Return-Path: <01000194ff39ec5d-0d3532c7-98ba-472d-964a-15f571419e22-000000@amazonses.com> Delivered-To: shane_young@dodo.com.au Received: from mta651.syd.oss-core.net ([203.134.11.141]) by m613.int.m2core.com.au with LMTP id 0M6SMsrhrWc53AAA5Dy1FQ for ; Thu, 13 Feb 2025 12:12:58 +0000 Received: from mx683.syd.oss-core.net (mx683.syd.oss-core.net [210.50.30.253]) by mta651.syd.oss-core.net (Postfix) with ESMTP id 961B9B8 for ; Thu, 13 Feb 2025 12:12:58 +0000 (GMT) X-CSE-ConnectionGUID: cVgF8uEKQridKKrqqHUtVQ== X-CSE-MsgGUID: rOG92BuTTliuD+ZaN1m6KA== IronPort-SDR: 67ade1ca_CPGxrZJVuraZuMszujsfVrFdY/k3NyDKe/T8Wp9MOh0PR+Q iJ2xA+TBzBprTMoehnx8SfGlJuxiau0zN7kFK6g== X-MGA-submission: =?us-ascii?q?MDEmn+s4sZq+jScqzicohgb0NVMV6nfRCHmzrN?= =?us-ascii?q?RoOYfDRxcGgnO8X2xtKjOzPRkCqY+rEXZXM/g/eq3s4dMmSx12g+GCrW?= =?us-ascii?q?q0q0PJazKFsLQ8c0/lobTIfrmROyOLLGqEzAE0A2CCy2ebNvsoF39JVq?= =?us-ascii?q?iztIUS2+k/pNsZeRoUHquLoQ=3D=3D?= Received: from a11-155.smtp-out.amazonses.com ([54.240.11.155]) by mx683.syd.oss-core.net with ESMTP/TLS/ECDHE-RSA-AES256-GCM-SHA384; 13 Feb 2025 23:12:56 +1100 DKIM-Signature: v=1; a=rsa-sha256; q=dns/txt; c=relaxed/simple; s=4pfzustxoiqpcdduke5r3ngdf4xztoag; d=mail.coinbase.com; t=1739448774; h=Content-Type:Date:From:List-Unsubscribe:List-Unsubscribe-Post:Message-Id:Mime-Version:Reply-To:Subject:To; bh=PDvdOWhs8+5PxE2HJkIz/a8Ql4fLwcRmQGfNzKM3HBQ=; b=ajig0gOhnoNEL1LqbUjI0jpbeWYPKKUS67BRE8ZArg2ffIxOCmkkJQCBOqCoP8A5 OREMrW7ZrOm416s8tDo6kurpgqUVUgazulHqxY8dron6YYJHcEHMZrR47PMSoJIyVGQ BzMOQ8Wx06tWsNFo9fuQ/JJGaslAMzTc1lODvNu0= DKIM-Signature: v=1; a=rsa-sha256; q=dns/txt; c=relaxed/simple; s=ug7nbtf4gccmlpwj322ax3p6ow6yfsug; d=amazonses.com; t=1739448774; h=Content-Type:Date:Feedback-Id:From:List-Unsubscribe:List-Unsubscribe-Post:Message-Id:Mime-Version:Reply-To:Subject:To; bh=PDvdOWhs8+5PxE2HJkIz/a8Ql4fLwcRmQGfNzKM3HBQ=; b=nY4JzFoW5Iu2HzzC0OxdHIrCRwdSckmFeuLXINV3LcdspfF6q8d7tMarqFJjsMvc vQxvrIgPiS54cxJQMrrKifAZWnghhmJI5W6dCqDXRGqakHcgouJ/lPM4++17co9ttsE cGFGBnXCEFg5aapm8PEvDkx0vSRmQso0UrvrmseE= Content-Type: multipart/alternative; boundary="----=_Part_14155_578140757.1739448696595" Date: Thu, 13 Feb 2025 12:12:53 +0000 Feedback-Id: ::1.us-east-1.7Dy6Wv5AnFh3NYaKlrCFnhqGApXC3QfI6g+8Wv9I+w8=:AmazonSES From: Coinbase Bytes List-Unsubscribe: List-Unsubscribe-Post: List-Unsubscribe=One-Click Message-ID: <01000194ff39ec5d-0d3532c7-98ba-472d-964a-15f571419e22-000000@email.amazonses.com> Mime-Version: 1.0 Reply-To: newsletter@mail.coinbase.com Subject: Why Solana has been outpacing Ethereum To: Yannick IM Sano X-Campaign-Id: 12594822 X-Feedback-Id: 16504297:12594822:37574:iterable X-Message-Id: 38242be7bb074e58a0632d3b354495d8 X-SES-Outgoing: 2025.02.13-54.240.11.155 ------=_Part_14155_578140757.1739448696595 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: quoted-printable Coinbase Bytes SOL has jumped 1,000% since 2023. View in browser=20 =20 13/02/2025 Don't invest unless you're prepared to lose all the money you invest. This= is=20 a high-risk investment and you should not expect to be protected if somethi= ng=20 goes wrong.Take 2 mins to learn more = . =20 =20 Solana is currently the sixth largest cryptocurrency, with a market cap aro= und=20 $95 billion. What=E2=80=99s up? It=E2=80=99s Coinbase Bytes=20 There=E2=80=99s never a dull moment on the blockchain. Here=E2=80=99s what = you need to know=20 this week: * Bitcoin seesawed under $100K as volatility gripped markets. Also: ETF=20 inflows surged and Fed chief nixed near-term rate cuts.=20 * Why SOL has been outpacing ETH lately. A closer look at how two of the m= ost=20 prominent cryptocurrencies have been performing.=20 * USDC=E2=80=99s market cap just notched an all-time high. And more key st= ats from=20 the cryptoverse.=20 Bitcoin=20 =C2=A376,979.83=20 -2.73% Ethereum=20 =C2=A32,129.88=20 -4.98% =20 =20 XRP=20 =C2=A31.97=20 +1.55% = =20 Solana=20 =C2=A3153.71=20 -3.80% =20 Dogecoin=20 =C2=A30.21=20 -1.54% =20 =20 Cardano=20 =C2=A30.63=20 +4.78% Bitcoin=20 =C2=A376,979.83=20 -2.73% Ethereum=20 =C2=A32,129.88=20 -4.98% =20 =20 XRP=20 =C2=A31.97=20 +1.55% = =20 Solana=20 =C2=A3153.71=20 -3.80% =20 Dogecoin=20 =C2=A30.21=20 -1.54% =20 =20 Cardano=20 =C2=A30.63=20 +4.78% Past performance is no guarantee of future results. Price changes are for t= he=20 past week, ending on Feb 13, 2025 at 12:09 PM UTC See the latest prices =20 MARKET BYTES=20 As volatility rolls on, crypto ETF inflows continue to surge Crypto prices continued their wild ride for another week, with values risin= g=20 and sinking to the rhythm of a supercharged news cycle. On Friday, BTC , ETH=20 , and XRP=20 all briefly saw gains=20 =20 following a mixed U.S. jobs report. But then prices dipped on Sunday after = the=20 Trump administrationannounced=20 new tariffs on steel and aluminum =E2=80=94 before whipsawingagain followi= ng a=20 hotter-than-expectedinflation report=20 on Wednesday. BTC= =20 hovered near $97,000 as of Wednesday afternoon. Despite the volatility, crypto investment products (primarily spot BTC and = ETH=20 ETFs), saw theirfifth=20 = =20 consecutive week of inflows =E2=80=94 with last week=E2=80=99s $1.3 billion= in new capital=20 nearly doubling the previous week=E2=80=99s $747 million. Even more surprisingly, Ether ETFs saw bigger inflows=20 = than=20 BTC ETFs, as traders seemingly took advantage of a sharp dip in ETH prices = over=20 the weekend. Here are three more market stories to know about=E2=80=A6 Fed chair not =E2=80=9Cin a hurry=E2=80=9D to lower interest rates Last year, crypto prices surged=20 a= fter=20 the Federal Reserve cut interest rates three times, with multiple further c= uts=20 considered likely in 2025. But with inflation remainingstubbornly above the= =20 Fed=E2=80=99s 2% target and a=20 broadly strong economy, the central bankhas slowed the rollout=20 of further cuts. On Tuesday, speaking before the Senate Banking Committee, Fed Chair Jerome= =20 Powell suggested that no further cuts are imminent,saying=20 =E2=80=9Cwe do not need to be in a hurry to adjust our policy stance.=E2= =80=9D And following Wednesday=E2=80=99s hotter-than-anticipated CPI report, Powel= l remained=20 measured: =E2=80=9CWe don=E2=80=99t get excited about one or two good readi= ngs and we don=E2=80=99t get=20 excited about one or two bad readings,=E2=80=9D hetold=20 the House Financial Services Committee. Amid the flurry of macroeconomic headlines, BTC prices dipped nearly as low= as=20 $94,000 on Wednesday morning before climbing back around $97,000. * Rebanking=E2=80=A6 One issue of major concern for the crypto industry ha= s been =E2=80=9C debanking =E2=80=9D =E2=80= =94 when government=20 regulators pressure banks into avoiding working with crypto companies. Powe= ll said=20 that it was time to "take a fresh look" at the issue.=20 MicroStrategy rebrands and resumes BTC buying spree=20 Last week, after briefly pausing its bitcoin-accumulation efforts, the=20 publicly traded software firm MicroStrategyrebranded itself=20 as =E2=80=9CStrategy,=E2=80=9D reflecting founder Michael Saylor=E2=80=99s= belief that the firm is now=20 primarily a =E2=80=9CBitcoin Strategy Company.=E2=80=9D Strategy also went back to work buying more crypto, reporting=20 a purchase of 7,633 BTC in the week ending Feb. 9 =E2=80=94 bringing the f= irm=E2=80=99stotal=20 holdings to 478,740 = BTC=20 (worth around $46 billion as of Tuesday). Even though Strategy reported a n= et=20 loss for the fourth quarter of 2024, its stock remains a huge hit on Wall= =20 Street. =E2=80=9CStrategy=E2=80=99s shares have skyrocketed more than 400% over the= past year, and the=20 company=E2=80=99s $83 billion market cap trumps that of companies such as C= apital One=20 and Target,=E2=80=9D Fortunenotes=20 . * Popular strategy=E2=80=A6 A growing number of companies are emulating St= rategy and=20 buying bitcoin of their own. According to the Financial Times,there are now= 78=20 listed companies=20 that hold= BTC=20 in their corporate treasuries.=20 =E2=80=9CHigh odds=E2=80=9D for new crypto ETFs to gain approval Bloomberg ETF analysts James Seyffart and Eric Balchunas said=20 odds are =E2=80=9Chigh=E2=80=9D that a variety of new spot crypto ETFs (fu= nds that would buy=20 crypto and sell shares via conventional stock market exchanges) will receiv= e=20 SEC approval this year. How high? =E2=80=9CThe analysts estimate that Litecoin ETFs filed by Canary= Capital=20 and Grayscale have the highest chance of approval, rating those filings as= =20 possessing a 90% chance of approval=E2=80=9Dreports=20 The Block. =E2=80=9CAfterLitecoin , Dogecoin=20 products received a 75% chance of= =20 approval, followed bySolana and XRP= =20 products, which the analysts expect have a 70% and 65% likelihood of approv= al,=20 respectively.=E2=80=9D These odds represent a huge shift in sentiment under the Trump administrati= on=20 andcrypto-friendly leadership in the SEC and beyond=20 . Seyffartclaims=20 that the pre-election chances for many of these ETFs was below 5% =E2=80= =94 adding=20 that these increasingly favorable odds =E2=80=9Cwill likely grow the more w= e see these=20 go through the typical process.=E2=80=9D * I want my ETF=E2=80=A6 On Monday, NYSE Arca (a subsidiary of the New Yor= k Stock=20 Exchange) filed paperwork on behalf of Grayscale to create the first U.S.-b= ased=20 spotCardano exchange-traded produc= t.=20 According to Bloomberg=E2=80=99s Balchunas,it marked=20 =20 the 60th spot crypto ETF application of 2025.=20 Read more market insights=20 SOL CYCLE=20 Why has Solana outperformed Ethereum recently? Over the last year, as crypto markets have surged to all-time highs, the tw= o=20 most prominent smart-contract-compatible blockchain tokens have taken very= =20 different journeys. Solana (the sixth-biggest cryptocurrency by market cap) was created in 2020= as=20 a faster, cheaper alternative to Ethereum (the second biggest). But since t= he=20 end of 2023, SOL has become one of the market=E2=80=99s biggest outperforme= rs, while=20 ETH haslagged behind=20 other major tokens. Last week, asset manager VanEck predicted that SOL=20 could reach $520 before the end of 2025 (compared to around $195 on=20 Wednesday). At the same time,JPMorgan=20 = =20 released a report warning that ETH =E2=80=94 which sank to around $2,500 on= Sunday=20 (compared to an all-time high north of $4,100 in 2021) =E2=80=94 could cont= inue to=20 underperform throughout this year. How did SOL and ETH arrive at their current narratives, and where could thi= ngs=20 go next? Here=E2=80=99s what you need to know=E2=80=A6 Quick refresher =E2=80=94 what is Solana? Solana is a= =20 layer-1 blockchain built for running crypto applications at scale, and SOL = is=20 its native cryptocurrency. Solana=E2=80=99s major innovation is its speed a= nd=20 throughput: It can processmore than "1,000 transactions per second=20 ,=E2=80=9D comp= ared to 15=20 TPS on Ethereum. And it can cost just fractions of a cent to process=20 transactions. The network supports a variety of apps and projects including= =20 decentralized exchanges, lending protocols, and memecoins. How has it performed during the bull market? Since the end of 2023, SOL has been one of the best performing assets in th= e=20 market, rising from around $19 in Sept. 2023 to $203 on Monday,a nearly 1,0= 00%=20 gain . ETH, in comparison, has risen= =20 around 68% in that same span.=20 SOL=E2=80=99s sizable gains can be attributed at least in part to its statu= s as the=20 blockchain of choice=20 for memecoins, as well as a series of popular applications across a number= of=20 major blockchain narratives likelending protocols=20 ,=20 crypto-focused AI agents=20 , and=20 decentralized physical infrastructure=20 .= =20 Solana, which already controls about 15% of the market for smart-contract= =20 platforms, is expected to see that market share rise to 22% by the end of t= his=20 year,according to VanEck=20 . SOL also could get a spot ETF=20 (orpotentially several=20 ) o= f=20 its own this year, pending approval by the SEC, which could attract more=20 investor capital into the asset. Why has it attracted so much activity?=20 Solana=E2=80=99s speedy, cheap transaction processing=20 and sustained rea= l=20 usage are seen as the primaryreasons=20 for its massive popularity =E2=80=94 giving rise to a vast ecosystem of me= mecoins,=20 games, NFTs, and evencellphone networks=20 . For the past four months, Solana has outpaced=20 Ethereum in monthly onchain trading volume. There was more than$640 billio= n in=20 onchain volume using Solana last= =20 year, andhundreds of thousands=20 of tokens were launched on Solana in that same period. In January 2025 alo= ne,=20 onchain volume was already more than $260 million, according to DefiLlama. During the last bull market, from 2019 to 2022, Ethereum is where viral=20 memecoins likeSHIB launched. But= =20 this time, SOL has effectively replaced ETH as the favored platform for=20 launching coins=E2=80=94 hostingBONK ,= WIF=20 , Moo Deng=20 , Official Trump=20 , and many more.=20 Last year, Solana became the first blockchain=20 since 2016 to attract more new developers than Ethereum, onboarding 7,625 = new=20 software builders. What=E2=80=99s the outlook for ETH? Analysts are divided on Ethereum=E2=80=99s prospects. A recent report=20 = =20 from JPMorgan noted reasons for concern, citing ETH=E2=80=99s 10% share of = the overall=20 crypto market cap =E2=80=94 its lowest mark since 2020 =E2=80=94 and contin= ued =E2=80=9Cintense=E2=80=9D=20 competition from other networks. Still, investor interest in ETH remains active =E2=80=94 spot Ethereum ETFs= attracted=20 $793 million=20 of inflows last week, potentially taking advantage of low prices. Ethereum also remains the leader in the two biggest areas of interest for= =20 institutional finance: stablecoins and tokenization (making traditional=20 financial products tradable on blockchains). More than$130 billion=20 of stablecoins circulate on ETH, as= =20 well as nearly$4 billion in tokeniz= ed=20 assets. Both are areas where the Ethereum community is working to maintain= =20 traction via an initiativecalled Etherealize=20 , which is aimed at marketing Ethereum to Wall Street institutions. =E2=80=9CWe looked around and saw that institutional education about ETH wa= s woefully=20 lacking,=E2=80=9D saidEtherealize co-founder Grant Hummer=20 . =E2=80=9CEtherealize i= s here to=20 fix not only that, but to bring all of Wall Street (and ultimately, the wor= ld)=20 onto Ethereum rails.=E2=80=9D See the latest ETH updates =20 NUMBERS TO KNOW=20 114.7 trillion Bitcoin=E2=80=99s new all-time high mining difficulty=20 , meaning that it's about 114.7 trillion times harder to mine a current blo= ck=20 of Bitcoin than the blockchain=E2=80=99s original blocks back in 2009. The = increased=20 difficulty has put pressure on miners, who need to invest in higher=20 computational power to participate. $56 billion New all-time-high=20 ma= rket=20 capitalization ofUSDC , the digital-do= llar=20 stablecoin issued by Circle. What accounts for the growth? =E2=80=9CWhether= for=20 payments, remittances, trading, or decentralized finance,=E2=80=9D notes a = Coinbase=20 blog post, =E2=80=9CUSDC continues to be a go-to stablecoin for global tran= sactions.=E2=80=9D=20 (Coinbase is a founding partner in USDC.) 19 Number of U.S. states currently considering=20 investing public funds in digital assets or crypto ETFs after North Caroli= na=20 became the most recent toannounce=20 = such=20 plans on Monday. As theconversation=20 around a potential federal strategic bitcoin reserve continues toevolve=20 in Washington, a growing list of states have made similarmoves of their ow= n=20 this year. Last year, Michigan and Wisconsin became the first two states t= o=20 hold crypto in their pension funds for public employees. TOKEN TRIVIA=20 When is the next Bitcoin halving? A 2025=20 B 2026=20 C 2027=20 D 2028=20 Find the answer at the end of the email. Learn halving basics=20 =20 Trivia answer D 2028=20 =20 =20 Disclaimer: This material is the property of Coinbase, Inc., its parent and= =20 affiliates ("Coinbase"). The views and opinions expressed herein are those = of=20 the author and do not necessarily reflect the views of Coinbase or its=20 employees and summarizes information and articles with respect to=20 cryptocurrencies or related topics that the author believes may be of inter= est.=20 This material is for informational purposes only, and is not (i) an offer, = or=20 solicitation of an offer, to invest in, or to buy or sell, any interests or= =20 shares, or to participate in any investment or trading strategy, (ii) inten= ded=20 to provide accounting, legal, or tax advice, or investment recommendations = or=20 (iii) an official statement of Coinbase. No representation or warranty is m= ade,=20 expressed or implied, with respect to the accuracy or completeness of the= =20 information or to the future performance of any digital asset, financial=20 instrument or other market or economic measure. The information is believed= to=20 be current as of the date indicated on the materials. Recipients should con= sult=20 their advisors before making any investment decision. Coinbase may have=20 financial interests in, or relationships with, some of the entities and/or= =20 publications discussed or otherwise referenced in the materials. Certain li= nks=20 that may be provided in the materials are provided for convenience and do n= ot=20 imply Coinbase's endorsement, or approval of any third-party websites or th= eir=20 content. Coinbase, Inc. is not registered or licensed in any capacity with = the=20 U.S. Securities and Exchange Commission or the U.S. Commodity Futures Tradi= ng=20 Commission. Information provided is for general educational purposes only and is not= =20 intended to constitute investment or other advice on financial products. Th= is=20 is not a recommendation to buy or sell any particular digital asset or to u= se=20 any particular investment strategy. Coinbase makes no representation on the= =20 accuracy, suitability, or validity of any information provided. =C2=A9 Coinbase 2025 | Coinbase Europe Limited=20 45 Mespil Road | Dublin | D04 W2F1 | Ireland=20 =C2=A9 Coinbase 2025 | CB Payments, Ltd=20 The Scalpel - 18th Floor | 52 Lime Street | London | EC3M 7AF | UK=20 www.coinbase.com =20 Get in touch =20 CB Payments, Ltd. is authorised by the Financial Conduct Authority under t= he=20 Electronic Money Regulations 2011 (register number 900635) for the issuing = of=20 electronic money. Cryptocurrency is unregulated in the UK and may gain in value, or lose som= e=20 or all value. Profits may be subject to Capital Gains Tax. Unsubscribe=20 from future editions of Coinbase Bytes. ------=_Part_14155_578140757.1739448696595 Content-Type: text/html; charset=UTF-8 Content-Transfer-Encoding: quoted-printable Coinbase Bytes = SOL has jumped 1,00= 0% since 2023.

13/02/2025
=
Don't invest unles= s you're prepared to lose all the money you invest. This is a high-risk inv= estment and you should not expect to be protected if something goes wrong. = Take 2 mins to learn more.
Solana is currently the sixth lar= gest cryptocurrency, with a market cap around $95 billion.

What=E2=80=99s up? It=E2=80=99s Coinbase Bytes

Ther= e=E2=80=99s never a dull moment on the blockchain. Here=E2=80=99s what you = need to know this week:

  • Bitcoin seesawed under $100K = as volatility gripped markets. Also: ETF inflows surged and Fed ch= ief nixed near-term rate cuts.
  • Why SOL has been outpacing ETH lately. A closer look= at how two of the most prominent cryptocurrencies have been performing.
  • USDC=E2=80=99s mark= et cap just notched an all-time high. And more key stats from the = cryptoverse.

=
= <= /tr>
Bitcoin
=
=C2=A376,979.83
= -2.73%
=
Ethereum
=C2=A32,129.88
-4.98%
=
=
XRP
=C2=A31.97
+1.55%
=
<= /tr>
Solana
=C2=A3153.71 =
-3.80%
=C2=A30.21
-1.54%
=
=
Cardano
=
=C2=A30.63
+4.= 78%
<= table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0">
=
Bitcoin
= =C2=A376,979.83
-2.73%
=
Ethereum
=C2=A32,129.88
-4.98%
= <= /tr>
=
XRP
=C2=A31.97
+1.55%
=
Solana=
=C2=A3153.71
-3.80%
<= table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0">
= =
Dogecoin
=C2=A30.21
-1.54%
=
Cardano
=C2=A30.6= 3
+4.78%

Past= performance is no guarantee of future results. Price changes are for the p= ast week, ending on Feb 13, 2025 at 12:09 PM UTC

See the lat= est prices
<= /tr>

MARKET BYTES

As volatility rol= ls on, crypto ETF inflows continue to surge

Crypto pr= ices continued their wild ride for another week, with values rising and sin= king to the rhythm of a supercharged news cycle.

On Friday, BTC, = ET= H, and XRP all briefly saw = gains following a mixed U.S. jobs report. But then prices dipped on Sun= day after the Trump administration announced new tar= iffs on steel and aluminum =E2=80=94 before whipsawing again followi= ng a hotter-than-expected inflation report on Wed= nesday. BTC hovered near $97,000 as of Wednesday afternoon.

Despite t= he volatility, crypto investment products (primarily spot BTC and ETH ETFs)= , saw their fifth consec= utive week of inflows =E2=80=94 with last week=E2=80=99s $1.3 billion = in new capital nearly doubling the previous week=E2=80=99s $747 million.

Even more surprisingly, Ether ETFs saw bigger inflows than BTC ETFs, as traders seemingly took = advantage of a sharp dip in ETH prices over the weekend. 

Here a= re three more market stories to know about=E2=80=A6

Fed chair= not =E2=80=9Cin a hurry=E2=80=9D to lower interest rates

La= st year, crypto prices surged after t= he Federal Reserve cut interest rates three times, with multiple further cu= ts considered likely in 2025. But with inflation remaining stubbornly above the Fed=E2=80=99s 2% target and a broadly strong= economy, the central bank has slowed the rollout of further cuts.=

On Tuesday, speaking before the Senate Banking Committee, Fed Chair = Jerome Powell suggested that no further cuts are imminent, saying =E2=80=9Cwe do not need to b= e in a hurry to adjust our policy stance.=E2=80=9D 

And followin= g Wednesday=E2=80=99s hotter-than-anticipated CPI report, Powell remained m= easured: =E2=80=9CWe don=E2=80=99t get excited about one or two good readin= gs and we don=E2=80=99t get excited about one or two bad readings,=E2=80=9D= he told the House Financial Services Commit= tee.

Amid the flurry of macroeconomic headlines, BTC prices dipped ne= arly as low as $94,000 on Wednesday morning before climbing back around $97= ,000.  

  • Rebanking=E2=80=A6 One= issue of major concern for the crypto industry has been =E2=80=9Cdebanking=E2=80=9D =E2=80=94 when government regulator= s pressure banks into avoiding working with crypto companies. Powell said that it was time to "take a fresh look" a= t the issue. 

=

Last week, after briefly pausing its bitcoin-accumulation efforts, = the publicly traded software firm MicroStrategy rebranded itself as =E2=80=9CStrategy,=E2= =80=9D reflecting founder Michael Saylor=E2=80=99s belief that the firm is = now primarily a =E2=80=9CBitcoin Strategy Company.=E2=80=9D

Strategy = also went back to work buying more crypto, reporting a purchase of 7,633 BTC in the week ending Feb. 9 =E2=80=94 bringing= the firm=E2=80=99s total holdings to 478,740 BTC (= worth around $46 billion as of Tuesday). Even though Strategy reported a ne= t loss for the fourth quarter of 2024, its stock remains a huge hit on Wall= Street. 

=E2=80=9CStrategy=E2=80=99s shares have skyrocketed mo= re than 400% over the past year, and the company=E2=80=99s $83 billion mark= et cap trumps that of companies such as Capital One and Target,=E2=80=9D Fo= rtune notes.

=
  • Popular strategy=E2=80=A6 A growing number = of companies are emulating Strategy and buying bitcoin of their own. Accord= ing to the Financial Times, there are no= w 78 listed companies that hold BTC in their corporate treasuries. = ;

=E2=80= =9CHigh odds=E2=80=9D for new crypto ETFs to gain approval

B= loomberg ETF analysts James Seyffart and Eric Balchunas said= odds are =E2=80=9Chigh=E2=80=9D that a variety of new spot crypto ETFs (fu= nds that would buy crypto and sell shares via conventional stock market exc= hanges) will receive SEC approval this year. 

How high? =E2=80= =9CThe analysts estimate that Litecoin ETFs filed by Canary Capital and Gra= yscale have the highest chance of approval, rating those filings as possess= ing a 90% chance of approval=E2=80=9D reports The Block. =E2= =80=9CAfter Litecoin, Dogecoin products received a 75% chance of app= roval, followed by Solana and XRP products, which the analysts expect hav= e a 70% and 65% likelihood of approval, respectively.=E2=80=9D

These = odds represent a huge shift in sentiment under the Trump administration and= crypto-friendly leadership in = the SEC and beyond. Seyffart claims that the pre-electio= n chances for many of these ETFs was below 5% =E2=80=94 adding that th= ese increasingly favorable odds =E2=80=9Cwill likely grow the more we see t= hese go through the typical process.=E2=80=9D

    I w= ant my ETF=E2=80=A6 On Monday, NYSE Arca (a subsidiary of the New = York Stock Exchange) filed paperwork on behalf of Grayscale to create the f= irst U.S.-based spot Cardano exchange-traded product. According to Bloomb= erg=E2=80=99s Balchunas,

    Read more market insights
    =
    =

    SOL CYCLE

    Why has Solana outperformed Ethereum recently?

    Over the last year, as crypto markets have surged to all-t= ime highs, the two most prominent smart-contract-compatible blockchain toke= ns have taken very different journeys. 

    Solana (the sixth-bigges= t cryptocurrency by market cap) was created in 2020 as a faster, cheaper al= ternative to Ethereum (the second biggest). But since the end of 2023, SOL = has become one of the market=E2=80=99s biggest outperformers, while ETH has= lagged behind other major tokens. 

    =

    Last week, asset manager VanEck predicted that SOL could reach $520 b= efore the end of 2025 (compared to around $195 on Wednesday). At the same t= ime, JPMorgan released = a report warning that ETH =E2=80=94 which sank to around $2,500 on Sun= day (compared to an all-time high north of $4,100 in 2021) =E2=80=94 could = continue to underperform throughout this year. 

    How did SOL and = ETH arrive at their current narratives, and where could things go next? Her= e=E2=80=99s what you need to know=E2=80=A6

    Quick refresher = =E2=80=94 what is Solana?

    = Solana is a layer-1 blockchain built for running crypto applications at= scale, and SOL is its native cryptocurrency. Solana=E2=80=99s major innova= tion is its speed and throughput: It can process ,=E2=80=9D compared to 15 TPS= on Ethereum. And it can cost just fractions of a cent to process transacti= ons. The network supports a variety of apps and projects including decentra= lized exchanges, lending protocols, and memecoins.

    How has it= performed during the bull market?

    Since the end of 2023, SO= L has been one of the best performing assets in the market, rising from aro= und $19 in Sept. 2023 to $203 on Monday, a nearly 1,000% gain. ETH, in c= omparison, has risen around 68% in that same span. 

    SOL=E2=80= =99s sizable gains can be attributed at least in part to its status as the = blockchain of choice for memecoins, as well as a series of popular app= lications across a number of major blockchain narratives like lending protocols, crypto-focused AI agents, and decentralized physical infrastructure. 

    S= olana, which already controls about 15% of the market for smart-contract pl= atforms, is expected to see that market share rise to 22% by the end of thi= s year, according to VanEck. 

    SOL also could get a spot ETF (or pote= ntially several) of its own this year, pending approval by the SEC, whi= ch could attract more investor capital into the asset. 

    Why has it attracted so much activity? 

    Solana=E2=80= =99s speedy, cheap transaction processing and s= ustained real usage are seen as the primary reasons for its massive popularity =E2=80=94 giving rise t= o a vast ecosystem of memecoins, games, NFTs, and even cellphone networks.

    For the past four months, S= olana has outpaced = Ethereum in monthly onchain trading volume. There was more than $640 bi= llion in onchain volume using Solana last year, and hundreds of thousands of tokens were launched= on Solana in that same period. In January 2025 alone, onchain volume was a= lready more than $260 million, according to DefiLlama. 

    During= the last bull market, from 2019 to 2022, Ethereum is where viral memecoins= like SHIB launched. But this time, SOL has effectively replaced ETH as t= he favored platform for launching coins=E2=80=94 hosting BONK, WIF, Moo Deng, Official Trump, and m= any more. 

    Last year, Solana became the first blockchain since 2016 to attract more new developers t= han Ethereum, onboarding 7,625 new software builders. 

    W= hat=E2=80=99s the outlook for ETH?

    Analysts are divided on E= thereum=E2=80=99s prospects. A recent report from JPMorgan noted reasons for concern, citing ETH= =E2=80=99s 10% share of the overall crypto market cap =E2=80=94 its lowest = mark since 2020 =E2=80=94 and continued =E2=80=9Cintense=E2=80=9D comp= etition from other networks. 

    Still, investor interest in ETH re= mains active =E2=80=94 spot Ethereum ETFs attracted $793 million of inflo= ws last week, potentially taking advantage of low prices.

    Ethereum al= so remains the leader in the two biggest areas of interest for institutiona= l finance: stablecoins and tokenization (making traditional financial produ= cts tradable on blockchains). More than $130 billion of stablecoins cir= culate on ETH, as well as nearly $4 billion in tokenized assets. Both a= re areas where the Ethereum community is working to maintain traction via a= n initiative called Etherealize, w= hich is aimed at marketing Ethereum to Wall Street institutions.

    =E2= =80=9CWe looked around and saw that institutional education about ETH was w= oefully lacking,=E2=80=9D said Etherealize co-founder Grant= Hummer. =E2=80=9CEtherealize is here to fix not only that, but to brin= g all of Wall Street (and ultimately, the world) onto Ethereum rails.=E2=80= =9D

    See the latest ETH updates
    =
    <= td style=3D"margin: 0px; padding-right: 11px; vertical-align: middle;">

    <= strong> NUMBERS TO KNOW

    <= h1>114.7 trillion

    Bitcoin=E2=80=99s new all-time hi= gh mining diffi= culty, meaning that it's about 114.7 trillion times harder to mine a cu= rrent block of Bitcoin than the blockchain=E2=80=99s original blocks back i= n 2009. The increased difficulty has put pressure on miners, who need to in= vest in higher computational power to participate.

    $56 bill= ion

    New all-time-high market capitalization of USDC, the digital-dollar stablecoin issued by= Circle. What accounts for the growth? =E2=80=9CWhether for payments, remit= tances, trading, or decentralized finance,=E2=80=9D notes a Coinbase blog p= ost, =E2=80=9CUSDC continues to be a go-to stablecoin for global transactio= ns.=E2=80=9D (Coinbase is a founding partner in USDC.)

    19

    Number of U.S. states currently considering investing public funds in digital assets or crypto ETFs = after North Carolina became the most recent to announce such plans on Monday. As the conversation around a pot= ential federal strategic bitcoin reserve continues to evolve in Was= hington, a growing list of states have made similar moves of th= eir own this year. Last year, Michigan and Wisconsin became the first t= wo states to hold crypto in their pension funds for public employees.

    <= table width=3D"100%" role=3D"presentation" style=3D"table-layout: fixed; ve= rtical-align: top; border-spacing: 0px; border-collapse: collapse; min-widt= h: 100%; text-size-adjust: 100%;">
    =

    TOKEN TRIVIA

    When is the next Bitcoin halving?

    Find the answer at the end of the email.

    Learn halvin= g basics
    A 2025
    B 2026
    C 2027
    D 2028
    =
    =

    Trivia answer

    D 2028
    3D"Co=
    3D"Download 3D"Download

    Disclaimer: Th= is material is the property of Coinbase, Inc., its parent and affiliates ("= Coinbase"). The views and opinions expressed herein are those of the author= and do not necessarily reflect the views of Coinbase or its employees and = summarizes information and articles with respect to cryptocurrencies or rel= ated topics that the author believes may be of interest. This material is f= or informational purposes only, and is not (i) an offer, or solicitation of= an offer, to invest in, or to buy or sell, any interests or shares, or to = participate in any investment or trading strategy, (ii) intended to provide= accounting, legal, or tax advice, or investment recommendations or (iii) a= n official statement of Coinbase. No representation or warranty is made, ex= pressed or implied, with respect to the accuracy or completeness of the inf= ormation or to the future performance of any digital asset, financial instr= ument or other market or economic measure. The information is believed to b= e current as of the date indicated on the materials. Recipients should cons= ult their advisors before making any investment decision. Coinbase may have= financial interests in, or relationships with, some of the entities and/or= publications discussed or otherwise referenced in the materials. Certain l= inks that may be provided in the materials are provided for convenience and= do not imply Coinbase's endorsement, or approval of any third-party websit= es or their content. Coinbase, Inc. is not registered or licensed in any ca= pacity with the U.S. Securities and Exchange Commission or the U.S. Commodi= ty Futures Trading Commission.

    Information provided is for general = educational purposes only and is not intended to constitute investment or o= ther advice on financial products. This is not a recommendation to buy or s= ell any particular digital asset or to use any particular investment strate= gy. Coinbase makes no representation on the accuracy, suitability, or valid= ity of any information provided.

    =C2=A9 Coinbase 2025 | Coin= base Europe Limited
    45 Mespil Road | Dublin | D04 W2F1 | Ireland
    = =C2=A9 Coinbase 2025 | CB Payments, Ltd
    The Scalpel - 18th Floor | 52 = Lime Street | London | EC3M 7AF | UK
    www.coinbase.c= om
    Get in touch

    CB Payments, Ltd. is author= ised by the Financial Conduct Authority under the Electronic Money Regulati= ons 2011 (register number 900635) for the issuing of electronic money.
    =
    Cryptocurrency is unregulated in the UK and may gain in value, or los= e some or all value. Profits may be subject to Capital Gains Tax.

    =
    = Unsubscribe from future editions of Coinbase Bytes.

    3D"" ------=_Part_14155_578140757.1739448696595--