News and analysis on encrypted currencies, Blockchain and decentralized financing

Exchange of cryptocurrency twin And the research company on the series Glassnode I just issued their report 2025 “Extension and islands“.

The two main entities in the Web3 sector met to overcome the current condition of the encryption market, highlighting the shift in capital flows and ongoing new trends.

Where does the future of digital assets go? We discover this together in this article.

Gemini and Glassnode Report: Digital assets attract new capital flows in 2024

According to the report by Gemini and Glassnode, digital assets have recorded large capital flows in the past two years.

High -cloud cryptocurrencies such as BTC, ETH and Sol have witnessed that their prices rise well during Benium 2023/2024Paped for both demand at the institutional levels and retail trade.

Bitcoin is to a large extent the currency that has received more than others Flow At this stage, as I explained before “CapeThe scale.

This indicator, which tracks net money flows, is useful for evaluating the investor’s behavior and better understanding market morale.

It is calculated by collecting the value of each currency based on the price that was last purchased.

Since January 2023, the maximum achieved on Bitcoin It grew from $ 381 billion to 843 billion dollars, an increase of 121 %.

At the same time, Solana It achieved a modest increase in capitalization, increasing from 21 to 83 billion dollars, although a percentage increased by 295 %.

ethereumOn the other hand, it was the worst performance, increasing from 176 to 256 billion of capitalization, for 45 % growth.

From this perspective, Solana appears as one of the fastest ecosystems of digital assets growthAfter digital performance in the market excelled in 344 out of 727 days in the open market.

However, Bitcoin is still proud of the largest total share of the achieved capital, which amounted to 70.6 %, followed by ETHEREUM by 22.4 % and finally Solana by 6.9 %.

Retail investors lead the bull market for Bitcoin at the end of 2024

Gemini and Glassnode Notice how the concentration of various players in the market has turned continuously in the last two years during the last bull.

If it was between the end of 2023 and the beginning of 2024, the growth of the encryption sector was driven InstitutionsWe cannot say the same thing for the subsequent period.

Retaus investors, and often more orientation towards short -term speculation, returned to the spotlight of Q2 2024 ascendingWith strong expansion at the end of the year.

To assess how this delivery occurred, Gemini and Glassnode are isolated CAP values ​​achieved for BTC, ETH and Sol, with capital by active portfolios from 1 to 7 days.

By doing this, Index “Cap, by age” It is produced, which measures the length of new capital flows on the market.

This scale is especially useful to understand the distribution of the web wealth between the different ages of age, from the hot supply (the recently moved coins) Cold offer (Currencies of the elderly and the old).

According to Bitcoin, addresses rose from 1 to 7 days at the end of the year, coinciding with a $ 100,000 break.

In this context, retailers contributed 99.6 billion dollars, equivalent to 13.7 % of the total network wealth.

In the last bull market tournament, retail investors contributed only 45.3 billion dollars in Bitcoin, with a 22.5 % stake.

This indicates this There is still a way to ride bull for investors more inclined towards speculation.

Gemini and Glassnode show the opposite retail forces on Ethereum and Solana

On Ethereum and Solana, the problem looks different: Gemini and Glassnode shows how

The retail sale has reached different moments of the market and with a different power.

In 2024, for Ethereum, we witnessed a less clear increase in the retail powerLooking at the weak performance of the original.

The highest local CAP domestic index of ETH, meaning that the capital that was active in the past seven days, did not coincide with the rise in new currency prices, unlike BTC and Sol.

The peak of the course brought only 11.6 billion dollars, equivalent to 4.7 % of the total network wealth.

currency Vitalik Buterin It remains less than the May 2021 decline, indicating that there is no attractiveness among retail users.

Solana, On the other hand, it looked more interesting in retail eyes, who rushed to Sol markets almost 2024.

Also in this case, the CAP Exc did not coincide with the encrypted currency with the heep with a height of the historical price, although it approached the target.

In the short term investors have transferred wealth of $ 15.8 billion, equivalent to 21 % of the total capital.

This data indicates that Sol was the preferred origin of the bull market in this session, and the acquisition of large capital flows.

Memeco Mania pushes a strong activity on the network on Solana

Gemini and Glassnode, one of the factors that contributed to achieving a greater retail activity to Solana He was Mumikwin obsession.

For the first time in history, Solana Ethereum has exceeded the capital maintained by retailers, specifically due to the strong interest in this type of highly dangerous assets.

This trend started in October 2023, which represents a strong reflection point for the Sol/ETH ratio. From that moment on, Soul brutally outperformed ETHAnd leave a small space for the interest of speculation for EVM network.

In a scenario like this, activities on the series have been shifted in favor of the Solana ecosystem.

At the end of 2023, in fact, number Active addresses From the Sol network roseOptimizing both ETHEREUM and Bitcoin numbers.

Considering this from the day it established Anatoli Yakovnko It includes 12.3 million active addresses per day, more than 16.2 times more than Bitcoin and 24.6 times more than Ethereum.

As we mentioned, the true agent of this explosion in retail activity arrived alongside success Mumikoin Sector on Solana.

Throughout 2024, Memecoins played a prominent role in the course, Attract the largest share of the capital through altcoins.

What led to the output of this trend outside the scope of control, the assets ability to achieve great gains for their first investors, despite the enormous risks clearly in trading these resources.

Gemini and Glassnode note in this regard how WiF and Bonk Pur Sol coins have led the price of Sol throughout the first quarter of 2024.

In fact, the assignment of the maximum investigators has led along with the leg of the currency higher than the main level of $ 120.

Moreover, by monitoring the maximum bonk and Wi -Wi -wing, we notice an incredible flow of $ 4 billion (+1330 %).

The capital rises to these two mimin on Solana 100 times compared to their ETHEREUM counterparts, highlighting the retail preference for the first series.

New trends and stimuli for the futures market: the general trend ascended!

In their report, Gemini and Glassnode also focused on the upcoming directions and new stimuli facing the cryptocurrency market.

Very interesting to report in this regard the analysis of the exchange of encryption FuturesAnd that reveals a significant increase in attention throughout 2024.

In particular, and Open interest scale, It is the sum of all contracts that are still open, and it seems that they have recorded a large growth stage, overcoming the highest historical levels of 2021.

More specifically, since January 2024, Bitcoin’s open interest increased by 216 %, from 16.1 to $ 50.9 billion.

For Ethereum, there was the same trend or less with a 196 % increase, making open positions from 6.7 to 19.8 billion dollars.

For Solana, the true queen of this session, the open interest exploded by 292 %, with the value of futures for 1.3 to $ 5.1 billion.

This data indicates Increased demand for exposure to the digital assets of the institutional audience.

Unlike retail, founders have contributed to less with the Mimin, but they supported the growth of the derivative markets.

Another aspect does not reduce it Futures financing rates.

This scale indicates the cost of maintaining an open position in a derivative contract, and it can be useful in assessing the direction of a direction And the behavior of investors.

According to the analysis conducted by Gemini and Glassnode, since January 2024, the financing rates were almost positive, which indicates a The overall upward orientation.

In the most exciting stages of the 2023-24 season, rates on Solana tend to circulate.

A little higher than bitcoin and ethereum activity, synonymous with greater speculation activity.

In the last stage of the year, the rates decreased to a negative area, with a highlight of lower support than the demand and a larger inclination towards searching for short sites.

If such a scenario is reflected and returning to a look similar to those in early 2024, we can return to the full expansion stage in the bull.