Spring 2025 has brought significant changes to the crypto ecosystem. On one hand, analysts are seeing a surge in activity from short-term holders; on the other, institutional players are expanding their influence, while major industry leaders are actively promoting tokenization and DeFi integration. All of this shapes an intriguing and contradictory landscape: the market is clearly on the rise but lacks an influx of new participants — fresh blood.
Short-Term Holders in the Spotlight
One of the key metrics attracting analyst attention in recent weeks is the number of coins held by short-term holders — investors who have held their crypto for less than 155 days. According to recent data, this indicator has reached its highest level since January 2025. This may point to a wave of purchases by new addresses, likely entering the market for the first time.
Of course, it’s important to note that the metric isn’t perfect: technically, anyone can create a new wallet and transfer existing assets into it, skewing the stats. However, when we’re talking about hundreds of thousands of addresses, the impact of such manipulation is diluted. At the very least, half of these new addresses are genuine newcomers seeking potential profit.
Still, the current market structure reveals an imbalance. The main driver of growth in 2025 has been aggressive BTC accumulation by companies and large investors, which is uncharacteristic of classic bull cycles, where retail inflows are the primary force. It is precisely this retail wave — the “fresh blood” — that the market now critically needs to transition into a phase of sustainable growth.
BlackRock and Galaxy Digital Move Into DeFi
While some are searching for signs of new retail demand, institutional giants are betting on tokenization and DeFi. One of the most prominent cases is the initiative by BlackRock, which for the first time integrated its tokenized fund sBUIDL (with $3 billion in assets) into the decentralized protocol Euler, operating on the Avalanche network.
A key component of the integration was the Securitize framework and its sToken standard, which allows fund tokens to be used as collateral for loans and other DeFi activities. This is a true breakthrough, as it represents the direct use of traditional financial assets within the world of decentralized finance — something that was previously impossible without intermediaries.
Following BlackRock, Galaxy Digital, the investment firm led by Mike Novogratz, is also taking steps toward tokenization. In an interview with Bloomberg, Novogratz confirmed that the firm is in talks with the SEC about tokenizing its own shares — and this is more than just a symbolic move. The goal is to fully integrate tokenized securities into the DeFi ecosystem. This would allow Galaxy shares to function as liquid DeFi assets, eligible for staking, lending, and other operations.
It’s worth noting that Galaxy Digital shares have already started trading on the Nasdaq, which significantly boosts their liquidity and appeal to both traditional and crypto investors.
MetaMask Adds Solana
Another major story this week was the announcement that MetaMask will add support for the Solana blockchain in May 2025. This is a move that should not be underestimated: Solana is one of the most popular blockchains for DeFi and NFTs, and its integration into the most recognized Web3 wallet will open the door to millions of users.
MetaMask users will now be able to access Solana assets directly, manage SPL tokens, and interact with dApps in the Solana ecosystem. This will greatly simplify things for both newcomers and experienced users, who previously needed a separate wallet — such as Phantom — to work with Solana.
The crypto industry continues to evolve on all fronts: short-term metrics point to rising interest, institutions are deploying the technologies of the future, and infrastructure is becoming more user-friendly and adaptable. However, the market still lacks broad retail participation, which has historically fueled bubbles and bull runs.
If MetaMask, BlackRock, Galaxy, and others succeed in attracting new participants and simplifying market entry, we may witness a new wave of growth — one that is more mature, resilient, and integrated into the global economy than ever before.
