CoinW Research Institute Weekly Report (February 24, 2025 — March 2, 2025)
Key Highlights
The total global cryptocurrency market capitalization stands at $3.24 trillion, compared to $3.32 trillion last week, representing a 2.4% decline this week. As of the time of writing, the total net inflow of U.S. Bitcoin spot ETFs is approximately $36.94 billion, with a net outflow of $2.61 billion this week; the total net inflow of U.S. Ethereum spot ETFs is around $2.82 billion, with a net outflow of $335 million this week.
The total market capitalization of stablecoins is $232 billion, among which USDT’s market capitalization is $142.1 billion, accounting for 61% of the total stablecoin market; followed by USDC with a market capitalization of $56.4 billion, accounting for 24.3% of the total stablecoin market; DAI’s market capitalization is $5.36 billion, accounting for 2.3% of the total stablecoin market.
According to DeFiLlama, the total DeFi TVL this week is $105.9 billion, reflecting a 4.8% decline compared to last week. By blockchain, the top three blockchains in terms of TVL share are Ethereum at 52.58%, Solana at 7.96%, and Bitcoin at 5.92%.
From the on-chain data perspective, BNB’s trading volume saw a significant drop this week, declining by 64.60% compared to last week. In terms of transaction fees, SOL experienced a significant increase, rising by 65% from last week. Regarding daily active addresses, most blockchains showed a noticeable decline; in terms of TVL, ETH exhibited a clear downward trend, falling by 6.8% compared to last week. The total TVL of Ethereum Layer 2 is $36.8 billion, with an overall decline of 4.56% from last week.
Innovative project highlights: fren.money has received support from @alliancedao, allowing traders to tokenize strategies and investors to profit through trusted funds and alpha-driven investments; ARESAlpha Labs is a free tool for discovering new crypto projects and Web3 opportunities; Hand of God is a DeFi yield protocol based on Sonic, inspired by the original Tomb Finance model, with an AI agent at its core.
Content
Key Points
- Global Cryptocurrency Market Cap/Bitcoin Market Share
- Fear Index
- ETF Inflow/Outflow Data
- ETH/BTC and ETH/USD Exchange Ratios
- Decentralized Finance (DeFi)
- On-Chain Data
- Stablecoin Market Cap and Issuance
Section II: Hot Money Movements This Week
- Top 5 Gainers Among VC and Meme Coins
- New Project Insights
Section III: Industry Updates
- Major Industry Events This Week
- Upcoming Major Events Next Week
- Key Investments Last Week
Market Overview
1. Total Market Capitalization and Bitcoin Dominance
Global Cryptocurrency Market Cap: $3.24 trillion, a 2.4% decrease compared to last week’s $3.32 trillion.
Bitcoin Market Cap: $1.85 trillion, representing 57.2% of the total cryptocurrency market cap.
Stablecoins Market Cap: $232 billion, accounting for 7.18% of the total.
2. Fear & Greed Index
Current Crypto Fear & Greed Index: 33.
3. ETF Inflows/Outflows
Bitcoin Spot ETFs:
Cumulative net inflows: $36.94 billion.
Weekly outflows: $2.61 billion.
Ethereum Spot ETFs:
Cumulative net inflows: $2.82 billion.
Weekly inflows: $0.335 billion.
4. ETH/BTC and ETH/USD Ratios
ETH/USD:
Current Price: $2,456
All-Time High (ATH): $4,878 (-49.67% from ATH)
ETH/BTC:
Current Ratio: 0.026452
ATH: 0.1238
5. Decentralized Finance (DeFi)
Total Value Locked (TVL): $105.9 billion, a 4.8% decrease this week.
Top 3 Chains by TVL:
Ethereum: 52.58%
Solana: 7.96%
Bitcoin: 5.92%
6. On-Chain Data
Layer 1 Metrics:
Daily trading volume, active addresses, and fees analyzed for major chains: ETH, SOL, BNB, TON, SUI, and APT.
Daily trading volume and transaction fees: Daily trading volume and transaction fees are core indicators for measuring blockchain activity and user experience. This week, BNB’s daily trading volume saw a significant decline, dropping by 64.60% compared to last week. Additionally, the trading volumes of ETH, SOL, and SUI showed some growth compared to last week. In terms of transaction fees, SOL experienced a significant increase this week, rising by 65% from last week.
Daily active addresses and TVL: Daily active addresses reflect the level of ecosystem participation and user stickiness of a blockchain, while TVL reflects users’ trust in the platform. In terms of daily active addresses, most blockchains showed a significant decline, with SOL showing a notable rebound, increasing by 14.69% compared to last week. In terms of TVL, ETH showed a clear downward trend, dropping by 6.8% from last week.
Layer 2 Metrics:
Total TVL: $36.8 billion, a 4.56% decrease this week.
Market share leaders: Arbitrum (31.43%) and Base (30.15%).
7. Stablecoins Market Cap and Issuance
Stablecoin Market Cap: $232 billion.
USDT: $142.1 billion (61%)
USDC: $56.4 billion (24.3%)
DAI: $5.36 billion (2.3%)
Weekly Stablecoin Issuance:
USDC Treasury: 0.8 billion new USDC issued.
Tether Treasury: 1 billion new USDT issued.
Total issuance this week: 1.8 billion (+36.36% compared to last week).
Hot Money Movements This Week
1. Top 5 Gainers
VC Tokens:
Meme Tokens:
2. New Project Insights
- fren.money: Supported by @alliancedao, enabling group chats to transform into investment funds. Traders can tokenize strategies, while investors can earn through trusted funds and verified alpha. The project has not yet officially launched.
- ARES Alpha Labs: A free tool for discovering new crypto projects and Web3 opportunities. The project has been operating for nearly a year and specializes in identifying early-stage innovative projects.
- Hand of God: A DeFi yield protocol based on Sonic, inspired by the original Tomb Finance model. The core of the protocol is an AI agent that conducts on-chain analysis every six hours, making strategic decisions to optimize emissions, stabilize the peg, and maximize protocol efficiency.
3. Industry Updates
1. Major Industry Events This Week
- Solana Layer 2 gaming blockchain Sonic SVM has officially launched the Mobius mainnet. The Mobius Season 1 event runs from February 27 to April 10, offering 2.4 million SONIC in rewards. Additionally, Sonic SVM is hosting a hackathon with a total prize pool of $1 million, encouraging developers to explore the SVM ecosystem.
- The Babylon Foundation announced that its subsidiary, Cuneiform Assets Limited, has decided to expand its airdrop scope. Community feedback played a crucial role in this decision. After extensive evaluation, Cuneiform Assets has removed the staking history requirement. All NFT holders are now eligible for the NFT airdrop, provided they meet all other airdrop qualification requirements and comply with the airdrop terms.
- NFT trading tool Mintify has revealed the tokenomics model for its MINT token. The total supply of MINT is 1 billion, to be unlocked and distributed over three years. The allocation includes 27.23% for investors, 39.1% for the community, 25.17% for the ecosystem, and 8.50% for the team. MINT claims will open in the coming weeks, with a 48-hour notice before activation. Season 1 will distribute 60 million MINT, with 20 million allocated to SZN1 staking rewards and 40 million to SZN1 XP rewards.
2. Upcoming Events Next Week
- Story will officially begin releasing IP tokens on March 4, with 55,555 IP tokens issued daily alongside the launch of staking rewards. Currently, during the “Singularity Period,” users can stake but will not receive rewards. Rewards will become active after the “Big Bang Block.” The staking reward mechanism follows a time-weighted model: flexible staking earns 1x rewards, 90-day staking earns 1.1x, 360-day staking earns 1.5x, and 540-day staking earns 2x. Locked staking (6 months) only earns 0.5x rewards. Story encourages long-term staking to enhance the security and stability of its decentralized AI-native IP infrastructure.
- Solana restaking platform Solayer has officially launched the airdrop for its native token, LAYER. For early and eligible community members, LAYER tokens from the Genesis Drop will be immediately unlocked upon launch, with additional tokens claimable over six months through Epochs. The claim window is open from February 11, 2025, to March 4, 2025. Any unclaimed LAYER will be reallocated for future airdrops. Tokens vested after the initial claim period will remain unaffected.
- The White House will host its first cryptocurrency summit on March 7, where Trump is scheduled to speak. Attendees include industry professionals and members of the President’s Digital Assets Task Force.
3. Notable Investments Last Week
- Ethena: Strategic financing round, raising $100 million. Investors include Franklin Templeton and F-Prime Capital. Ethena is building derivative infrastructure to transform Ethereum into a global internet bond through delta-neutral positions on stETH, thereby creating the first crypto-native, yield-bearing stablecoin, USDE. (February 24, 2025)
- Bitwise: Raised $70 million from investors including Electric Capital, Haun Ventures, ParaFi Capital, MassMutual, Highland Capital Partners, and MIT Investment Management Company. Bitwise is a crypto asset management firm known for managing the world’s largest crypto index fund (OTCQX: BITW) and pioneering products covering Bitcoin, Ethereum, DeFi, and crypto-focused equity indices. (February 25, 2025)
- Raise: Strategic financing round, raising $63 million. Investors include Haun Ventures, GSR, Paper Ventures, Selini Capital, and Raj Gokal. Raise is an innovative gift card crypto platform that revolutionizes the consumer shopping experience and enhances brand engagement. Consumers purchase gift cards from participating retailers and deposit funds into Raise, which then deposits stablecoins or USD-pegged crypto into the retailer’s escrow account. Once customers use the gift cards, Raise transfers funds to retailers via ACH or stablecoins. (February 26, 2025)
- Figure: Series D funding round, raising $200 million from investors including Sixth Street. Figure is a fintech company leveraging the Provenance blockchain for loan origination, equity management, private fund services, banking, and payments. It provides efficient savings solutions for both consumers and institutions. Figure Equity Solutions offers a one-stop platform for private companies and startups to raise funds, manage equity, and trade shares. Figure Marketplace is a blockchain-based investment platform granting access to various private companies and private equity funds. (February 27, 2025)
