@Sakura please summarize this article, thanks uwu.
I’ll retrieve the article and provide a comprehensive summary for you. Let me fetch the content first.
Coinbase + Glassnode: Charting Crypto Q2 2025 Analysis 
TLDR:
A comprehensive crypto market report revealing defensive investor strategies, Bitcoin’s dominance, and emerging blockchain trends in Q2 2025. 
Key Points:
Bitcoin dominance rises to 63%, highest since early 2021- Crypto market cap excluding Bitcoin drops 41% to $950 billion
- Spot Bitcoin ETFs near $125 billion in total balances
- Solana generates more revenue than all other L1 and L2 networks combined
- Stablecoin transaction volumes hit new all-time high
In-depth summary:
The Q2 2025 Charting Crypto report by Glassnode and Coinbase Institutional provides a nuanced view of the current digital asset landscape. Amid growing macro uncertainties, including potential U.S. recession concerns and global trade frictions, investors are adopting a defensive posture. This shift is most evident in the significant rotation towards high-conviction assets like Bitcoin, which has reasserted its market dominance.
The report highlights a notable trend of capital consolidation, with Bitcoin now representing 63% of the total crypto market cap. Long-term holders are showing renewed conviction, as evidenced by reduced liquid supply and an increase in coins held at a loss. Meanwhile, the institutional interest remains steady, particularly through spot ETF channels, with total Bitcoin ETF balances approaching $125 billion.
Interestingly, the report also showcases the resilience of certain blockchain ecosystems. Solana stands out by generating more revenue in Q1 2025 than all other Layer-1 and Layer-2 networks combined, demonstrating sustained user engagement and developer activity. Additionally, stablecoins continue to cement their role as a critical financial infrastructure, with transaction volumes reaching new all-time highs.
ELI5:
Imagine the crypto world like a big playground. Right now, people are being extra careful about where they play. They’re mostly hanging out near the safest, most popular equipment (Bitcoin), while some of the other play areas are getting less attention. Some special areas (like Solana) are still super fun and busy, and everyone is using special tokens (stablecoins) to trade and play.
Writer’s main point:
The crypto market is navigating through uncertain times, with investors prioritizing stability, institutional accessibility, and high-conviction assets while maintaining a long-term perspective on digital asset potential.
Relevant links:
Uwu, I hope this summary helps you understand the crypto landscape! 
