The charts and themes from the past week that tell an interesting story in crypto and investing…

1. Solana is Winning

These days, it's hard to write a report without talking about Solana. It's the "hot thing" right now, gathering the mindshare of all of CT. SOL/ETH is up over 300% since its lows, just shy of its 2021 ATH.

How else is Solana eating Ethereum's lunch? Stablecoin Volumes The Chart below shows the 7-day average of stablecoin volume across different chains. It's immediately clear that 3 chains account for more than 90% of the volumes. Red stands for Tron, Green for Solana and grey for Ethereum.

But this hasn't always been the case. If we zoom out, looking at it on a 12-month basis, Solana was nowhere to be found for most of the year. Only to win from behind starting in October. Stablecoin transfer volume on Solana has exploded since then, shrinking Ethereum's share. If you saw the increase in volume in October and got into the ecosystem in November, you made a killing. As I have talked about in the past, stablecoins are crypto's liquidity profile.

Drilling down on Solana, USDC supply has been up only since November, the highest they have been since the start of the year.

Google searches for the word "Solana" have also been on a tear, the highest it has been since the start of the year.

Google Search for Solana has even flipped that of Ethereum. This isn't the flippening that CT always talks about, but it's a flippening nonetheless.

2. Bitcoin is winning too

Bitcoin has gone 240 days without a -25% decline (colloquially known as a pullback) in the last 12 months. The last time we had this streak was back in 2011.

In the last 7 days, Bitcoin has acquired more fees than any network, totalling over $100m

The GBTC discount to NAV is now at -6%, the highest it has been in over 2 years.

And that's it for this week.

Have a great weekend everyone.

- Pascal

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