Ben Nadareski, CEO of Solana-based decentralized finance platform Solstice, said crypto markets are unlikely to return to the extreme boom-and-bust cycles as deeper liquidity brings stability to digital assets.
Speaking on Cointelegraph’s Chain Reaction show, Nadareski said liquidity across major crypto trading pairs has increased significantly, even during bear markets, reducing the conditions that produced sharp price swings seen in previous cycles.
He added that crypto is increasingly a market for institutional capital and household wealth rather than speculative trading.
“We don’t want to go through 2017. We don’t want to go through 2021. We don’t want to go through these massive fluctuations,” he said.
The comments come as institutional participation and deeper trading markets reshape crypto market structure, potentially tempering the volatility that defined earlier cycles.
Deeper markets could temper crypto volatility
Bitcoin market data supports Nadareski’s view that deeper markets have coincided with lower volatility.
A December 2025 report from blockchain analytics firm Glassnode and asset manager Fasanara Digital found that Bitcoin’s one-year realized volatility had fallen from 84.4% to 43%, which the firms attributed partly to growing market depth and institutional participation.
Daily Bitcoin spot volumes also increased to between $8 billion and $22 billion a day from $4 billion to $13 billion during the previous market cycle, according to the report.
Related: Bitcoin cycle bottom may already be in at $58K, says analyst James Check
Other industry participants have also argued that institutional capital is changing crypto cycles.
In March, SkyBridge Capital managing partner Anthony Scaramucci said Bitcoin’s four-year cycle had been “muted” by institutional investors and spot Bitcoin ETF inflows, though he argued the traditional cycle had not disappeared entirely.
Nadareski says Solana stablecoins could push toward $100 billion
Nadareski, whose company operates within the Solana ecosystem, also predicted growth in the network’s stablecoin market.
He said that the value of stablecoins on Solana could rise above $50 billion and approach $100 billion over the next five years, citing growing adoption among fintech companies and Solana’s transaction speed and low fees.
Solana currently has about $16 billion in stablecoin market capitalization, according to DefiLlama.
Stablecoins have also become an increasingly significant source of liquidity across crypto markets. According to CEX.IO data, stablecoins accounted for 75% of total crypto trading volume in the first quarter of 2026, the highest share on record, while transaction volume surpassed $28 trillion.
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