Bybit Smart Money Report: ETH and SOL in the spotlight; UNI, ONDO, BONK, SKY gain quiet momentum from smart money

Their movements are usually a prelude to those of the broader market. In this series of reports, Bybit aims to provide users with weekly updates on smart money movements. Stay tuned!

Trending narratives in the past week

Ether (ETH) is dominating headlines on SPAC news and treasury Inflows, and has taken center stage this week following the announcement of Ether Machine SPAC’s impending Nasdaq listing. With a staggering $1.6 billion in Ether assets on its balance sheet, this SPAC (special purpose acquisition company) has reignited interest in ETH as a strategic treasury asset. Such bold positioning has contributed to Ether’s outperformance relative to Bitcoin and other leading altcoins, cementing its role as a favored play among institutional allocators.

Meanwhile, Solana’s (SOL) recent underperformance appears to be reversing, with the market pricing in renewed optimism. One key tailwind is the rising probability of a Solana Spot ETF gaining regulatory approval, as sentiment shifts in Washington toward more favorable crypto policy frameworks. This potential ETF listing could unlock fresh institutional flows, helping SOL regain footing in the Layer 1 race.

At the same time, real-world asset (RWA) tokenization continues to be the breakout theme in the DeFi ecosystem. Protocols spearheading this movement have delivered outsized returns to investors, offering exposure to tangible, yield-generating assets on-chain. The convergence of traditional finance (TradFi) and DeFi through RWAs is evolving from narrative to execution — and smart money is taking notice.