Key Points
The total market capitalization of global cryptocurrencies is $2.60 trillion, down from $2.75 trillion last week, representing a decline of 5.45% this week. As of the time of writing, the cumulative net inflow of Bitcoin spot ETFs in the U.S. is approximately $36.07 billion, with a net outflow of $173 million this week; the cumulative net inflow of Ethereum spot ETFs in the U.S. is approximately $2.36 billion, with a net outflow of $49.93 million this week.
The total market capitalization of stablecoins is $237.4 billion, with USDT having a market capitalization of $143.9 billion, accounting for 60.6% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $60.3 billion, accounting for 25.4%; and DAI with a market capitalization of $5.37 billion, accounting for 2.26%.
According to DeFiLlama, the total TVL (Total Value Locked) in DeFi this week is $90.4 billion, down 2.2% from last week. By public chain, the top three public chains by TVL are Ethereum, accounting for 53.88%; Solana, accounting for 7.38%; and Binance Smart Chain, accounting for 5.77%.
From on-chain data, the daily transaction volume of Layer 1 public chains has generally seen a decline this week, with Solana experiencing the most significant drop of approximately 60.15% compared to last week; in terms of transaction fees, Sui has seen significant growth, with an increase of 354.5% compared to last week. In terms of daily active addresses, Solana has shown a notable increase of approximately 70.6% compared to last week, while TON has increased by 38.4%; Aptos has seen a significant decline in daily active addresses, down 65.1% compared to last week. In terms of TVL, this week, only BNB Chain and Aptos have seen a slight increase, while the remaining four public chains have experienced a slight decline. BNB Chain is up 8% compared to last week, and Aptos is up 5%.
Innovative projects to watch: Cambrian Network is an AI infrastructure protocol that integrates on-chain and off-chain data, empowering AI agents to make market predictions and financial decisions, supporting multi-chain networks, and providing data access and analysis APIs. The project has launched private testing and plans to release a testnet. Launcher Capital is a platform that utilizes gamification and blockchain technology to build the next generation of AI agents, aiming to enable multiple agents to autonomously interact, learn, and develop in complex environments. KYD Labs is a Web3-based live event ticketing platform that leverages blockchain technology (smart contracts and NFTs) to provide secure and efficient ticketing solutions, enhancing fan engagement and increasing organizer revenue.
Table of Contents
1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Capitalization Ratio
3. ETF Inflow and Outflow Data
- ETH/BTC and ETH/USD Exchange Rates
5. Decentralized Finance (DeFi)
7. Stablecoin Market Capitalization and Issuance Status
II. This Week's Hot Money Trends
- The Top Five VC Coins and Meme Coins by Growth This Week
1. Major Industry Events This Week
2. Major Events Coming Next Week
3. Important Financing and Investment from Last Week
I. Market Overview
1. Total Cryptocurrency Market Capitalization / Bitcoin Market Capitalization Ratio
The total market capitalization of cryptocurrencies globally is $2.60 trillion, down from $2.75 trillion last week, representing a decline of 5.45% this week.
_Data Source: cryptorank_
As of the time of writing, Bitcoin's market capitalization is $1.56 trillion, accounting for 60% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $237.4 billion, representing 15.22% of the total cryptocurrency market capitalization.
Data Source: coingeck
2. Fear and Greed Index
The cryptocurrency fear and greed index is at 23, indicating fear.
Data Source: coinglass
3. ETF Inflows and Outflows Data
As of the time of writing, the total net inflow of the U.S. Bitcoin spot ETF is approximately $36.07 billion, with a net outflow of $173 million this week; the total net inflow of the U.S. Ethereum spot ETF is approximately $2.36 billion, with a net outflow of $49.93 million this week.
Data Source: sosovalue
4. ETH/BTC and ETH/USD Exchange Ratios
ETHUSD: Current price is $1,596.78, with a historical high of $4,878, representing a decline of approximately 67.27% from the highest price.
ETHBTC: Currently at 0.020261, with a historical high of 0.1238.
Data Source: ratiogang
5. Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL (Total Value Locked) in DeFi this week is $90.4 billion, down 2.2% from last week ($92.4 billion).
Data Source: defillama
By public chain classification, the top three public chains by TVL are Ethereum, accounting for 53.88%; Solana, accounting for 7.38%; and Binance Smart Chain, accounting for 5.77%.
Data Source: CoinW Research Institute, defillama
Data as of April 6, 2025
6. On-Chain Data
Layer 1 Related Data
Mainly analyzing daily transaction volume, daily active addresses, and transaction fees for major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APT.
Data Source: CoinW Research Institute, defillama, Nansen
Data as of April 6, 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, the overall daily transaction volume across public chains has seen a decline, with Solana experiencing the most significant drop of approximately 60.15% compared to last week; in terms of transaction fees, Sui has seen significant growth, with an increase of 354.5% compared to last week.
● 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, Solana has shown a significant increase, with an increase of approximately 70.6% compared to last week, and TON has increased by 38.4%; Aptos has seen a significant decline in daily active addresses, down 65.1% compared to last week. In terms of TVL, this week, except for BNB chain and Aptos which have seen some increases, the TVL of the remaining four public chains has slightly decreased. BNB chain has increased by 8% compared to last week, and Aptos has increased by 5%.
Layer 2 Related Data
According to L2Beat, the total TVL of Ethereum Layer 2 is $26.29 billion, down 10.79% from last week ($29.47 billion).
Data Source: L2Beat
Data as of April 6, 2025
Arbitrum and Base occupy the top positions with market shares of 33.41% and 31.99%, respectively, but their overall shares have increased.
_Data Source: _footprint
Data as of April 6, 2025
7. Stablecoin Market Capitalization and Issuance Situation
According to Coinglass, the total market capitalization of stablecoins is $237.4 billion, with USDT's market capitalization at $143.9 billion, accounting for 60.6% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $60.3 billion, accounting for 25.4% of the total stablecoin market capitalization; and DAI with a market capitalization of $5.37 billion, accounting for 2.26% of the total stablecoin market capitalization.
Data Source: CoinW Research Institute, Coinglass
Data as of April 6, 2025
According to Whale Alert, this week USDC Treasury has issued a total of 902 million USDC, and Tether Treasury has issued a total of 1 billion USDT, with a total issuance of stablecoins this week amounting to 1.902 billion, representing a decline of approximately 19.9% compared to last week's total issuance of stablecoins (2.375 billion).
Data Source: Whale Alert
Data as of April 6, 2025
II. Hot Money Trends This Week
1. Top Four VC Coins and Meme Coins by Growth This Week
The top four VC coins by growth in the past week:
Data Source: CoinW Research Institute, coinmarketcap
Data as of April 6, 2025
The top five Meme coins by growth in the past week:
Data Source: CoinW Research Institute, coinmarketcap
Data as of April 6, 2025
2. New Project Insights
Cambrian Network: This is an AI infrastructure protocol that integrates on-chain and off-chain data, empowering AI agents to make market predictions and financial decisions by integrating on-chain and off-chain data, supporting multi-chain networks, and providing data access and analysis APIs. The project has launched private testing and plans to launch a testnet. In April 2025, Cambrian Network announced the completion of a $5.9 million seed round financing, led by a16z Crypto Startup Accelerator, with participation from Blockchain Builders and The Graph ecosystem investors.
Launcher Capital: A platform that utilizes gamification and blockchain technology to build the next generation of AI agents, aimed at enabling multiple agents to autonomously interact, learn, and develop in complex environments.
KYD Labs: A Web3-based live event ticketing platform that utilizes blockchain technology (smart contracts and NFTs) to provide secure and efficient ticketing solutions, enhancing fan interaction and increasing organizer revenue. Initially based on Solana, it later migrated to Aptos to improve performance and cost-effectiveness. KYD Labs has supported 500,000 fan experiences, with sales exceeding $1 million, and has signed a four-year exclusive on-chain ticketing partnership with New York music venue Le Poisson Rouge to promote decentralized development in the industry.
III. Industry News Updates
1. Major Industry Events This Week
On April 2, BNB Chain announced the first batch of winning projects for its $100 million permanent liquidity support initiative, aimed at promoting the development of emerging projects within the ecosystem by providing liquidity support. The first five projects to receive liquidity support and their corresponding amounts are: KiloEX (KILO) - $290,000; Mubarak (MUBARAK) - $500,000; CZ'S Dog (BROCCOLI714) - $500,000; Tutorial (TUT) - $500,000; Banana For Scale (BANANAS31) - $510,000. This support initiative aims to enhance the liquidity of projects on BNB Chain, improve user experience, and encourage more developers to participate in building its ecosystem.
On April 3, Trump announced high tariffs on goods from multiple countries, including a 46% tariff on Vietnam, 10% on the UK and Brazil, 31% on Switzerland, 36% on Thailand, 32% on Indonesia, and a 20% retaliatory tariff on EU countries, along with a 24% tariff on Japanese goods. Following the announcement of the large-scale tariff policy by the Trump administration, global markets reacted swiftly, with Bitcoin dropping 3.35%, indicating the sensitivity of the crypto market to macroeconomic policies. Nasdaq futures fell sharply, reflecting increased market risk aversion, while the DXY dollar index fluctuated by 0.5%, reflecting uncertainty in capital flows.
On April 5, pump.fun announced the reopening of its live streaming feature to 5% of users and strengthened its content review policies. pump.fun now prohibits live streams that contain violence, harassment, sexual content, harm to minors, illegal activities, invasion of privacy, copyright infringement, and terrorism or violent extremism; otherwise, the stream will be immediately terminated, and future access to pump.fun live streams or pump.fun itself will be suspended. Previously, Pump.fun had suspended its live streaming feature in November 2024.
On April 6, BNB Chain held an offline event for the ninth season of the "Most Valuable Builder" (MVB) program in Hong Kong, focusing on areas such as artificial intelligence (AI), decentralized finance (DeFi), and decentralized physical infrastructure networks (DePIN). CZ attended the offline event alongside Vitalik. Selected teams will participate in a four-week intensive incubation program and have the opportunity to receive investment support from YZi Labs.
2. Major Events Coming Up Next Week
Senior officials from the White House announced that the benchmark tariff rate of 10% will take effect at midnight on April 5, while reciprocal tariffs on related countries will take effect at midnight on April 9. Previously, Trump had announced high tariffs on goods from several countries, including 46% on Vietnam, 20% on the EU, and 24% on Japan, causing market turbulence.
The 2025 Hong Kong Web3 Carnival will be held from April 6 to 9 at the Hong Kong Convention and Exhibition Centre, Hall 5BCDE. This event is jointly launched by Wanxiang Blockchain Lab and HashKey Group, organized by W3ME, continuing the high-profile influence of the previous two editions. The previous two events gathered over 250 exhibiting projects, 800+ industry leaders, attracted over 80,000 attendees, and held over 300 peripheral activities. Previous guests included Hong Kong Financial Secretary Paul Chan, Ethereum co-founder Vitalik Buterin, and ARK Invest CEO Cathie Wood. This year's event is expected to engage in in-depth discussions on industry trends, regulatory policies, and technological innovations, promoting Hong Kong's influence in the global Web3 ecosystem.
The U.S. Securities and Exchange Commission (SEC) will hold its second crypto regulatory roundtable titled "Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading" on April 11, 2025, from 1 PM to 5 PM Eastern Time in Washington, D.C. This event, hosted by the SEC's crypto working group, will focus on how to develop more precise and enforceable regulatory policies based on the characteristics of the cryptocurrency market. Experts from exchanges, policy research institutions, and blockchain companies will be invited, including the Chief Product Officer of the New York Stock Exchange and the founder and CEO of Texture Capital, to discuss core issues such as trading platform structure, market transparency, conflicts of interest, and regulatory adaptability.
According to data from Tokenomist, TRUMP will unlock 40 million tokens on April 18, accounting for 20% of the current circulating supply, with a total value of approximately $413.2 million at the current price.
3. Important Investments and Financing from Last Week
Codex completed a $15.8 million seed round financing, led by Dragonfly Capital (investing approximately $14 million), with participation from Coinbase Ventures, Circle Ventures, and others including Cumberland, Wintermute, and Selini Capital. This financing was conducted in the form of equity and token options, and the funds will be used for chain development and ecosystem building. Codex is a blockchain startup focused on stablecoin infrastructure, aiming to create a universal electronic cash system and is developing a high-performance blockchain specifically designed for stablecoins. (April 4, 2025)
Ultra completed a $12 million financing round, led by several family offices in Luxembourg, NOIA Capital, through the NOIA Digital Assets fund. The funds from this round will be used for platform expansion, technology upgrades, and strategic acquisitions, helping it achieve its 2025 roadmap and positioning Ultra as a leading blockchain gaming platform in Europe. Ultra is a blockchain-driven next-generation PC game distribution platform that aims to provide developers and players with a unified entry point, integrating game distribution, NFT markets, ecological applications, and blockchain infrastructure services. The platform has launched its flagship product, Ultra Games, based on its high-speed and carbon-neutral Layer 1 blockchain, aiming to surpass traditional gaming platforms like Steam and create a new paradigm in gaming entertainment. (April 3, 2025)
Ambient secured $7.2 million in seed round financing, with participation from a16z, Delphi Digital, and Amber Group. Ambient is a Layer-1 blockchain that combines Solana SVM compatibility with an innovative proof-of-work mechanism, aiming to provide high-speed, low-cost, and verifiable AI inference, supporting models with over 600 billion parameters and their fine-tuning. Ambient offers Bitcoin-style incentives for nodes performing inference, fine-tuning, or training AI models, but with more predictable returns. Ambient aims to create an efficient and open intelligent computing network, providing fast and affordable AI services. (March 31, 2025)
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