On December 6, 2025, Ethereum is quietly completing an 'ecological level'.
In this period of extremely high capital sensitivity, ETH not only returns to its main stage but also suppresses Solana comprehensively in terms of on-chain liquidity, TVL, and cross-chain capital flow. One side is the increasingly solid DeFi dominance, while the other side is the continuous outflow of funds from Solana—this is not technical friction, but capital voting with its feet.
[Market comparison] Ethereum vs Solana, capital flow tells the truth
In the past 30 days, ETH increased by 9.32%, while SOL adjusted down by 5.44%. The two have diverged, and the core reason is not 'the hype has faded', but rather funds re-evaluating long-term value anchors.
Investor preferences are migrating: the strong structural advantages of the ETH ecosystem can better support the confidence of long-term capital;
What the price reflects is: 'which side's on-chain growth is more reliable'.
This trend is visually reflected in the data:
In the past 24 hours, $1.7 million worth of assets were bridged from SOL to the ETH network, accounting for as much as 64.52%;
Cross-chain migration is not short-term arbitrage, but rather 'recognizing which side offers security for the future'.
[Ecological hegemony] DeFi is the battleground, Ethereum's dominant position has been reaffirmed
The DeFi sector has recently rebounded strongly, becoming a 'capital siphon' in the entire crypto sector:
In the past week, the total scale of DeFi increased by 12.5%, far exceeding other narratives like NFT and RWA;
The TVL of the ETH ecosystem reached $65.77 billion, firmly occupying the first place for on-chain locked assets.
On the Solana side, although there have been recent breakthroughs in applications (such as payments, games, etc.), it still cannot shake Ethereum's DeFi central position in terms of structural liquidity (TVL), the number of on-chain protocols, and capital depth.
DeFi is not a short-term theme but a moat of underlying structure. Whoever controls it, controls the narrative and capital flow entry.
[Technical analysis verification] SOL/ETH trading pair, signals are emerging
On-chain capital flow is just the 'result', while technical charts are the 'prediction':
The SOL/ETH trading pair has approached the downward trend resistance line for the fourth time;
Historically, similar structures have been accompanied by a decline in SOL as capital shifts to ETH;
The current graphical structure indicates that ETH's dominance over SOL may not have finished this trend yet.
In other words, it is not just sentiment; even the trading structure is reenacting the script of capital 'fleeing SOL, returning to ETH'.
[Return rate crush] ETH has outperformed this year
You might think ETH is 'boring', but the data will tell you:
In the past year, ETH's return rate was 21%;
The S&P 500 had a return of 13.7% during the same period;
SOL may have explosive potential, but its risk-adjusted returns are not ideal.
More importantly, ETH is not supported by 'explosions', but by 'stable ecology + policy expectations + on-chain applications' which sustain this 21%. This is exactly the risk structure that Ziben prefers.
[Underlying logic] It's not that SOL is inferior, but ETH resembles 'blue-chip stocks in the mainnet'
This round of capital inflow does not indicate that Solana's technology is weak, nor that the hype has dissipated, but rather:
ETH is becoming more like the 'Apple of the blockchain world': slow, steady, substantial, and institutional-friendly;
And SOL still resembles 'Tesla on the chain': fast, aggressive, highly elastic, but more susceptible to risk control suppression.
When Ziben starts looking for stable income and deeper liquidity assets, the narrative of ETH will be awakened by capital again. This is exactly the stage we are in.
