Bitcoin, Ethereum, and the Changing Architecture of Crypto Markets
Three data points from 2025:

▪️Bitcoin institutional holdings reached ~12% of total supply

▪️Ethereum L1 fee revenue declined 85% as activity shifted to Layer 2s

▪️Solana stablecoin supply expanded 186% amid strong user growth

CoinDesk Research examines these parallel trends and their implications for protocol design, token economics, and capital deployment.