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. Supported by @IOGroup. Read here: https://www.coindesk.com/research/state-of-the-blockchain-2025?term=organic&utm_campaign=CoinDesk&utm_content=CoinDesk+Research%2CCoinDesk+Research+x+Input+Output&utm_medium=social&utm_source=twitter(CoinDesk)