Solana tokenized volume hits $10 bn as Ethereum slides below $1,600

The Solana blockchain recorded a new milestone, with more than $10 billion in tokenized assets traded and a daily volume record of $553 million on June 29. The surge was driven by strong activity in real‑world asset tokenization, notable token rallies such as the ANSEM token, and the inclusion of crypto‑treasury firm Upexi in the Russell MicroCap index, all indicating growing institutional interest in the network.

At the same time, Ethereum’s price fell below $1,600, and stablecoin Tether overtook it for the second‑largest market‑capitalisation spot in the cryptocurrency sector. The drop coincided with heightened market anxiety, reflected in a Fear & Greed Index reading of 13, and large‑scale selling by long‑term holders that realised roughly $27 million in profit. Institutional investor Sharplink, however, bought 5,000 ETH for about $7.85 million, suggesting a view that the lower price offers buying opportunities.

These parallel developments highlight shifting dynamics in the crypto market, with Solana gaining traction in tokenized asset volumes while Ethereum faces price pressure and changing market‑cap rankings.