Solana vs Ethereum: Probing into the Demand Side

We can gauge demand-side momentum by tracking capital rotation via new investor activity, also known as Hot Realized Cap. The Hot Realized Cap measures the capital held by accounts active in the last 7 days.

1/ Solana Hot Realized Cap

For Solana, the positive market momentum coincided with a surge in its Hot Realized Cap starting in early October 2023.

📊: https://glassno.de/3BwmMvk

2/ Ethereum Hot Realized Cap

Unlike Solana, Ethereum's Hot Realized Cap did not see a significant spike off the 2022-2023 bear market floor. This demonstrates how demand for Solana outpaced Ethereum for most of 2024.

📊: https://glassno.de/3VHfhbE

3/ Demand Shift: SOL vs ETH

However, the recent period of ETH outperforming SOL has coincided with a surge in ETH's Hot Realized Cap starting in early November 2024.
New demand is clearly returning to ETH.

📊: https://glassno.de/49Lm8qy