Key Points
The total market capitalization of cryptocurrencies is $2.78 trillion, down from $3.24 trillion last week, representing a decline of 14.2% this week. As of the time of writing, the net asset value of the U.S. Bitcoin spot ETF is $98.483 billion, with a cumulative net inflow of approximately $36.142 billion and a net outflow of $799 million this week; the net asset value of the U.S. Ethereum spot ETF is $7.762 billion, with a cumulative net inflow of approximately $2.699 billion and a net outflow of $120 million this week.
The total market capitalization of stablecoins is $235 billion, with USDT having a market capitalization of $142.5 billion, accounting for 60.64% of the total stablecoin market; followed by USDC with a market capitalization of $56.4 billion, accounting for 24% of the total stablecoin market; and DAI with a market capitalization of $5.36 billion, accounting for 2.28% of the total stablecoin market.
According to DeFiLlama data, the total TVL (Total Value Locked) in DeFi this week is $90.4 billion, down 14.6% from last week. By public chain classification, the top three public chains by TVL are Ethereum with a share of 52.17%; Solana with a share of 7.47%; and Bitcoin with a share of 5.86%.
From on-chain data, the overall transaction volume of public chains is on a downward trend this week, with SOL showing a significant decline of 67.34% compared to last week. The overall change in transaction fees this week is not significant, with SUI transaction fees increasing by 20.5% compared to last week. In terms of daily active addresses, the overall trend for public chains is also down; regarding TVL, ETH shows a significant downward trend, down 15.34% from last week; the total TVL of Ethereum Layer 2 is $31.09 billion, down 17.6% from last week.
Innovative projects to watch: Optimum is a full-chain expansion solution with team members from MIT and Harvard. Investors in the angel round include Polychain CTO, DeFiance Capital founder, Polygon co-founder, Jump Crypto managing partner, etc.; Billions is a digital identity verification platform that utilizes zero-knowledge proof technology, aiming to provide a scalable and secure method for verifying the identities of humans and AI; smoothiedotfun: a DeFAI-type project where users can conduct automated research and trading using Smoothies, currently still in a very early stage.
Table of Contents
1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Share 2
3. ETF Inflow and Outflow Data 4
4. ETH/BTC and ETH/USD Exchange Rates 5
5. Decentralized Finance (DeFi) 6
7. Stablecoin Market Capitalization and Issuance 10
II. This Week's Hot Money Trends 11
1. Top Five VC Coins and Meme Coins This Week 11
1. Major Industry Events This Week 13
2. Major Upcoming Events Next Week 13
3. Important Investments and Financing from Last Week 14
I. Market Overview
1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Share
The total market capitalization of cryptocurrencies is $2.78 trillion, down from $3.24 trillion last week, representing a decline of 14.2%.
Data Source: cryptorank
As of the time of writing, Bitcoin's market capitalization is $1.61 trillion, accounting for 57.85% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $235 billion, accounting for 8.45% of the total cryptocurrency market capitalization.
Data Source: coingeck
2. Fear Index
The cryptocurrency fear index is 20, indicating extreme fear.
Data Source: coinglass
3. ETF Inflow and Outflow Data
As of the time of writing, the net asset value of the U.S. Bitcoin spot ETF is $98.483 billion, with a cumulative net inflow of approximately $36.142 billion and a net outflow of $799 million this week; the net asset value of the U.S. Ethereum spot ETF is $7.762 billion, with a cumulative net inflow of approximately $2.699 billion and a net outflow of $120 million this week.
Data Source: sosovalue
4. ETH/BTC and ETH/USD Exchange Rates
ETHUSD: Current price $2,046, historical highest price $4,878, down approximately 58.1% from the highest price.
ETHBTC: Currently at 0.025011, historical highest at 0.1238.
Data Source: ratiogang
5. Decentralized Finance (DeFi)
According to DeFiLlama data, the total TVL in DeFi this week is $90.4 billion, down 14.6% from last week.
Data Source: defillama
By public chain classification, the top three public chains by TVL are Ethereum with a share of 52.17%; Solana with a share of 7.47%; and Bitcoin with a share of 5.86%.
Data Source: CoinW Research Institute, defillama
Data as of March 9, 2025
6 . On-Chain Data
Layer 1 Related Data
Mainly analyzing the current data of major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APT based on daily transaction volume, daily active addresses, and transaction fees.
Data Source: CoinW Research Institute, defillama, Nansen
Data as of March 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, the overall transaction volume of public chains is on a downward trend, with SOL showing a significant decline of 67.34% compared to last week. The overall change in transaction fees this week is not significant, with SUI transaction fees increasing by 20.5% 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 the level of trust users have in the platform. In terms of daily active addresses, the overall trend for public chains is also down; regarding TVL, ETH shows a significant downward trend, down 15.34% from last week.
Layer 2 Related Data
● According to L2Beat data, the total TVL of Ethereum Layer 2 is $31.09 billion, down 17.6% from last week.
Data Source: L2Beat
Data as of March 9, 2025
- Arbitrum and Base hold the top positions with market shares of 32.61% and 30.05%, respectively, but both have seen a decline in overall market share.
Data Source: footprint
Data as of March 9, 2025
7. Stablecoin Market Capitalization and Issuance
According to Coinglass data, the total market capitalization of stablecoins is $235 billion. Among them, USDT has a market capitalization of $142.5 billion, accounting for 60.64% of the total stablecoin market; followed by USDC with a market capitalization of $56.4 billion, accounting for 24% of the total stablecoin market; and DAI with a market capitalization of $5.36 billion, accounting for 2.28% of the total stablecoin market.
Data Source: CoinW Research Institute, Coinglass
Data as of March 9, 2025
According to Whale Alert data, USDC Treasury issued an additional 1.17 billion USDC this week, with the total issuance of stablecoins down 35% compared to last week.
Data Source: Whale Alert
Data as of March 9, 2025
II. This Week's Hot Money Trends
1. Top Five VC Coins and Meme Coins This Week
The top five VC coins with the highest increase in the past week
Data Source: CoinW Research Institute, coinmarketcap
Data as of March 9, 2025
The top five Meme coins with the highest increase in the past week
Data Source: CoinW Research Institute, coinmarketcap
Data as of March 9, 2025
2. New Project Insights
Optimum: A full-chain expansion solution with team members from MIT and Harvard. Investors in the angel round include Polychain CTO, DeFiance Capital founder, Polygon co-founder, Jump Crypto managing partner, etc. Optimum is a high-performance memory infrastructure applicable to any blockchain, supported by RLNC, which can scale L1/L2, enhancing dapp performance and end-user UX.
Billions: Billions Network is a digital identity verification platform that utilizes zero-knowledge proof technology, aiming to provide a scalable and secure method for verifying the identities of humans and AI.
smoothiedotfun: A DeFAI-type project where users can conduct automated research and trading using Smoothies, which can also help crypto analysts achieve strategy tokenization; currently still in a very early stage.
III. New Industry Dynamics
1. Major Industry Events This Week
RedStone announced changes to the RED airdrop selection process and distribution. In the first Miner airdrop, it allocated 5% of the total supply of RED, and it will additionally allocate 2% of the total supply of RED from ecosystem and data providers. Additional recipients are selected by expanding eligibility criteria and based on collected participation proofs, with the additional 2% airdrop open for claims on March 7, 2025.
The modular DPoS network Elixir has launched the ELX airdrop check portal. Additionally, the official token economics have been released, with 41% of the total supply allocated to the community (8% for the first quarter airdrop, 21% for future airdrops/LP rewards, 12% for public network security rewards), 22% allocated to the DAO foundation, 15% to investors, 19% to core contributors, and 3% for liquidity.
Kaito AI announced that Succinct is the next Pre-TGE project selected from the Yapper Launchpad, and the Yapper leaderboard for Succinct will be announced soon.
Sony's Layer 2 network Soneium has distributed the Soneium OG Badge (requiring at least 45 transactions) and the Soneium Premium OG Badge (requiring bridging 1 ETH or 2500 USDC or 70000 ASTR to the network) to early users. These OG NFTs can now be queried through block explorers like Blockscout, with on-chain data showing a total of 426,992 addresses holding the two OG NFTs.
Sui announced a partnership with the Trump family's crypto project WLFI, as part of this collaboration, WLFI will include SUI in its strategic token reserves, and WLFI and Sui have begun exploring product development opportunities.
2. Major Upcoming Events Next Week
The AI-driven Web3 interaction platform AlphaOS has partnered with the decentralized crypto trading protocol Orca to launch a Trading Campaign that runs until March 11. During this period, users can trade Orca liquidity pools through AlphaOS to earn double AlphaOS points and have a chance to receive ORCA token airdrops. AlphaOS points will be converted into future airdrop rewards after the TGE in the first half of 2025.
The airdrop claim deadline for Pudgy Penguins token PENGU is March 15, 2025.
PancakeSwap announced it will shut down its simple staking product on March 10, 2025, and users need to withdraw their funds before that date.
3. Important Investments and Financing from Last Week
Flowdesk raised $102 million, with investors including HV Capital, Cathay Innovation, Eurazeo, and ISAI. Flowdesk is a digital asset service provider offering crypto asset trading solutions and market-making services to Web3 players, including cryptocurrency token issuers. (March 4, 2025)
Metaplanet raised $87 million, with investors including EVO FUND. Metaplanet Inc. is a company listed on the Tokyo Stock Exchange (3350) that has begun a strategic transformation. By utilizing Bitcoin (BTC) as its primary treasury reserve asset, Metaplanet will leverage excess cash flow and implement value-added corporate governance strategies, including financial management strategies such as debt and equity financing, to further accumulate Bitcoin. (March 4, 2025)
Across Protocol raised $41 million, with investors including Paradigm, Coinbase Ventures, Bain Capital Crypto, Multicoin Capital, and Sina Habibian. Across is an optimistic-based cross-chain bridging protocol that allows users to execute transactions between chains almost instantly. (March 4, 2025)
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