Bitwise CIO: Solana’s Dual-Win Path to Bitcoin-Style Growth

Published: 2025-10-31 11:33:21 |

Bitwise CIO Matt Hougan outlines a “dual-win” thesis for Solana. Investors can benefit from both stablecoin and tokenization infrastructure market expansion and rising Solana market share. While Ethereum commands over $163 billion in stablecoin market cap and $85 billion in TVL, Solana holds about $15 billion and $11 billion respectively, or 14% of the $768 billion sector. Hougan cites Solana’s fast transactions, active developer ecosystem, Western Union’s stablecoin settlements, and Bitwise’s spot SOL staking ETF—which drew $69.45 million in first-day inflows—as adoption drivers. With a $102 billion market cap and SOL trading under $190, he predicts combined market growth and share gains could mirror Bitcoin’s early explosive growth.

Bullish

Hougan’s thesis highlights multiple growth drivers for Solana, supporting a bullish market view. In the short term, rising institutional adoption—from Western Union’s stablecoin settlements to $69.45 million in inflows for Bitwise’s spot SOL ETF—could boost SOL demand and price momentum. Solana’s network speed and active developer ecosystem further enhance its competitive edge, likely increasing TVL and transaction volume. In the long term, as the stablecoin and tokenization infrastructure markets expand beyond $768 billion, Solana’s current 14% market share leaves ample room for share gains. Combined market growth and share expansion could replicate Bitcoin’s early explosive returns. These factors point to a sustained bullish outlook for SOL.