Glassnode at the series level has unveiled how Solana recently offered more flexibility than Bitcoin and Ethereum in this indicator.
Solana has witnessed a smaller decrease in hot capital from Bitcoin & Ethereum
In new mail On X, Glassnode discusses how many different metal currencies in the cryptocurrency sector in terms of hot capital during the last market shrinkage.
The “hot capital” here refers to a scale on the chain that tracks the last capital flows of a specific asset. The index combines the maximum script of currency currency ranges, 24 hours and one day to one week, in order to calculate its value.
A verified CAP is a formal model on the chain that assumes that the “real” value of any symbol in the circulatory system is equal to the instant price that was last handled on Blockchain.
This indicator mainly represents the total amount of capital that investors used on the network as a whole to buy their coins (which contradicts the maximum of the usual market, which indicates the value that their owners hold at the present time).
In this way, the cawing cover tells us the smallest age group (24 hours and 1 to one week) about the amount of capital that recently flowed into the encrypted currency.
Now, here is a scheme to show the trend in the hot capital of Ethereum during the past year:
Looks like the value of the metric has gone down in recent weeks | Source: Glassnode on X
As shown in the graph above, the hot (black curve) capital has risen to a high level to return to ETHEREUM in December, which means a large amount of new capital was flowing to the original. Since then, the scale has decreased.
Compared to the December Summit, the new ETH demand decreased by more than 52 %. Bitcoin has also seen a similar pattern, as the number one cryptocurrency is to see a 77 % larger. “The momentum has cooled since December's tops,” Glassnode notes.
Interestingly, although the higher operations have seen this important slowdown, Solana has shown a different direction, as the plan appears below.
The trend in the SOL Hot Capital during the past twelve months | Source: Glassnode on X
In December, Solana's maximum range from the difference between 24 hours and 1 day to one week was 15.8 billion dollars. The demand for the coin has also been cooled since then, but with the measurement session today at about $ 11.8 billion, the difference is only 25 %. Sol clearly showed more flexibility than BTC and ETH during this period.
It remains now to see whether this will end in the price of Solana or not.
Soul price
At the time of writing this report, Solaa is trading about $ 172, a decrease of more than 12 % during the past week.
The price of the coin seems to have plunged over the last few days | Source: SOLUSDT on TradingView
Distinctive image from Dall-I, Glassnode.com, Chart from TradingView.com