Bitcoin, Ethereum, Solana leading the go long positions in the crypto market

The crypto market is bouncing back with longs on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) remaining the focus this week.

Top traders holding large positions in ETH, SOL, and BTC

Despite the strong volatility that has caused many investors to suffer losses, the famous trader TheWhiteWhaleHL still maintains his long position.

According to data from Lookonchain, TheWhiteWhaleHL currently holds:

The unrealized profit of this trader reached 33 million USD, showing confidence even when the market is highly volatile. The actions of TheWhiteWhaleHL reflect some investors' willingness to hold amidst uncertainty, with the expectation that prices will bounce back.

Source: Lookonchain## Bitcoin and Stablecoins may support the USD

In another development, Solana co-founder Anatoly Yakovenko shared his thoughts on the ongoing debates surrounding Bitcoin and stablecoins.

He believes that Bitcoin and stablecoins do not weaken the USD; on the contrary, they may help support it.

He believes that Bitcoin is too volatile to be used in everyday transactions, but stablecoins – often backed by the U.S. Treasury – open up the possibility for widespread application.

Yakovenko explained that the demand for stablecoins leads to an increased demand for U.S. Treasury bonds, which in turn supports the strength of the USD.

His views contrast with the opinion that cryptocurrencies harm the traditional financial sector. Instead, Yakovenko argues that digital assets, such as Bitcoin and stablecoins, can now coexist alongside the USD in the global economy.

This perspective is reinforced by the statement of Hunter Horsley, suggesting that after the GENIUS Act, most e-commerce companies, banks, and payment providers will integrate stablecoins within 24 months, similar to the trend of mobile application development after the iPhone was launched.

Ethereum ETF inflows surpass Bitcoin as companies ramp up holdings

The interest of institutions is also clearly reflected in the ETF market. Analyst sassal0x stated that last week, Ethereum ETFs recorded a net inflow of 1.8 billion USD, far exceeding the 71 million USD of Bitcoin.

Sharplink Gaming, the company holding the most ETH in its treasury, has made a significant move. On-chain records show that they just received 145 million USDC from Circle and sent this amount to Galaxy Digital to continue purchasing Ethereum.

Solana also attracts attention as REX-Osprey includes JitoSOL – the largest liquidity staking token of Solana – in its ETF product. This is the first time a liquidity staking asset has appeared in a crypto ETF listed in the United States, demonstrating recognition of this product line.

Meanwhile, Senator Cynthia Lummis continues to advocate for crypto-friendly policies, emphasizing that Bitcoin could be a hedge against inflation and serve as a modern store of value in the financial system.

In her view, Bitcoin offers people an alternative when the value of the USD is unstable.

Vincent