CoinW Research Institute Weekly Report (February 10, 2025 — February 16, 2025)
Key Points
● The total market value of global cryptocurrencies is $3.33 trillion, up 1.2% from last week’s $3.29 trillion. As of press time, the US Bitcoin Spot ETF has had a cumulative total net inflow of $40.12 billion, with a net inflow of $650 million this week, while the US Ethereum Spot ETF has had a net inflow of $3.15 billion, with a net inflow of $26.26 million this week.
● The total market cap of stablecoins is $234 billion, with USDT holding a market cap of $142 billion (60.68% of the total stablecoin market cap); USDC follows with a market cap of $56.5 billion (24.15%); and DAI has a market cap of $5.37 billion (2.3%).
● The Total Value Locked (TVL) in DeFi this week is $109.1 billion, up 3.6% from last week. Breaking down by public chains, the top three public chains in terms of TVL are Ethereum with a 52.98% share; Solana with an 8.65% share; and Bitcoin with a 6.3% share.
● Looking at the on-chain data, this week’s daily trading volume of Layer 1 public chains shows a downward trend for most chains except ETH. Specifically, SOL experienced a significant decline of 45.5% compared to last week. In terms of transaction fees, SOL saw an 80% decrease from last week, while SUI’s transaction fees fell by 60%. Regarding daily active addresses, SUI showed an increase of 80% compared to last week, while other public chains experienced declines. In terms of TVL, there were no significant changes overall. The total TVL of Ethereum Layer 2 reached $36.1 billion, an overall increase of 1.71% this week compared to last week.
● Innovative project focuses: Unit: An asset tokenization layer on Hyperliquid that enables seamless deposit and withdrawal of various assets. Through integration, Unit supports the free flow of mainstream crypto assets such as BTC, ETH, and SOL between Hyperliquid and their native blockchains; Eggs Finance: The DeFi project that incubates @SonicLabs, combining elements of Memecoin gameplay; NOME Protocol: An algorithmic stable project on Berachain, which has been listed by DefiLlama. It is mainly used to expand the liquidity of DeFi and derivatives on the Berachain.
Content
1. Total Market Value of Cryptocurrencies / Proportion of Bitcoin’s Market Value
4. ETH/BTC and ETH/USD exchange rates
5. Decentralized Finance (DeFi)
7. Market Value and Additional Issuance of Stablecoins
II. Trend of Hot Money This Week
1. The top five VC coins and Meme coins with the largest increases in price this week
III. New Trends in the Industry
1. Major Events in the Industry This Week
2. Major Events to Take Place Next Week
3. Important Investment and Financing Activities Last Week
I. Market Overview
1. Total Market Value of Cryptocurrencies / Proportion of Bitcoin’s Market Value
The total market value of global cryptocurrencies is $3.33 trillion, up 1.2% from last week’s $3.29 trillion.
As of press time, the market value of BTC is $1.91 trillion, accounting for 57.29% of the total cryptocurrency market cap. At the same time, the market cap of stablecoins is $234 billion, representing 7.02% of the total market cap of cryptocurrencies.
2. Fear & Greed Index
The Crypto Fear & Greed Index is 51, indicating a neutral sentiment.
3. ETF inflows/outflows data
As of press time, the US Bitcoin Spot ETF has had a cumulative total net inflow of $40.12 billion, with a net inflow of $650 million this week, while the US Ethereum Spot ETF has had a net inflow of $3.15 billion, with a net inflow of $26.26 million this week.
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Currently at $2,673, with an all-time high of $4,878, a decline of approximately 45.23% from the highest price
ETHBTC: Currently at 0.027763, with an all-time high of 0.1238
5. Decentralized Finance (DeFi)
According to DeFiLlama data, the TVL in DeFi this week is $109.1 billion, up 3.6% from last week.
Breaking down by public chains, the top three public chains in terms of TVL are Ethereum with a 52.98% share; Solana with an 8.65% share; and Bitcoin with a 6.3% share.
6. On-chain data
Layer 1 Related Data
Mainly analyzes the current main Layer1 including ETH, SOL, BNB, TON, SUI, and APT related data from daily transaction volume, daily active addresses, and transaction fees.
● Daily Trading Volume and Transaction Fees: Daily trading volume and transaction fees are core indicators for measuring the activity level of public chains and user experience. This week, the daily trading volume of all public chains except ETH showed a downward trend, with SOL experiencing the most significant decline, down 45.5% compared to last week. In terms of transaction fees, SOL saw an 80% decrease from last week, while SUI’s transaction fees fell by 60%.
● Daily active addresses and TVL: Daily active addresses reflect the participation in the public chain ecosystem and user stickiness, TVL reflects the trust of users in the platform. Regarding daily active addresses, SUI showed an increase of 80% compared to last week, while other public chains experienced declines. In terms of TVL, there were no significant changes overall.
Layer 2 Related Data
● According to L2Beat data, the TVL of Ethereum Layer 2 reached $36.1 billion, an overall increase of 1.71% this week compared to last week.
● Arbitrum and Base occupied the top positions with market shares of 31.93% and 29.35% respectively.
7. Market Value and Additional Issuance of Stablecoins
According to Coinglass, the total market cap of stablecoins is $234 billion. Among them, USDT holds a market cap of $142 billion (60.68% of the total stablecoin market cap); USDC follows with a market cap of $56.5 billion (24.15%); and DAI has a market cap of $5.37 billion (2.3%).
According to data from Whale Alert, within this week, the USDC Treasury has a total issuance of 1.05 billion USDC, representing a 20.1% decline compared to the total stablecoin issuance of last week.
II. Trend of Hot Money This Week
1. The top five VC coins and Meme coins with the largest increases in price this week
The top five VC coins with the largest price increases in the past week
The top five Meme coins with the largest price increases in the past week
2. Insights into New Projects
Unit: Unit is the asset tokenization layer on Hyperliquid, enabling seamless deposit and withdrawal of various assets. Through integration, Unit supports the free flow of mainstream crypto assets such as BTC, ETH, and SOL between Hyperliquid and their native blockchains.
Eggs Finance: The DeFi project that incubated @SonicLabs, incorporating elements of Memecoin gameplay. The project is categorized as a “reserve currency” on Sonic and features a token burn mechanism. It has also been analyzed by aixbt.
NOME Protocol: An algorithmic stable project on Berachain, which has been listed by DefiLlama. It is mainly used to expand the liquidity of DeFi and derivatives on the Berachain.
III. New Trends in the Industry
1. Major Events in the Industry This Week
● Swarms’ Launchpad Beta version is now live. Users can tokenize their AI agents to generate revenue and earn Swarms tokens by providing valuable AI agents to the market.
● Nansen, the on-chain data analysis platform, has officially announced the launch of its points system, Nansen Points. Existing users will receive retroactive point rewards, and previous platform usage behaviors have been incorporated into the points system. In addition, users can earn more points by subscribing to Nansen’s services.
● The Layer 1 intellectual property blockchain Story Protocol has announced the opening of staking for its token IP.
● BNB Chain has accumulated $15 million in Gas fees in the past 7 days, a 400% year-on-year increase, second only to Solana’s $29 million. In the recent update, validators will be allowed to collect more bids within the same block, which may allow high-value transactions to replace low-priority ones.
● The NFT project Doodles has officially launched its official token, DOOD, and plans to issue it on the Solana chain. The total supply is 10 billion, and it will support cross-chain to Base in the future. In terms of token distribution, 68% of the tokens will be allocated to the community, of which 30% will go to the Doodles community, 25% to the ecological fund, 13% to new members, 17% to the team, 10% for liquidity, and 5% reserved for the company.
● Fox News reported that Trump has chosen Brian Quintenz, the current policy director of a16z and a former member of the Cryptocurrency Committee, to be the chairman of the CFTC.
2. Major Events to Take Place Next Week
● The points campaign for Morph, a consumer-grade public chain, will continue until February 20, 2025. Ten percent of its tokens will be used for community airdrops and ecosystem growth activities, with a total of 1.6 million points available. The campaign will run until February 20, 2025. Users can earn points through asset bridging, paying gas fees, and inviting new users.
● The fifth phase of the BNB Chain TVL Incentive Program will end on February 21. The BNB Chain Foundation will provide up to 5% of the new TVL in BNB as staking support to the top five staking or re-staking protocols. Each protocol can receive up to 20,000 BNB in staking support from the BNB Chain Foundation. The total staking support cap for the entire event is 50,000 BNB. The staking support lock-up period is 1 to 3 months, and the income from the staking support in the event will be returned to community users in the form of market activities or airdrops later.
● OpenSea has hinted at the $SEA airdrop. The OpenSea Foundation released a statement suggesting the criteria for the upcoming SEA airdrop. Although there is no official announcement on tokenomics or the launch date, the tweet details that the historical usage of OpenSea will affect the airdrop allocation that users will receive, and US users can indeed claim their allocations.
3. Important Investment and Financing Activities Last Week
● Plasma: Raised $24 million in funding from investors including Framework Ventures, Mirana Ventures, 6th Man Ventures, Bitfinex, Flow Traders, Bybit, Cumberland DRW, IMC Trading, Karatage, and Paolo Ardoino. Plasma is a scalable payment and financial infrastructure on Bitcoin. It is built on the native UTXO, allowing the use of BTC for gas fees and seamless integration with existing Bitcoin infrastructure. By leveraging a hybrid UTXO/account architecture, users can unlock new functionalities for holding, staking, and deploying their Bitcoin, moving seamlessly between the UTXO and account spaces. (February 13, 2025)
● Mango Network: Raised $13.5 million in funding from investors including Kucoin Ventures, CatcherVC, Tido Capital, Connectico Capital, Ainfra Ventures, Becker Ventures, Tfund, and Mobile Capital. Mango Network is a Layer 1 public chain with a Multi-VM full-chain infrastructure, primarily addressing multiple pain points such as fragmented user experience and fragmented liquidity existing in Web3 applications and DeFi protocols. It integrates the core advantages of OPStack technology and MoveVM to build an efficient blockchain network that supports cross-chain communication and interoperability between multiple virtual machines. This provides developers and users with a secure, modular, and high-performance Web3 infrastructure. (February 14, 2025)
● HashKey Group: Raised $30 million in funding from investors including Gaorong Ventures. HashKey Group is an end-to-end digital asset financial services group in Asia, offering new investment opportunities and solutions for institutions, family offices, funds, and professional investors in the digital asset and blockchain ecosystem. The Group provides a comprehensive ecosystem across the digital asset space, including HashKey Capital (venture fund), HashKey Cloud (blockchain node validation service provider), HashKey Tokenization (tokenization service provider), HashKey NFT, and Web3 PFP incubation and community operation services. (February 14, 2025)
