The Ethereum short squeeze is already underway—by opening the position data, you can see the clues, with open interest significantly declining. In contrast, Solana has not yet formed a substantial squeeze pattern. The market performance of the two main public chains shows a clear difference, and changes in open interest directly reflect the shift in market participants' attitudes. This difference is worth close attention from traders.

Major investment bank Morgan Stanley just filed for Bitcoin and Solana ETFs, but notably excluded Ethereum from the application. Bitcoin ETF approval was pretty much anticipated at this point. The real headline here? Solana getting serious institutional backing. The move signals major players are thinking beyond just BTC now. But here's what has everyone talking: if SOL is getting in line, does that mean Ethereum is next? The absence of ETH from this filing is raising eyebrows across the market. Some see it as a strategic move, others view it as just a first wave of applications. What's your take—is an Ethereum ETF a done deal waiting to happen, or is there more to read between the lines here?

Looking back at 2025, Solana's ecosystem painted quite a picture. Ecosystem app revenue hit $2.39B—a solid 46% jump year-over-year. What caught attention was the cluster of seven applications that individually crossed the $100M revenue mark, signaling real momentum in builder activity. Dig into the network metrics and things get more interesting. Revenue across the chain reached $1.4B, while daily active wallets climbed to 3.2M, up 50% from the prior period. The fee structure tells a story too—average transaction costs dropped to just $0.017, making the network increasingly accessible. On the stablecoin front, supply ballooned to $14.8B, with an impressive $11.7T in total transfer volume flowing through the ecosystem. That throughput volume speaks volumes about real usage, not just liquidity shuffle. The DEX ecosystem stayed competitive, continuing to process substantial trading activity. When you stack these numbers together—revenue growth, wallet adoption surge, fee compression, and stablecoin activity—you're looking at an ecosystem that's maturing. Builders are earning, users are coming back, and the cost to participate keeps getting friendlier. That's the kind of flywheel momentum that matters in 2025.