets for institutions. ETH is regarded as on-chain government bonds and high-quality underlying assets, while SOL is being developed as a high-performance application chain and the new battlefield of the Meme economy.

ETH: Institutional Framework Aligns with Financial Mission

In the past two years, ETH has faced skepticism, but in reality, ETH has become deeply intertwined with institutional narratives, becoming a core asset. Its support lies in the institutional synergy of three dimensions:

1. Establishment of the core hub position of RWA

The total amount of on-chain RWA exceeds $4 billion, with 70% occurring on the Ethereum mainnet and L2. The RWA products of mainstream financial institutions are all key linked to ETH. The larger the scale of RWA, the more indispensable ETH becomes.

2. Spot ETF and stablecoin policy anchored assets

The issuer of stablecoins will prioritize on-chain reserve transparency and treasury bond collateral as core demands. At the same time, multiple institutions are accelerating the promotion of Ethereum spot ETF products. ETH is expected to become the next ETF focus.

3. On-chain Lockup and Developer Ecosystem Advantages

The total TVL of the Ethereum mainnet and L2 reached $110 billion, accounting for 61% of the global market. The monthly active developers of ETH exceed 50,000, far surpassing other public chains.

The price of ETH has approached $4000. With BTC breaking through $120,000, ETH has reignited market expectations, reflecting a rediscovery of its value.

SOL: On-chain native consumption power explosion

Solana has transformed from "the chain with the best technical parameters" to "the on-chain native blockbuster manufacturing machine," and will usher in breakthroughs in 2024-2025.

1. The local market for Meme coins is thriving.

The number and liquidity of Meme coins on the Solana chain have reached record highs. The total market capitalization of leading projects like BONK and PENGU has surpassed that of Dogecoin. Low Gas fees and high TPS create a rapid experimental feedback loop.

2. Capital bets on "on-chain activity"

The massive increase in holdings by listed companies indicates that capital regards SOL as a trinity of tradable assets, user growth indicators, and narrative carriers.

3. Ecological products move towards the "basic consumption layer"

From DEX to mobile wallets, and then to Solana phones, the ecosystem is building a closed loop that is close to the habits of Web2 users. On-chain native consumption has become Solana's "local life".

4. Price breaks through 200 dollars into a high volatility main upward wave

SOL returns above $200, with high volatility accompanied by high enthusiasm. This consumption data-driven trading expectation model is unattainable for ETH, making SOL the new paradigm.

Whale Games and Policy Catalysts

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

• An institution continues to increase its holdings of ETH for the spot ETF's underlying position.
• A certain trading platform frequently adjusts its holdings of Solana ecosystem assets, accumulating nearly 280,000 SOL.
• Multiple listed companies announced an increase in their holdings of SOL, forming a million-coin level position.

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

On the policy front, the United States has introduced its first regulatory framework for stablecoins, providing a clear compliance path for ETH. Meanwhile, Solana is advancing the "compliance issuance of consumer assets" experiment. This "dual compliance" means differentiated distribution of policy dividends: ETH attracts traditional capital, while SOL becomes a testing ground for emerging scenarios.

Short-term expectations: ETH benefits more obviously but has higher thresholds, while SOL is less restricted but more volatile.

Conclusion: Hedge allocation rather than either/or

The difference between ETH and SOL is no longer "who replaces whom", but rather "who defines the future within what cycle".

ETH is the main character in the medium to long-term narrative, evolving from "Gas Token" to "basic financial platform." SOL, on the other hand, is a short-term explosive, becoming the main battleground for capital games in high-frequency trading, Meme coins, and other aspects.

For medium to long-term funds that are optimistic about institutional reforms, ETH is the first choice. For short-cycle participants who want to capture rotation opportunities, SOL offers higher Beta exposure.

ETH and SOL may no longer be oppositional, but rather form an optimal combination under the mismatch of an era. The future's definers may be the continuous adjustment process of this "combination weight."