Solana has dropped 30% during Q4, making it one of the weakest performers among major cryptocurrencies. While retail investors and whales have capitulated, institutional holders have accumulated 24 million SOL tokens across 20 digital asset trusts and 2 ETFs, pushing their exposure to all-time highs.

Harvard University has made Bitcoin its largest portfolio holding with a $442 million stake in BlackRock's IBIT ETF, according to recent 13F filings. The position was built during a period when Bitcoin ETFs experienced approximately $2 billion in net redemptions over two weeks. IBIT recorded outflows in nine of its past 14 trading sessions.

Ethereum maintained the $3,000 price level with a 3.5% recovery while Bitcoin dominance faced rejection at 60%. ETH dominance rose above 12% as traders rotated capital toward altcoins. Spot ETF products continued experiencing net outflows and whale wallets realized significant losses.

Ethereum short-term holders maintain profitability despite a 17.8% November decline, with holdings sitting 73% above the $1,793 cost basis from May. Bitcoin recorded $1.3 billion in net realized losses following a drop to $94,000, while Ethereum limited losses to $325 million during the same period. Wallet activity shows $29.7 million in ETH accumulation, suggesting institutional positioning amid the current price correction.

Solana has generated $2.85 billion in total protocol revenue, with monthly averages of $240 million and peaks above $600 million, according to a 21Shares report. The ORE protocol recently exceeded $1 million in daily revenue. Solana leads all blockchains with 10,733 active developers, data show.

Litecoin advanced 4.8% in November, outperforming major altcoins including Ethereum, which fell 10%. The token gained 11.83% against Bitcoin, supported by a 12% increase in DeFi Total Value Locked to $2.1 million and daily on-chain transaction volume reaching an all-time high of $15.1 billion.

Ethereum declined 18% in Q4 compared to Bitcoin's 9.41% loss, with the ETH/BTC ratio falling 7% this week and breaking below the 0.36 level that held through October. Whales accumulated 394,682 ETH worth $1.37 billion on November 4 when prices dropped to $3,000, establishing an average cost basis of $3,488. Ethereum Open Interest has decreased $30 billion since mid-October, exceeding Bitcoin's $24 billion decline and indicating a deeper leverage flush.

Digital asset markets recorded approximately $500 million in capital outflows this week as Bitcoin fell below $100,000 and the TOTAL2 index declined 9%. While bearish momentum dominated, targeted inflows into Zcash and Solana ETFs indicate investors are reallocating rather than exiting entirely. Derivatives markets saw nearly $4 billion in losses since early November, with 77% attributed to long position liquidations.

Bitcoin investors are increasingly taking short positions in Ethereum as a hedging strategy. Ethereum has underperformed Bitcoin by 50% in Q4, prompting traders to favor Bitcoin's structural stability over altcoin exposure. The approach reflects shifting market dynamics as institutional narratives around Ethereum weaken.