In another series of Binance Studio’s interview with KOL, Jessica Walker sits down to speak with Alex Svanevik, the CEO of Nansen.
Alex offers clear, actionable insights into which blockchains are dominating and what that means for the crypto cycle ahead.
They discuss how to evaluate altcoins, Layer 1 projects like Solana and BNB, and market insights for 2025, including stablecoins and tokenized stocks.
“It’s very hard not to be bullish on Bitcoin.” — Alex Svanevik, CEO of Nansen.
In a candid conversation with Binance Studios, Alex Svanevik, CEO of on-chain analytics powerhouse Nansen, unpacked the most pressing questions facing the crypto space today: Are we bullish or bearish? What does the rise of stablecoins tell us? Which Layer 1 (L1) blockchains are winning? And what’s next after memecoins?
Let’s break it all down, complete with quotes and tweets.
“It’s not clearly super bullish across the board, but it’s also not super bearish. These are the kinds of markets where there’s opportunity.”
Despite Bitcoin reaching an all-time high above six figures, Svanevik observes that crypto sentiment remains remarkably calm. The usual market euphoria is absent. Some parts of the ecosystem feel "depressed," while others are buzzing, such as the excitement around Circle’s IPO.
This presents a rare window for crypto sentiment trading strategies: accumulation without mania.
“Memecoins are fun but valueless. Tokenized stocks are almost the reaction to memecoins, they are the exact opposite: valuable and serious.”
Memecoins brought in over $1B in platform trading fees and lit up retail interest. But Svanevik believes the next evolution will be tokenized real-world assets, particularly tokenized stocks and private equity.
Imagine owning a slice of SpaceX or OpenAI directly via your wallet.
This shift also changes the CEX vs DEX dynamic. While meme trading lives on fast-moving DEXs, tokenized stocks may drive centralized exchange (CEX) innovation, especially if regulatory clarity improves.
“Bitcoin has reached escape velocity. As long as fiat is printed, it’s going to go up.”
Svanevik doesn’t mince words: Bitcoin is past the point of existential doubt. High-profile buyers like Michael Saylor and BlackRock are creating a reflexive loop of institutional demand.
This also marks the start of what Svanevik calls Digital Asset Treasury Companies — entities whose sole purpose is to hold BTC on their balance sheets.
Unlike altcoins, which compete in a bloody free-for-all, Bitcoin has a monopoly on its category. That makes it a foundational component in crypto trading technical analysis.
“It’s incredibly competitive. There’s no clear L1 winner right now.”
If you're wondering how to learn crypto fundamental analysis, start here.
The most exciting battle in crypto today is between L1s. Svanevik uses Nansen’s own on-chain data to rank the top five:
Tron — Dominates revenue thanks to stablecoin transfers, especially Tether in countries like Argentina and Indonesia.
Solana — Surging in activity and speed. Slightly ahead of Ethereum in recent revenue data.
Ethereum — Once unchallenged, now the old guard. Still the most secure and deeply integrated.
Bitcoin — Fourth in revenue; limited in function but unrivaled in brand.
BNB Chain — Quietly powerful, especially in DeFi volume and active addresses.
Svanevik highlights revenue as the best indicator for L1 performance. Unlike transaction counts, which can be faked, revenue is hard to spoof. If you're paying fees, you're using the chain.
TVL (Total Value Locked): Indicator of capital committed to DeFi protocols.
Native Token Staked: Security proxy for PoS chains.
Stablecoin Issuance: Ethereum and Tron dominate here.
Daily Active Addresses: Important but sometimes gamed.
"There’s no chain that is clearly winning. This is great for users," he concludes.
If you're doing top-down analysis of crypto, this multi-chain competition is the best place to apply it.
“It’s better to own a little bit of everything: ETH, SOL, BNB, SUI, and more," Alex shares his prudent investment strategy.
When it comes to L1s, Svanevik warns against trying to pick a single winner. His suggestion? Diversify. The competition is too fierce, and the innovation too fast.
This approach aligns with best practices in how to do crypto fundamental analysis: understand utility, traction, and sustainability, but hedge for uncertainty.
“They’re boring, but they’re also the most successful crypto product ever.”
Stablecoins are dominating because they solve real problems, especially in emerging markets. Svanevik explains:
In countries like Egypt, Indonesia, and Argentina, accessing U.S. dollars through traditional financial systems is often difficult or outright inaccessible. Capital controls, hyperinflation, and underdeveloped banking infrastructure all contribute to this barrier. As a result, there is a significant demand for alternative financial instruments that can provide exposure to the U.S. dollar without the friction of centralized intermediaries or bureaucratic oversight. This is where stablecoins have proven their utility — offering a decentralized, borderless solution that allows individuals to save, transact, and hold value in a dollar-pegged format, often with nothing more than a smartphone and an internet connection.
But the power of stablecoins extends beyond their accessibility. Behind the scenes, companies like Circle, which issues USDC, and Tether, which issues USDT, operate highly profitable business models. They generate billions of dollars annually by placing their dollar reserves in interest-bearing assets such as Treasury bills or high-yield bank accounts. In essence, while users benefit from the stability and usability of these tokens, the issuers benefit from the scale and financial leverage of holding enormous cash reserves.
"Tether might be the most profitable company on Earth per headcount." says Svanevik.
And that profitability translates into more capital to support adoption. According to Svanevik, the stablecoin boom may also reshape the dex vs cex crypto exchanges dynamic as they facilitate fast, cheap, cross-border payments.
Case in point: Bhutan, where Binance Pay has enabled stablecoin payments in over 1,000 merchants.
“Bitcoin buyers are not altcoin buyers. It’s that simple.”
Bitcoin’s dominance no longer dictates altcoin price movements the way it once did. Svanevik notes two key reasons:
New marginal buyers — Institutions like Saylor and BlackRock are buying only Bitcoin.
Altcoin markets are now denominated in stablecoins, not BTC.
This structural shift means that Bitcoin rising doesn’t necessarily lift altcoins. The altcoin season is no longer a predictable aftershock of Bitcoin bull runs.
Looking ahead to Binance Blockchain Week 2025, Svanevik predicts:
“Every asset will be tokenized. Stocks. Bonds. Real estate. Everything.”
He sees tokenized assets as the trillion-dollar opportunity. Blockchain is more efficient at settling transactions than any other legacy traditional financial rails. In this vision:
Every public and private stock can be settled on-chain.
Stablecoins power the infrastructure.
Layer 1s provide security and scale.
This is the next HUGE chapter for crypto.
The crypto market is quietly bullish, an ideal accumulation zone.
Bitcoin has reached escape velocity and will not go to zero.
Altcoins have structurally decoupled from Bitcoin dominance.
Layer 1 blockchains are in a fierce competition: Tron, Solana, Ethereum, BNB, and Bitcoin are leading the charge.
Revenue is the most honest metric for judging L1 success.
Stablecoins are the most adopted crypto product globally and dominate emerging market use.
Tokenized stocks will be the most important narrative in the coming year.
Speaking of notable L1 projects that have endured the test of time, may we take this opportunity to remind you that on 23 July 2025, BNB Chain, has just shattered its previous all-time high, crossing $800 and reaching a market capitalization of $112 billion.
This milestone cements BNB’s transformation from a retail-fueled exchange token into a bona fide Layer 1 blue-chip asset. According to Binance Research, there is over $1.2 billion in potential corporate treasury demand for BNB — a figure that surpasses Ethereum’s adoption ratio. It’s a signal that institutions are starting to take BNB seriously, not just as a trading token, but as an institutional-grade reserve asset.
In fact, BNB is now the only major cryptocurrency, aside from Bitcoin, among the top 100 by market capitalization with a history of over two years to achieve a new high in recent weeks. What’s more telling is that this five-week rally was driven largely by spot market demand rather than leveraged speculation, underscoring the asset’s superior five-year risk-reward profile and long-term investor confidence.
Start trading BNB and other crypto with your Binance account today
Watch the full interview: YouTube Link
Try Nansen: https://www.nansen.ai
Follow Alex Svanevik on X: @ASvanevik
Read more on Binance Blog: binance.com/en/blog
Stay curious. Stay competitive. Stay on-chain.
