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Bitcoin Miners Have Deposited 51,000 BTC to Binance Since October 9: CryptoQuant

Elendu Benedict
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Bitcoin Miners Have Deposited 51,000 BTC to Binance Since October 9: CryptoQuant

Bitcoin miners have moved from HODLers to sellers, and this has historically preceded a radical price and sentiment shift for Bitcoin.

Bitcoin miners ensure that new BTC tokens come into existence. With their role in the Bitcoin ecosystem, they hold a significant amount of the pioneering cryptocurrency in custody.

But when miners begin to sell, history suggests it typically does not end well for the market. According to recent data, these miners may be selling their holdings, evidenced by their activities over the past seven days.

Bitcoin Miners Move BTC to Binance

Recent CryptoQuant data highlighted that miner addresses have moved large amounts of Bitcoin to exchanges. Specifically, they have transferred 51,000 BTC worth over $5.7 billion to the leading centralized exchange, Binance, since October 9.

Notably, a spike in inflows from miners was recorded on October 11, as they deposited over 14,000 BTC to Binance. The massive shift came a day after the famous market crash, where Bitcoin dropped to $104,000, liquidating nearly $20 billion worth of leveraged positions.

Bitcoin Miner Outflows to Exchange
Bitcoin Miner Outflows to Exchange

The outflow was the largest Bitcoin miner move since last July, as the capsize adversely impacted market sentiments, including those of miners. 

Sell-Offs or Just Repositioning?

CryptoQuant highlighted that such movements from miners to exchanges suggest they may be selling their Bitcoin holdings.

“They are essentially moving their coins from wallets designed for storage or mining to platforms where they can be easily sold or hedged,” the firm reported on Thursday.

Nonetheless, there is no guarantee of this. CryptoQuant also mentioned that miners may also be moving their bitcoins to Binance to use as collateral for futures contracts or funding purposes. It could also be asset repositioning or purely operational reasons.

However, it has not augured well with Bitcoin when miners start selling. The report emphasized that the transfer signals a sentiment shift from holding to selling for miners, which has historically pressured the price of Bitcoin.

Notably, if these are sell-offs, history suggests they precede a severe price correction for Bitcoin. This signals that Bitcoin could see lower prices in the coming days unless institutional demand cushions these sales.

Institutional Buy Activity Could Remedy Selling Pressure

Meanwhile, CryptoQuant noted that if institutional and retail investors, through ETFs or on-chain activities, amass sizable amounts of the sold miner stash, Bitcoin may not correct further. Such buying activity would offset the selling pressure that additional supply may have brought.

Remarkably, whales are doing just that. Data shows that whales are buying the dip in Bitcoin price, with a new wallet acquiring $110.6 million worth of BTC from Binance earlier today.

Another newly created wallet also bought 465 BTC ($51.4 million) from FalconX today in a parallel transaction, adding to the buying pressure. With the US Bitcoin spot ETFs also recording inflows, the demand for Bitcoin could continue to withstand bearish tests.

American Fast-Food Chain Steak ‘n Shake Launches Bitcoin Steakburger

Sam Wisdom Raphael
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American Fast-Food Chain Steak ‘n Shake Launches Bitcoin Steakburger

Steak ‘n Shake, the iconic American fast-food brand, has introduced a special Bitcoin Steakburger to celebrate its growing connection with the Bitcoin community.

The company rolled out the “Bitcoin Steakburger” today to celebrate five months since it began accepting Bitcoin payments and to thank the Bitcoin community for its overwhelming support.

Stake ‘n Shake Launches Bitcoin Steakburger Amid Crypto Push

Specifically, details confirm that the packaging carries bright orange touches inspired by the Bitcoin logo, with each burger costing $7.19. The company said the burger would only be available for a short time, comparing its limited supply to Bitcoin’s scarcity.

Bitcoin Steakburger from Stake 'n Shake
Bitcoin Steakburger from Stake ‘n Shake

The launch followed an announcement a week ago, when Steak ‘n Shake reaffirmed its plan to debut the Bitcoin Steakburger today. In the disclosure, the company thanked Bitcoin users for helping it reach leading performance among quick-service restaurants. 

It also highlighted a 15% jump in same-store sales during the third quarter of 2025. Interestingly, this growth was encouraging compared to previous years: 2% in 2024, 6% in 2023, and 14% in 2022.

Start of the Bitcoin Journey

For the uninitiated, Steak ‘n Shake began its Bitcoin journey earlier this year. On May 9, the company announced that all locations would start accepting Bitcoin payments on May 16. 

Importantly, the move gave over 100 million customers the option to pay with cryptocurrency. Steak ‘n Shake called the decision the beginning of a broader change toward modern, digital-friendly payments.

By Sept. 30, the company reported that its domestic same-store sales had risen 15% in the third quarter, outperforming every other major fast-food chain. 

Steak n Shake on X
Steak ‘n Shake on X

Steak ‘n Shake credited the Bitcoin community for much of the success and also mentioned Secretary Kennedy’s “Make America Healthy Again” initiative, which aligns with its focus on serving better-quality meals. 

Encouraged by the results, Steak ‘n Shake considered adding Ethereum payments. Four days before the Bitcoin Steakburger launch, the company asked customers in an X poll whether they wanted it to support Ethereum as well. 

Early results showed most people opposed the idea, prompting the brand to announce that it would stay loyal to Bitcoin. However, once the poll ended, “Yes” votes had overtaken the “No.” Despite this, Steak ‘n Shake has not gone back on its earlier decision not to adopt Ethereum payments.

Bitcoin Adoption Fever Hitting the Fast-food Industry 

Notably, the company’s Bitcoin push is part of a broader trend in the fast-food industry. In 2025, several major restaurant chains also began experimenting with Bitcoin payments. 

Specifically, FAT Brands, the parent company of Fatburger, Johnny Rockets, Round Table Pizza, and Great American Cookies, started accepting Bitcoin for international franchise royalty payments in April, helping reduce cross-border costs. 

Subway expanded Bitcoin payments across select European outlets through the GoCrypto platform and offered loyalty rewards to crypto users. In South Africa, Pizza Hut and KFC introduced Bitcoin payments to meet growing demand for digital options in emerging markets.

Analyst Says: Hate It or Like It, XRP Setup Is Going to Be Explosive

Abdulkarim Abdulwahab
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Analyst Says: Hate It or Like It, XRP Setup Is Going to Be Explosive

Market analyst Mikybull has shared a promising outlook for XRP, describing the current market setup as “explosive” and primed for a major breakout.

In a tweet on Wednesday, he highlighted a 3-week XRP chart analysis showing XRP consolidating within a powerful bullish structure, with potential targets far above current price levels.

Notably, this observation comes at a time of low sentiment toward XRP, with the price dipping by 14% over the last seven days. While this performance has been painful for holders, Mikybull expects the emergence of green days soon.

XRP Correction Nearing Completion

The chart highlights an ABC corrective pattern that appears to be nearing its end. XRP’s recent price movement has hovered around the $2.50 range. It is resting just above the long-term moving average. This zone has historically acted as strong support for XRP.

The formation suggests the asset may be preparing for its next impulsive leg upward once the consolidation phase concludes.

Mikybull's XRP chart
Mikybull’s XRP chart

Next Targets According to Key Fibonacci Levels

Mikybull’s chart outlines critical Fibonacci levels, with the 1.00 level equivalent to the $1.94 price (its 2021 peak) serving as a key base. On the upside, the $3.25 price (the 1.272 Fibonacci extension) stands as the major resistance level to watch.

A breakout above $3.25 could set XRP on course toward the 1.618 Fibonacci extension at approximately $6.28. This would mark a new all-time high for XRP.

Mikybull suggests this incoming surge will be “explosive,” given how tightly XRP’s price has been moving within a narrow range. After months of sideways trading and testing the same resistance level, it is getting ready for a strong breakout.

In the past, similar setups have led to fast price moves once resistance is broken, aligning with Mikybull’s prediction. His chart implies that he even sees XRP progressing beyond the $6.28 level to potentially make an attempt at the double-digit price range.

Other Analysts’ Views

Notably, in recent weeks, more analysts are calling for XRP’s next upward move even as the broader market remains bearish.

In an earlier analysis, Charting Guy highlighted XRP holding above strong support as a structurally bullish setup. With this, he dismissed bearish views about the coin. He also calls for XRP to target prices of $8, $13, and $26 in the next pump.

Interestingly, other market commentators like Alex Cobb have leveraged Charting Guy’s analysis to call for an XRP price surge that could shake Bitcoin’s dominance and make BTC holders nervous.

While XRP is currently far behind Bitcoin, Cobb argues it could challenge BTC’s top spot if it rises dramatically. In particular, XRP would need roughly a 1,400% increase to about $38 to overtake Bitcoin, assuming Bitcoin’s price stays the same. However, this scenario remains speculative.

Here is XRP Price if Hidden Road Handles 10% of DTCC’s $2 Quadrillion Volume Using RLUSD

Sam Wisdom Raphael
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Here is XRP Price if Hidden Road Handles 10% of DTCC’s $2 Quadrillion Volume Using RLUSD

What could XRP price rise to if Hidden Road handled as little as 10% of DTCC’s annual settlement volume using Ripple stablecoin RLUSD?

Notably, during the DTCC Blockchain Symposium in June 2016, Robert Palatnick, a Managing Director at the Depository Trust & Clearing Corporation (DTCC), discussed blockchain’s potential. 

DTCC MD Discusses Blockchain

He said blockchain’s real advantage is in how it allows information to move smoothly between firms without forcing everyone to rely on the same systems or databases. 

Despite this, Palatnick warned that the hype around the technology had led to inaccurate claims. To debunk some of these claims, Palatnick explained that reconciliation would always play a role, that instant settlement isn’t always the best approach, and that blockchain alone cannot replace every existing financial system.

He also clarified that blockchain functions mainly as a transaction ledger, not a complete computing platform. Palatnick also addressed discussions around public and private blockchains. He said public, permissionless networks aren’t automatically better, noting that both public and private blockchains have their place depending on the use case.

DTCC Could Leverage XRPL

Recently, an anonymous XRP community member called attention to the panel discussion. The renewed attention came because the panel was hosted by Donald Donahue, the former DTCC CEO who served as a Ripple advisor at that time and still holds that advisory position today. 

The community member suggested that if DTCC ever decided to move deeper into blockchain, the XRP Ledger could be one of the leading candidates.

Speaking on this, Chad Steingraber, a professional game designer and another XRP proponent, pointed out that in March 2025, DTCC approved Hidden Road, a Ripple-owned firm, as a member of its Fixed Income Clearing Corporation (FICC) for U.S. Treasury clearing. 

Steingraber said Hidden Road could eventually process massive volumes through DTCC using RLUSD. He predicted that Hidden Road might handle quadrillions of dollars each year through this channel.

XRP Price if Hidden Road Settles 10% of DTCC Volume with RLUSD

For context, DTCC doesn’t publish its full settlement totals publicly, but estimates place its combined annual volume, covering its NSCC and FICC GSD, at roughly $2.33 quadrillion. This figure excludes additional services like MBSD and DTC, which overlap with NSCC’s equities operations.

Notably, Ripple already uses RLUSD for settlements through Hidden Road. If Hidden Road ends up processing even 10% of DTCC’s total settlement volume through RLUSD, that would mean about $233 trillion in annual transactions, or roughly $19.4 trillion every month. 

Several XRP community figures believe such enormous transaction flow could strengthen XRP’s value, although no one can say by how much.

As a result, we asked ChatGPT for a price prediction based on this scenario. The AI chatbot used the $2.33 quadrillion settlement total and assumed Hidden Road handles 10% of it through RLUSD with XRP as the liquidity bridge to build a liquidity velocity model. 

Considering there is 55 billion XRP in circulation, it assumed each token could circulate 50 times per day, equal to 18,250 transactions per year. Under this condition, processing $233 trillion annually would require about $12.77 billion worth of XRP liquidity, setting a base value of around $0.23 per token for settlement purposes.

XRP Price Prediction ChatGPT
XRP Price Prediction | ChatGPT

ChatGPT then applied different multipliers to reflect adoption, staking, and market speculation. With a moderate 20x multiplier, XRP could trade around $4.6. With stronger adoption at 100x, it could reach roughly $23. Meanwhile, in the bullish case, the model estimated a possible price above $100.

Here Is Cardano Price If Team Burns Half of ADA Supply

Mark Brennan
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Here Is Cardano Price If Team Burns Half of ADA Supply

As some Cardano enthusiasts continue to call for token burns, we explored what could happen to ADA’s price if the team were to burn 50% of its total supply.

Token burning has become a widely used strategy for increasing the value and scarcity of digital assets. This process involves removing a portion of the token supply by sending it to a dead wallet, potentially driving prices higher over time.

Projects like Shiba Inu have relied on this strategy as a means to enhance the value of the SHIB token. Notably, SHIB embarked on a significant rally a few months after Ethereum co-founder Vitalik Buterin burned 41% of its 1 quadrillion supply. The incident demonstrated how impactful burns are in enhancing the value of a token.

In the meantime, Cardano does not support burns nor have a designated burn address. Some community members have proposed burning a portion of the supply, particularly those held within the ecosystem’s treasury.

Demand for Cardano Burns

Last year, prominent figure Big Pey proposed that the community could vote to burn around 1.5 billion ADA in the treasury. Interestingly, some users even advocated for more burns in an attempt to drive the ADA’s price higher.

In light of this, The Crypto Basic estimated ADA’s potential price if 50% of its total supply were sent to an inaccessible wallet. This projection assumes that ADA’s overall market valuation remains unchanged—a purely hypothetical scenario—while its supply is reduced by half.

For context, ADA has a supply of 45 billion tokens, with 35.83 billion currently in circulation. Accordingly, reducing the total supply by 50% would see it drop to 22.5 billion. As of press time, ADA was trading at $0.6713 with a market capitalization of $24.05 billion. This price reflects the current number of ADA tokens in circulation.

ADA Price If 50% of Supply Is Burned

In a hypothetical scenario where ADA’s market cap remains unchanged but 50% of its total supply is burned — dropping to 22.5 billion tokens — one would expect the resulting price per ADA to be $1.06.

Similarly, if 50% of the circulating supply (currently 35.83 billion ADA) were burned, reducing it to 17.91 billion tokens, ADA’s price would be $1.34, assuming the market valuation stays constant.

Both the $1.06 and $1.34 targets are still below ADA’s previous ATH of $3.10, registered on September 2, 2021. Cardano briefly crossed the $1 target in August during a broader market rally. However, it is currently trading below that level, with one token priced at $0.6713.

Despite this, several analysts, including MMBTrader, believe that Cardano will reclaim $1 in the short term. Also, prominent chartist BullStar predicted ADA’s potential spike to $1.30.

Point to Note

However, burning a significant portion of tokens — in this case, 50% of ADA’s supply — would also remove the corresponding market value of those tokens. As a result, ADA’s price would technically remain unchanged unless demand increases while the supply decreases.

A notable example is Stellar (XLM), which burned 50% of its total supply in 2019 yet continues to underperform due to weak demand. This demonstrates that token burns alone do not guarantee price growth, but merely make future rallies more impactful if demand rises.

Furthermore, it is not entirely realistic for Cardano to burn half of its supply, as individual users hold most ADA tokens. Achieving such a large-scale burn would require holders to destroy their own assets, which is highly improbable.

XRP OG Says His 1,304 XRP Will Make History: “I Hold for History, Not Hype”

Abdulkarim Abdulwahab
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XRP OG Says His 1,304 XRP Will Make History: “I Hold for History, Not Hype”

Australian XRP community veteran Diep Sanh, known for his steady 8-year accumulation journey, has once again drawn attention with a powerful declaration.

In his latest tweet, Sanh stated that he’s not holding XRP because of hype or trends. Instead, he continues to hold because he believes it will matter in the long run. Specifically, Sanh expressed confidence that his holdings, now at 1,304 XRP, will one day “go down in history.”

Diep Sanh on X
Diep Sanh on X

This statement suggests Sanh sees XRP as more than just a tool for quick profits. Instead, he is positioning himself for the long haul. This is because the investor views XRP as a key part of the changing financial system.

Eight Years of Patience

Earlier this month, Sanh revealed that it took him eight years to accumulate his XRP holdings—1,295 XRP at the time—by purchasing around 3 XRP each week. Staying true to his strategy, his holdings have since grown by 9 XRP, bringing the total to 1,304 tokens. His steady approach reflects a mindset built on conviction rather than market noise.

Illustratively, at current prices around $2.44, his total holdings are worth roughly $3,181, a notable drop from the earlier $3,900 reported earlier this month despite holding a slightly smaller amount of XRP at the time.

Yet his belief goes far beyond today’s valuation. Sanh sees a future where each XRP could be worth hundreds of dollars. Specifically, he imagines a scenario where his holdings grow in value to $1.2 million.

Given the relatively small size of his portfolio, this implies an outlook where 1 XRP could be up to $1,000.

Sanh’s message resonates deeply within the XRP community. Many see it as a reflection of the “diamond hands” mentality—long-time holders who have endured volatility, legal challenges, and missed bull runs.

But How Long Until the Expected Breakthrough?

While Sanh has been holding XRP for nearly a decade, he may still need to wait another decade for the coin to reach the life-changing value he envisions. Bullish market commentators largely agree that XRP may require another ten years to hit the $1,000 mark.

Notably, CryptoCharged COO Matthew Brienen shared this perspective in a viral podcast back in February.

Meanwhile, the Changelly crypto exchange offered an even more extended prediction. In its widely referenced forecast, it suggested that XRP may take up to 15 years to reach a $1,000 price point, with the earliest estimate landing in June 2040. Interestingly, in the same year, it projects XRP could reach a peak valuation of $2,138.

Here Are Two Possible Directions XRP Could Take from Here

Sam Wisdom Raphael
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Here Are Two Possible Directions XRP Could Take from Here

A market analyst and trader has shared two possible directions he believes XRP could take from here amid the recent struggles.

For context, XRP is still trying to regain its footing after the recent market crash that dragged it below the key $3 level. After collapsing to the $1.5 region on Oct. 10, XRP recovered immediately above $2, but has since failed to reclaim the pivotal $3 psychological level.

As the struggles continue, market analyst TraderJB recently highlighted two possible directions for the token. According to him, XRP is either wrapping up a long corrective phase or heading for an extended consolidation that could last well into next year.

XRP Completes Wave W, X, Y Structure 

TraderJB described the recent price action as a ten-month corrective structure that features a flat pattern followed by two zigzags. He broke it down into three main waves labeled (W), (X), and (Y), which respectively lasted roughly four, three, and three months each. 

These timeframes sync with XRP’s actual movements. Specifically, wave (W) formed from January to April, wave (X) ran from May through July, and wave (Y) stretched from August to October.

Notably, TraderJB’s chart traces this sequence back to XRP’s sharp rally in late 2024, when the price surged from $0.5 in November 2024 to $3.4 in January 2025. This movement completed wave (3). 

However, the first leg of the correction pulled the token down to about $1.8 in April, finishing wave (W). XRP rebounded through May and June, climbing past $2.8 before topping out at $3.6 in July. This rally formed wave (X).

XRP 1D Chart TraderJB
XRP 1D Chart | TraderJB

Meanwhile, between August and September, the token moved sideways inside a contracting triangle pattern with lower highs marked as a, c, and e. The consolidation ended with a smaller wave B before the market crash occurred on Oct. 10.

This crash sent XRP tumbling to the $1.5 low, a point labeled as wave C (Y) and marked with the broader wave (4). TraderJB pointed out that this sudden drop wiped out many leveraged long positions, setting the stage for a possible trend reversal. 

Two Possible Paths for XRP

He now sees two potential outcomes. In the first, the correction has already ended, creating a completed double-three pattern that could launch a new rally. Meanwhile, in the second, XRP still has two corrective legs left, an additional (X) and a final (Z), which would form a triple-three pattern and extend the correction by another six months.

Despite outlining both paths, TraderJB leans toward the first scenario. He argued that the recent liquidation likely flushed long positions. As a result, the market could soon reverse once shorts begin to unwind. 

With XRP currently trading for $2.4, a steady climb above $2.8 to $3.0 could confirm that reversal and open the way for a push toward the $3.6 to $3.8 zone. On the other hand, a move below the October low near $1.5 would indicate that the correction isn’t over yet.

Paxos Clarifies No Security Breach After $300 Trillion PayPal USD Minting Glitch

Zabi
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Paxos Clarifies No Security Breach After $300 Trillion PayPal USD Minting Glitch

Stablecoin issuer Paxos accidentally minted an astonishing 300 trillion PayPal USD (PYUSD) tokens on Wednesday after a technical error disrupted its minting system.

The incident occurred at 3:12 p.m. ET, and the company resolved it immediately, according to its official update.

Paxos Responds to Technical Issue

In a post on X (formerly Twitter), Paxos confirmed that the error had been identified and addressed. Specifically, the company stated that it has “resolved the root cause” and that the system has returned to its normal state.

Moreover, Paxos clarified that no security breach occurred during the mishap and that all customer assets remained secure. In response, the team quickly burned the excess tokens to restore balance to the network.

Blockchain data from Etherscan revealed that the erroneous transaction originated from a Paxos hot wallet and was directed to PayPal’s PYUSD smart contract.

Image

A Brief Moment of Impossible Wealth

Remarkably, the unintentional minting of 300 trillion PYUSD, equivalent to $300 trillion due to its 1:1 peg to the U.S. dollar, temporarily created more value than the U.S. national debt ($37 trillion) and even the global GDP (about $117 trillion) combined.

Although Paxos quickly destroyed the tokens, the brief existence of such an enormous supply attracted attention across the cryptocurrency community.

DeFi Market Impact and Recovery

The incident caused a short-term disturbance in decentralized finance (DeFi) markets. Lending protocol Aave reacted by freezing PYUSD markets as a precautionary step. The token’s price briefly slipped from its $1 peg but quickly stabilized after the burn.

Following the fix, Paxos resumed normal operations and minted 300 million PYUSD as part of its regular issuance cycle.

Current Standing of PYUSD

Despite the temporary glitch, PYUSD remains one of the leading stablecoins in circulation. According to CoinMarketCap, it currently ranks as the sixth-largest stablecoin globally, holding a market capitalization of around $2.6 billion.

Paxos’ quick response and transparent communication helped maintain confidence among PYUSD users and the broader crypto market.

Here’s the Support Line that Shiba Inu Needs to Defend for a Surge to $0.0000130

Elendu Benedict
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Here’s the Support Line that Shiba Inu Needs to Defend for a Surge to $0.0000130

Shiba Inu needs to hold this crucial support level if it is to stand a chance of reversing from its current bearish trend to target higher prices.

Shiba Inu (SHIB), the second-largest meme coin by market cap, is continuing in its price consolidation. The token fell below a key support level during October 10’s massive price correction, reaching a multi-year low of $0.0000067.

However, it didn’t stay there long enough before rebounding to reclaim the support around $0.000010. The momentum pushed SHIB to a high of $0.00001129, but it has since turned bearish, mirroring a broader market trend.

A Crucial Support Level Critical for Higher Trends

On the 4-hour timeframe, Shiba Inu found support at around $0.000010 during the quick price dump on Friday. It consolidated around the zone before making the short-lived rise to $0.00001129 on Monday.

Currently, Shiba Inu trends within a price range between the support at $0.000010 and the lower timeframe resistance at $0.000011. Since then, it has traded within a parallel channel between these two important levels. Notably, the lower support is very critical for the meme coin, as it would influence the prospects of an uptick to higher prices.

If the support holds, then Shiba Inu stands a chance of breaking above the range to reclaim new highs. Chart data shows that the meme coin could rally to the next resistance area at around $0.0000130, representing a 25.8% increase from its current market price of $0.0000103.

Shiba Inu 4h Chart
Shiba Inu 4h Chart

Aligning Shiba Inu Analysis

Meanwhile, several analysts have continued to share the prospects of Shiba Inu rebounding from current support levels to much higher prices. Notably, the token has accumulated around this area for multiple months, and many suggest an outburst would be bullish for prices.

For context, analyst “Trades” noted recently that Shiba Inu has finished its job at the bottom and looks set to move higher. He predicted an upsurge to $0.00004566 to retest its March 2024 highs.

DRAGONAGE_FX shared a similar price action for Shiba Inu, insisting it is ready for recovery. Following a descending triangle breakout, he highlighted that SHIB would now target the next resistance at $0.00001291.

Remarkably, some still expect an ambitious Shiba Inu rally to a new all-time high for Shiba Inu this year. YourPOP asserted that it could break above its current ATH of $0.00008845 before the end of December. Nonetheless, this topic is a hot discussion in the Shiba Inu community, as many believe that this may never happen again.

Ethereum Tops 31,869 Active Developers in 2025, Nearly Double Solana’s Count

Zabi
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Ethereum Tops 31,869 Active Developers in 2025, Nearly Double Solana’s Count

Ethereum has extended its lead as the world’s most active blockchain for developers in 2025.

Between January and September, the network added 16,181 new developers, according to data released by the Ethereum Foundation. This figure consolidates Ethereum’s position as the leading hub for blockchain innovation and infrastructure development.

Solana followed with 11,534 new contributors, reflecting the network’s appeal among developers working on decentralized finance (DeFi) and consumer-facing apps.

Bitcoin ranked third with 7,494 new developers, showing steady but slower growth compared to its younger rivals.

Image

Moreover, Ethereum also dominates in terms of ongoing engagement. The report shows 31,869 developers actively contributing code to Ethereum, nearly double the 17,708 contributing to Solana.

Together, Ethereum and Solana now account for almost half of all active blockchain developers worldwide. This, in turn, highlights a strong concentration of talent around these two platforms.

Market Trends Reveal Tight ETH–SOL Correlation

The alignment between Ethereum and Solana extends beyond developer activity. Price data analysis shows a correlation coefficient of 0.96 between the two assets. This means that their market movements have closely mirrored each other in recent months.

At the time of the report, Ethereum traded near $3,954, down 4.1% on the day but still above its mid-year levels. Solana hovered around $196, falling slightly more than 3%.

The near-parallel market behavior suggests that investors view both tokens as leading indicators of crypto market risk and sentiment, a sign of their shared standing as central players in the digital asset economy.

Ethereum’s DeFi Dominance Holds, Solana’s Share Expands

Despite Solana’s impressive developer momentum, Ethereum remains the undisputed leader in decentralized finance (DeFi).

According to data from DeFiLlama, the network accounts for 67.5% of the total value locked (TVL) across all DeFi protocols. Meanwhile, Solana’s TVL share stands at 8.7%, indicating a meaningful increase in on-chain activity.

By comparison, other major networks, including Binance Smart Chain (5.1%), Bitcoin (3.12%), and Tron (1.83%), account for smaller portions of the total DeFi market.

The data illustrates how Ethereum continues to anchor DeFi, while Solana’s expanding footprint signals a maturing and increasingly credible challenger.

Outlook: ETH–SOL Rivalry Set to Define Next Blockchain Era

As 2025 progresses, the Ethereum–Solana rivalry is emerging as the principal driver of blockchain platform development.

Ethereum retains its structural advantage through deep liquidity, mature tooling, and a vast developer base. However, Solana is rapidly catching up, driven by its speed, efficiency, and expanding presence in consumer applications and high-performance DeFi.

The ongoing competition will shape innovation, user adoption, and the trajectory of blockchain technology over the next few years.

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