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Solana Stands Alone to Attract Demand While Altcoins Weaken

Altcoins generally weakened this week, lagging behind Bitcoin. Risk appetite continues to be squeezed towards the top of the curve, meaning larger and more liquid assets. Solana, however, stands out as the only altcoin ecosystem attracting private equity despite broad-based selling pressure.

In terms of relative strength, Bitcoin has given back approximately 2% in the last 14 days, while the Altcoin Index (TOTAL3) has fallen by 3.1%. The ETH/BTC pair has declined by 5.3%.

Solana was the only L1 network to record significant net stablecoin inflows this week. The Ethereum mainnet experienced the deepest net outflow. Parallel outflows were also seen in second-layer L1 and L2 networks such as Avalanche, Mantle, Aptos, and Hyperliquid.

Solana's institutional and compliance-focused narrative has made tangible progress in the last two weeks.

There are two key issues to watch in the coming period: whether net stablecoin inflows into Solana will continue, and whether SOL's price strength against Bitcoin will become even more pronounced.

The macroeconomic regime has shifted from the risk of events stemming from the Strait of Hormuz to a persistent inflation outlook fueled by energy prices. The recovery in risky assets has outpaced actual supply normalization, and the weakness in gold does not support this optimism.

In the crypto market, both ETF inflows and stablecoin issuance are slowing. This makes Bitcoin's relative resilience more dependent on previous positioning than on new demand. While the unwinding continues in altcoins, Solana stands out as the only ecosystem capable of capturing specific stablecoin demand.
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