As pioneering cryptocurrency bitcoin struggles to recoup some of the dramatic losses that prompted a $523 million single-day outflow from the flagship iShares Bitcoin Trust ETF (IBIT), competitors Ethereum and Solana — which have had swings of their own — are gaining ground with digital currency enthusiasts.

While both include features such as smart contract solutions and spot ETF offerings, there are several differences, ranging from stability and complexity to time on the market and energy efficiency. Bitcoin remains the largest cryptocurrency, with a market capitalization of $1.8 trillion, followed by ethereum at $364 billion, according to CoinGecko. Solana ranks seventh among cryptocurrencies, with a market value of $73.8 billion.

Here’s a comparison:

• What is it? Launched in July 2015, Ethereum is the world’s second-largest cryptocurrency by market cap. It is a decentralized blockchain and application/smart contract development platform powered by its native cryptocurrency, ether (ETH). Ethereum provides a global, open-source, peer-to-peer network that lets users create and run their own digital assets, such as stablecoins and NFTs, as well as decentralized applications (DApps) for decentralized finance (DeFi), art, gaming and social media. 
• How it works: Since 2022, the Ethereum network has run on a proof-of-stake (PoS) consensus mechanism, which is 99% more energy-efficient than its former proof-of-work (PoW) mechanism, as it drastically reduces the latter’s need for computational power. PoS uses randomly selected validators to confirm transactions and create new blocks by staking a certain amount of cryptocurrency as collateral to be selected for block validation, thus ensuring network security and transparency.
  • Pros
    • Self-executing smart contracts: Ethereum’s smart contract deployment helps automate workflows and the execution of agreements, so all participants are immediately aware of the outcome without the need for intermediaries or wasted time.
    • Decentralization and security: Ethereum’s network is hosted on thousands of nodes and computers worldwide, giving users control rather than a single central authority.
    • Energy efficiency: Ethereum’s move to a PoS system has dramatically decreased its energy consumption and carbon footprint
  • Cons
    • Scalability: With its open-source, global platform, Ethereum has experienced consistently high transaction volumes, leading to struggles with demand, slow processing times, and network congestion. 
    • Volatility: Over the past several years, the price of ether (ETH) has been more volatile than Bitcoin, declining most recently by 30% in the three months leading into December 2025.
  • Top Ethereum ETFs: Despite Bitcoin’s volatility in recent months, its IBIT remains the top cryptocurrency ETF currently trading in the US. However, Ethereum in particular is making its own mark on the charts. Here are some of its top-ranking crypto ETFs, according to VettaFi.
    • iShares Ethereum Trust ETF: Holding assets of $11.5 billion, ETHA was introduced in June 2024. The fund has garnered net inflows of $9.56 billion this year, according to VettaFi data.
    • Grayscale Ethereum Trust ETF: The first spot ether exchange-traded product to trade in the US, ETHE holds $2.96 billion in assets and was introduced as a private placement in 2017, then traded over the counter in 2019 and moved to NYSE Arca last year. The fund has seen net outflows of $1.34 billion this year.
    • Fidelity Ethereum Fund ETF (FETH): With assets of $2.3 billion, FETH was introduced in June 2024. It has garnered net inflows of $1.03 billion this year.
    • Grayscale Ethereum Mini Trust (ETH): Holding $2.26 billion in assets, ETH was introduced in July 2024. It has garnered net inflows of $872 million this year.

• What is it? Perhaps the “newbie” of the premier crypto brands, having officially launched in 2020, Solana is nonetheless a fierce competitor with its fast, scalable and user-friendly solutions. Like Ethereum, Solana is an open-source blockchain platform that can be used for application development and execution in key areas such as DeFi, NFTs, gaming, supply chain management and payments. 
• How it works: Solana, powered by its native cryptocurrency SOL, takes a unique approach to consensus mechanisms, combining PoS with its proof-of-history (PoH) innovation, which requires less computational power. With the latter specifically, Solana provides a digital record of events occurring on the network at any given time, often visualized as a cryptographic clock that assigns timestamps to each transaction and is supported by a fundamental data structure.
  • Pros
    • High-speed with low fees: Unlike Ethereum, Solana can process thousands of transactions per second with substantially lower fees ($0.0005 and up), making it more scalable and economically viable for micropayments, in-game transactions and high-volume trading.
    • User-friendly: Solana’s focus on user experience (UX) gives it a broader appeal, particularly in how it addresses pain points often experienced in blockchain and cryptocurrency adoption.
    • US ETF availability: After a couple of years of courtship, Solana finally dove headfirst into the US ETF market as of October 2025 with the launch of the Bitwise Solana Staking ETF (BSOL), followed by the Grayscale Solana Trust ETF (GSOL) and now the Fidelity Solana Fund (FSOL).
  • Cons
    • Reliability/stability: In its relatively short lifespan, Solana has experienced several network outages, disruptions and performance issues, raising concerns about its reliability and creating headaches and potential financial risk for users. 
    • Centralization concerns: Among its critics, Solana has fostered a perception of centralization due to its more rigorous validator requirements.
    • Complexity: Solana’s advanced architecture and tech (including its SeaLevel tool) can create a steep learning curve for users and developers, creating limited time and space for adoption and innovation.
  • Top Solana ETFs: Several spot Solana ETFs were introduced in October after the US Securities and Exchange Commission approved generic listing standards that gave exchanges (Nasdaq, Cboe BZX and NYSE Arca) the ability to list crypto ETFs without having to obtain a rule change from the SEC every time. Here are three of the largest Solana ETFs so far:
    • Bitwise Solana Staking ETF: Formed in October, BSOL has $679 million in assets. The fund has garnered net inflows of $800 million so far.
    • Grayscale Solana Trust: Introduced in October, GSOL has $161.7 million in assets. It has attracted inflows of $87.5 million so far.
    • Fidelity Solana Fund: Introduced in late November, FSOL holds $34.7 million in assets. Flow data isn’t yet available.