CoinW Research Institute Weekly Report (February 5, 2025 - February 9, 2025)
CoinW Research Institute
Key Points
- The total market capitalization of global cryptocurrencies is $3.29 trillion, down from $3.36 trillion last week, representing a decrease of 2.1% this week. As of the time of writing, the cumulative net inflow for Bitcoin spot ETFs in the U.S. is approximately $40.7 billion, with a net inflow of about $200 million this week; the cumulative net inflow for Ethereum spot ETFs in the U.S. is approximately $3.18 billion, with a net inflow of $420 million this week.
- The total market capitalization of stablecoins is $232 billion, with USDT having a market cap of $141.8 billion, accounting for 61.1% of the total stablecoin market cap; followed by USDC with a market cap of $56.2 billion, accounting for 24.2%; and DAI with a market cap of $5.37 billion, accounting for 2.3%.
- This week, the total TVL (Total Value Locked) in DeFi is $10.53 billion, down 2% from last week. By public chain, the top three chains by TVL are Ethereum at 52.98%; Solana at 8.65%; and Bitcoin at 6.3%.
- From on-chain data, the daily transaction volume of Layer 1 public chains shows an overall downward trend this week, possibly influenced by the token TST, while BNB's daily transaction volume increased by 98%. In terms of transaction fees, there is little overall change. The decline in daily active addresses is most pronounced for ETH, which fell by 7.3% compared to last week. The total TVL for Ethereum Layer 2 is $3.55 billion, with an overall decline of 4.68% this week compared to last week.
- Innovative projects to watch: @moveflowlabs: Token management infrastructure for attribution, airdrops, and subscriptions, supported by @Aptos @OVioHQ @opencampusxyz; Blast: The first memecoin using Proof-of-Jeet consensus, a novel economic mechanism; TerpLayer: A BTC-Fi infrastructure protocol on Berachain that promotes the development of the DeFi ecosystem by seamlessly integrating BTC assets with the PoL mechanism.
Table of Contents
1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Cap Proportion
3. ETF Inflow and Outflow Data
4. ETH/BTC and ETH/USD Exchange Rates
5. Decentralized Finance (DeFi)
7. Stablecoin Market Cap and Issuance Status
II. This Week's Hot Money Trends
1. Top Five VC Coins and Meme Coins by Growth This Week
III. New Developments in the Industry
1. Major Industry Events This Week
2. Major Upcoming Events Next Week
3. Important Investments and Financing from Last Week
I. Market Overview
1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Cap Proportion
The total market capitalization of global cryptocurrencies is $3.29 trillion, down from $3.36 trillion last week, representing a decrease of 2.1%.
Data Source: cryptorank
As of the time of writing, Bitcoin's market cap is $1.92 trillion, accounting for 58.32% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $232 billion, accounting for 7.06% of the total cryptocurrency market cap.
Data Source: coingeck
2. Fear Index
The cryptocurrency fear index is at 41, indicating a neutral sentiment.
Data Source: coinglass
3. ETF Inflow and Outflow Data
As of the time of writing, the cumulative net inflow for Bitcoin spot ETFs in the U.S. is approximately $40.7 billion, with a net inflow of about $200 million this week; the cumulative net inflow for Ethereum spot ETFs in the U.S. is approximately $3.18 billion, with a net inflow of $420 million this week.
Data Source: sosovalue
4. ETH/BTC and ETH/USD Exchange Rates
ETHUSD: Current price $2,623, historical highest price $4,878, approximately 45.92% down from the highest price.
ETHBTC: Currently at 0.027228, historical highest at 0.1238.
Data Source: ratiogang
5. Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL in DeFi this week is $10.53 billion, down 2% from last week.
Data Source: defillama
By public chain, the top three chains by TVL are Ethereum at 52.98%; Solana at 8.65%; and Bitcoin at 6.3%.
Data Source: CoinW Research Institute, defillama
Data as of February 9, 2025
6. On-Chain Data
Layer 1 Related Data
Mainly analyzing the daily transaction volume, daily active addresses, and transaction fees of major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APT.
Data Source: CoinW Research Institute, defillama, Nansen
Data as of February 9, 2025
● Daily Transaction Volume and Transaction Fees: Daily transaction volume and transaction fees are core indicators of public chain activity and user experience. This week, all daily transaction volumes are on a downward trend except for BNB, with SOL showing the most significant decline of 38.9% compared to last week. Additionally, possibly influenced by the token TST, BNB's daily transaction volume increased by 98% this week. In terms of transaction fees, ETH fees showed a downward trend, with little overall change.
● Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects user trust in the platform. In terms of daily active addresses, ETH shows the most pronounced downward trend, down 7.3% compared to last week. In terms of TVL, BNB increased by 4.4% compared to last week, while other public chains are on a downward trend.
Layer 2 Related Data
● According to L2Beat, the total TVL for Ethereum Layer 2 is $3.55 billion, with an overall decline of 4.68% this week compared to last week.
Data Source: L2Beat
Data as of February 9, 2025
- Arbitrum and Base hold the top positions with market shares of 31.29% and 28.41%, respectively, but both have seen a decline in overall market share.
Data Source: footprint
Data as of February 9, 2025
7. Stablecoin Market Cap and Issuance Status
According to Coinglass, the total market cap of stablecoins is $232 billion. Among them, USDT has a market cap of $141.8 billion, accounting for 61.1% of the total stablecoin market cap; followed by USDC with a market cap of $56.2 billion, accounting for 24.2%; and DAI with a market cap of $5.37 billion, accounting for 2.3%.
Data Source: CoinW Research Institute, Coinglass
Data as of February 9, 2025
According to Whale Alert, USDC Treasury issued a total of 320 million USDC this week, and Tether Treasury issued 1 billion USDT, with a total issuance of stablecoins reaching 1.32 billion this week, a decrease of 26.3% compared to last week's total issuance.
Data Source: Whale Alert
Data as of February 9, 2025
II. This Week's Hot Money Trends
1. Top Five VC Coins and Meme Coins by Growth This Week
The top five VC coins by growth over the past week.
Data Source: CoinW Research Institute, coinmarketcap
Data as of February 9, 2025
The top five meme coins by growth over the past week.
Data Source: CoinW Research Institute, coinmarketcap
Data as of February 9, 2025
2. New Project Insights
@moveflowlabs: Token management infrastructure for attribution, airdrops, and subscriptions, supported by @Aptos @OVioHQ @opencampusxyz.
Blast: The first memecoin using Proof-of-Jeet consensus, a novel economic mechanism.
TerpLayer: A BTC-Fi infrastructure protocol on Berachain that promotes the development of the DeFi ecosystem by seamlessly integrating BTC assets with the PoL mechanism.
III. New Developments in the Industry
1. Major Industry Events This Week
- The Berachain Foundation announced the launch of the Berachain mainnet, and the Bera NFT airdrop is now open for collection. Holders need to cross-chain their NFTs from Ethereum to Berachain.
- Tether announced a memorandum of understanding (MoU) with the UAE real estate B2B platform Reelly Tech. Tether and Reelly Tech will develop an interactive educational series and promote it on Reelly Tech's platform. The program aims to help agents explore the transformative potential of stablecoins in real estate transactions and understand various practical applications, such as USDT transfers for purchasing real estate.
- The NEAR Foundation announced the launch of the NEAR AI Agent Fund, an artificial intelligence agent fund that will deploy $20 million in liquidity on-chain over the coming months, focusing on expanding the development of fully autonomous and verifiable agents built on NEAR technology, supporting new decentralized AI use cases and consumer solutions for the mass market.
- The tokenized real asset platform Ondo Finance announced the launch of the Layer1 blockchain Ondo Chain at its inaugural Ondo Summit. This network is designed for tokenizing real-world assets, aiming to connect traditional capital markets with decentralized finance. Ondo Chain is intended to meet institutional compliance standards while maintaining the transparency and accessibility of public blockchains like Ethereum.
2. Major Events Coming Next Week
- The Layer3 gaming network B3 built on Base announced the launch of its recently announced B3 token on February 10, accompanied by an airdrop event. A snapshot of network activity will be taken before the planned "S1 airdrop," with more airdrops, tournaments, and gamified ways to earn B3 in the future. Stakers of B3 will receive certain benefits, including tokens for a dedicated gaming chain, early access to new games on the network, and other potential rewards.
- The Berachain Foundation stated that the second part of the Berachain airdrop will be open for collection on February 11. The airdrop targets include: the top X (10) active users and Discord users (Berachain + Bong Bear NFT server); participants in the RFB program (applicants and community members). Airdrop recipients must register their wallets by February 10 to receive their allocations, with tokens available for collection starting February 11.
- Telegram's click-to-earn game TapSwap announced that its upcoming TAPS token will be released on the BNB Chain instead of the originally planned TON network. The game postponed the token release to find better market conditions. After completing the first season of the game on February 6, the project decided to proceed with the token release on the BNB Chain, expected to take place on February 14.
3. Important Financing from Last Week
- Reservoir, Series A, raised $14 million, with investors including USV, Coinbase Ventures, Archetype, 1kx, Variant Fund, Delphi Digital, Nascent, Framework Ventures, The LAO, Spaceship DAO, Sapphire Ventures, and others. Reservoir is a token and NFT trading infrastructure, with a product suite that includes Relay, a bridging and trading platform for Solana, Bitcoin, Tron, Ethereum Virtual Machine (EVM) chains, and rollup networks; Reservoir Swap, a decentralized exchange and token application interface; and Reservoir NFT, an NFT marketplace and application interface. (February 5, 2025)
- The Game Company raised $10 million, with investors including BullPerks, Telcoin, SingularityDAO, Hypercycle, NodeMarket, Paul Neuner, and others. The Game Company is the next cloud gaming infrastructure based on blockchain technology, using proprietary ultra-low latency cloud technology to deliver high-performance gaming without expensive hardware. (February 7, 2025)
- Superlogic, Series A, raised $13.7 million, with investors including Powerledger, Nima Capital, Dispersion Capital, Sanctor Capital, Galaxy Interactive, Sangha Capital, Liquid2 Ventures, 10SQ, Actai Unicorn Fund, Hyla Liquid Venture Fund, Recharge Capital, and others. Superlogic is an enterprise-level loyalty platform, with technology tailored for enterprise clients on a SaaS basis, seamlessly integrating with existing CRM, CDP, and traditional loyalty management systems. (February 7, 2025)
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