INSIGHT: Zach Pandl of @grayscale thinks Bitcoin could benefit less than the rest of crypto from the next wave of adoption. As @lowbeta tells @itsciaranlyons, Ethereum and Solana have applications across stablecoins, tokenized assets and on-chain finance that Bitcoin doesn't.

What happened

Zach Pandl of Grayscale believes Bitcoin may benefit less than other cryptocurrencies from the next adoption wave. Ethereum and Solana have applications in stablecoins, tokenized assets, and on-chain finance that Bitcoin lacks, according to a report.

Confirmed

Global impact / market context

If Ethereum and Solana gain more real-world use, investor money could shift toward them. That might slow Bitcoin's price growth relative to other crypto, affecting portfolios holding only Bitcoin.

Analyst inference

Cryptocurrency markets often move together but can diverge based on use cases. Stablecoins and tokenized assets are growing areas, so networks supporting them may attract more demand. Bitcoin's role as a store of value could limit its upside in this trend.

Analyst inference

What to watch

1. Watch for any official statements from Grayscale or Zach Pandl that expand on this view, since the article only summarizes their insight. Confirmed
2. Consider comparing adoption metrics of Ethereum and Solana, such as transaction volumes or number of active applications, to see if their use grows faster than Bitcoin's. Proposed
3. Track whether stablecoin and tokenized asset projects choose Ethereum or Solana over Bitcoin, as that could signal where future investment flows. Analyst inference

Affected assets

• SOL — Solana
• ETH — Ethereum
• BTC — Bitcoin

Evidence

• x.com