SOL/BTC Ratio Suffers in the Wake of $200 Million in Token Unlocks

The metric is at its lowest level since 2023, driven by multiple token unlock events and a fading memecoin market.

The Solana-to-Bitcoin price ratio (SOL/BTC) continues to struggle in 2025 as the token faces hundreds of millions in venture capital investor unlocks, while the collapse of the memecoin market has burned holder sentiment.

SOL/BTC is down to .0014, its lowest level since Dec. 2023, shortly before the token ratio skyrocketed towards .003 in March, the highest since 2022. The ratio is down 53% over the last year, and 44% since January.

Today marked Solana’s largest single-day token unlock since 2021, and while the SOL price fell yesterday in anticipation of the unlocks, SOL is up 6.2% today to $123 per token.

While SOL/BTC is down, it is certainly not the only token struggling to maintain its ratio against Bitcoin, reflected by Bitcoin’s 63% dominance, which is at its highest level since March 2021.

Ethereum’s ETH/BTC ratio has been a particularly easy target for altcoin bears, as it has been downtrending for nearly three years. ETH/BTC currently trades at just .02, down 76% from its 2021 levels.

Memecoin Casino Collapse

Solana has also suffered from the massive dropoff in memecoin activity, which largely took place on the Layer 1, thanks to the memecoin launchpad PumpFun.

The market took a severe beating after investors were fleeced by multi-billion dollar scams such as MELANIA and LIBRA, which exposed how the market is rife with insider trading and backdoor deals.

Daily active addresses and token launches are down substantially from their September highs. Active addresses are down 62% to 110,000 from 293,000 in January, and daily token launches are down 55% to 32,000 from 71,000. Nearly all PumpFun metrics topped the week after the TRUMP memecoin launch, which sent the market into a frenzy.

However, activity remains noticeably higher than it was in 2024, which many traders may argue presented a healthier trading environment than the current memecoin market in its post-LIBRA state.