Bitcoin Dominance hits Multi-Year highs amid Solana Treasury Adoption

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Bitcoin Dominance Hits Fresh Multi-Year Highs

Bitcoin dominance—which measures BTC’s market cap as a percentage of the combined market cap of all cryptocurrencies—hit 63.9% this week, its highest level since January 2021.

One factor likely contributing factor to the upward trend for BTC dominance is the continued accumulation of Bitcoin by companies, as covered in our previous market update. For example, this week, Strategy announced the recent purchase of another 3,459 BTC. The company, co-founded by Michael Saylor, now holds 531,644 BTC, or 2.53% of the total supply.

First Publicly Listed U.S. Company To Accumulate Solana (SOL)

Software company Janover is positioning itself as the first publicly traded U.S. company with a treasury strategy revolving around Solana (SOL) and potentially other cryptocurrencies. The firm recently raised $65.9M ($42M USD) to execute its SOL acquisition plan. The company also plans to operate Solana validators to earn additional revenue.

This week, Janover—which will soon rebrand to DeFi Development Corporation—nearly doubled its SOL holdings, announcing the purchase of 80,567 SOL for approximately $16.5M ($10.5M USD). This was its third such purchase since adopting the SOL treasury strategy.

DeFi Development Corporation intends to build upon the Bitcoin treasury strategy made famous by Strategy

Federal Reserve Chair Supportive of Stablecoins

Fed Chair Jerome Powell said he anticipates “some loosening” on the guidance and rules imposed on banks in relation to cryptocurrencies and stablecoins. “I think we’ll try to do it in a way that…permits and fosters appropriate innovation, but that does so in a way that doesn’t put consumers at risk in ways they don’t understand or make banks less safe and sound,” Powell explained.

Early last month, U.S. President Donald Trump shared his desire to sign stablecoin legislation by August, and administration officials have indicated strong support. Two stablecoin bills are currently going through the legislative process, with the House and Senate expected to vote on them soon.

Read more: What Are Stablecoins?

Hyperliquid Expanding Its Market Share

Hyperliquid (HYPE) has continued to grow its share of the onchain derivatives market, surpassing 74% this week, as per The Block’s data dashboard. Hyperliquid has been among the fastest-growing crypto projects of the past couple of years, specialising in onchain perpetual futures trading.

As covered in our recent coverage of Hyperliquid, the project is expanding into spot markets and developing a general-purpose blockchain to compete more directly with the likes of Solana (SOL) and Sui (SUI).

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