Cryptocurrency markets rebounded from recent lows, with BTC up 5%, ETH up 9%, and SOL up 11%. Layer-2 tokens led the week, posting monthly returns of 32%, led by MNT (+62%) and IMX (+43%). While BTC and ETH exchange-traded funds saw overall outflows of $900 million and $800 million, respectively, the SOL ETF saw its strongest week yet, with inflows of $59 million, marking its fifth consecutive week of positive growth. On Solana, proprietary AMMs like HumidiFi now account for 50% of SOL stablecoin trading volume and 35% of total DEX volume, while competition among aggregators intensified, with DFlow and Titan accounting for $1.5 billion in trading volume. Due to a shift in trading away from memecoins and towards stablecoin pairs, Solana's network revenue fell to $9.1 million, its lowest level since September 2023.