CoinW Research Institute Weekly Report (January 20, 2025 — January 26, 2025)
Key Points
● The total market value of global cryptocurrencies is $3.63 trillion, up 1.1% from last week’s $3.59 trillion. As of press time, the US Bitcoin Spot ETF has had a cumulative total net inflow of $39.94 billion, with a net inflow of $1.76 billion this week. while the US Ethereum Spot ETF has had a net inflow of $2.8 billion, with a net inflow of $139 million this week.
● The market value of stablecoins is $222 billion, representing 6.11% of the total market value of cryptocurrencies. Among them, USDT had a market value of $138.6 billion, representing 62.4% of the total stablecoin market value; USDC had a market value of $51.9 billion, accounting for 23.4%; and DAI had a market value of $5.4 billion, representing 2.4%. This week, stablecoins were issued in a total amount of $2.6 billion, a 122% increase from last week’s issuance volume.
● The Total Value Locked (TVL) in DeFi this week is $122.6 billion, up 3.3% from last week. Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 53.1% share; Solana with an 9.38% share; and Tron with a 5.98% share.
● Looking at on-chain data, among Layer 1 public chains, SOL had the most significant decline in daily trading volume this week, with a 74.4% drop compared to last week.
In terms of transaction fees, ETH transaction fees began to fall, with an 89% decrease from last week. In terms of daily active addresses, there was a general downward trend except for APT/ETH. In terms of TVL, SUI showed a significant decline, down 10.5% from last week. The total TVL of Ethereum Layer 2 was $43.72 billion, a 1.15% decrease from last week.
● Innovation Projects to Watch: MoonlanderTrade is a new derivatives protocol on CronoszkEVM and has been added to DefiLlama.
Although there has been no capital investment yet, it already has a TVL of $1 million；Angstrom: a decentralized exchange incubated by @SorellaLabs, the project is still in its early stages; oshi: a Japanese anime project with a team of experienced founders. The project has raised $12.5 million, with investors including @polychain and @superscrypt.
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 $3.63 trillion, up 1.1% from last week’s $3.59 trillion.
As of press time, Bitcoin’s market value is $2.02 trillion, accounting for 55.61% of the total cryptocurrency market value. At the same time, the market value of stablecoins is $222 billion, representing 6.11% of the total market value of cryptocurrencies.
2. Fear & Greed Index
The Crypto Fear & Greed Index is 71, indicating greed.
3. EFT inflows/outflows data
As of press time, the US Bitcoin Spot ETF has had a cumulative total net inflow of $39.94 billion, with a net inflow of $1.76 billion this week. while the US Ethereum Spot ETF has had a net inflow of $2.8 billion, with a net inflow of $139 million this week.
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Currently at $3,207, with an all-time high of $4,878, a decline of approximately 34.27% from the highest price
ETHBTC: Currently at 0.031562, with an all-time high of 0.1238
5. Decentralized Finance (DeFi)
According to DeFiLlama data, the Total Value Locked (TVL) in DeFi this week is $122.6 billion, up 3.3% from last week.
Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 53.1% share; Solana with an 9.38% share; and Tron with a 5.98% share. The overall proportion is relatively stable, and the Ethereum chain remains the leader in the DeFi field.
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 overall trading volume declined significantly, with SOL showing the most pronounced drop, down 74.4% from last week. This may be due to the decline in Trump-related concept coins. In terms of transaction fees, the overall trend remained stable, with ETH transaction fees falling by 89% from last week.
● 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. In terms of daily active addresses, except for APT/ETH, the overall trend was downward. ETH saw a 7.2% increase from last week. In terms of TVL, SUI showed a significant decline, down 10.5% from last week.
Layer 2 Related Data
● According to L2Beat data, the total TVL of Ethereum Layer 2 reached $43.72 billion, an overall decrease of 1.15% this week compared to last week.
● Arbitrum and Base occupied the top positions with market shares of 34.91% and 26.87% respectively.
7. Market Value and Additional Issuance of Stablecoins
According to data from Coinglass, the total market value of stablecoins is $222 billion. Among them, USDT had a market value of $138.6 billion, representing 62.4% of the total stablecoin market value; USDC had a market value of $51.9 billion, accounting for 23.4%; and DAI had a market value of $5.4 billion, representing 2.4%.
According to data from Whale Alert, this week, the USDC treasury issued a total of 2.45 billion USDC. In addition, 150 million USDT were issued. This week, stablecoins were issued a total of 2.6 billion, with a growth rate of 122% compared to the total amount of stablecoin issuance 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
● MoonlanderTrade: A new derivative protocol on CronoszkEVM and has been added to DefiLlama. Currently, there is no capital investment, but it already has a TVL of $1 million.
● Angstrom: A decentralized exchange incubated by @SorellaLabs, and the project is still in its initial launch stage.
● oshi: A Japanese anime project. The founding team has rich practical experience. Currently, it has raised $12.5 million, and the investors include polychain@polychain and superscrypt@superscrypt, etc.
III. New Trends in the Industry
1. Major Events in the Industry This Week
● Tether Operations Limited has partnered with Medoo, a Vietnamese decentralized education ecosystem, to launch a blockchain academy. The platform aims to provide Vietnamese users with education on blockchain technology and peer-to-peer systems.
● Eric Trump, the second son of Trump, recently stated that US — based crypto projects (such as XRP) will enjoy zero capital gains tax in the future, while non — US projects will face a 30% tax rate. Additionally, Senator Ted Cruz plans to use the Congressional Review Act to challenge the IRS’s controversial requirement for DeFi brokers to report user data.
● EtherMage, a core contributor to Virtuals Protocol, said that moving towards multi — chain is a very important step in realizing the vision of an AI — agent society. The diversity of agents is an important part of autonomous enterprises and autonomous societies. Expanding to Solana is the first step, and subsequent support will be established on several other chains. For each on — chain ecosystem that we are expanding to, dedicated resources have been set up to cooperate with the leaders or foundations of the respective chains to ensure that projects built in the Virtuals Protocol ecosystem have access to funding and development opportunities.
● MmemeLaunch, a cross — chain AI Celebrity token issuance platform, will go live on Manta Pacific. MemeLaunch is an IAO Celebrity token platform built on the ELISA framework. MemeLaunch can automatically identify high — value accounts through multi — dimensional influence verification and intelligent authorization negotiation, making the token launch authorization negotiation efficient. MemeLaunch also supports one — click token generation, from name design to narrative framework, all fully automated and seamlessly launched on its own Launchpad.
● Jupiter, a DEX on the Solana chain, has acquired a majority stake in Moonshot. In addition, Jupiter announced the acquisition of Sonarwatch, a Solana — chain portfolio tracker. Jupiter will release the personal portfolio page created by Sonarwatch. Users can track Solana — chain activities through this page, and this function will be integrated into Jupiter’s web and mobile versions.
2. Major Events to Take Place Next Week
● Noon, a stablecoin yield protocol on the Beam chain, will launch its public beta version on January 27. The protocol has two types of tokens, USN and sUSN. sUSN is a delta — neutral strategy yield — type version of the stablecoin USN. The governance token NOON, which is expected to be launched in February this year, will distribute 65% — 80% to users to provide high — level rewards for users.
● SoSoValue has donated MAG7 index tokens worth $4.7 million to the 47T Foundation. The first batch of tokens worth $1 million will be available for claim on January 29, 2025. Eligible holders of ETH, AAVE, LINK, ONDO, and ENA can go to the official website of SoSoValue to claim.
● The second — stage Genesis Drop of Ethereum L2 network Fuel will airdrop 150 million FUEL. The eligibility review and claim will be carried out from January 30 to March 2, 2025. The FS — 1 event will also airdrop 150 million FUEL.
● The NFT series supported by Trump launched Trump Bitcoin Digital Trading Card on Bitcoin using the Ordinals protocol. The first batch has 160 pieces. Users who obtain 100 NFT cards from the Mugshot Edition and submit their Bitcoin wallets are eligible to claim through the NFT market Magic Eden. The deadline is January 31, 2025.
● Propy, a real — estate company, will sell a tokenized apartment in Hawaii on January 29. It will allow Bitcoin and Ethereum holders to use cryptocurrencies as collateral assets to secure loans to purchase the tokenized apartment. The entire tokenization process is expected to take approximately two weeks.
3. Important Investment and Financing Activities Last Week
● NXT raised $8.2 million, and the investors include Rollman Management, etc. NXT is a blockchain — based trade operating system that replaces outdated manual processes with seamless automation, enhancing compliance, speed, and cost — effectiveness. This allows businesses of all sizes to confidently execute global transactions, minimize risks, and gain a competitive edge in the global market. (January 21, 2025)
● SOON raised $22 million, and the investors include Hack VC, ABCDE Capital, SNZ Holding, MH Ventures, Anagram, ArkStream Capital, GeekCartel, PAKA, IDG Capital, etc. SOON is a rollup stack designed to provide top — notch performance for all Layer 1 blockchains, supported by a Decoupled SVM and a configurable DA layer. The architecture is tailored to meet the high — performance needs of modern decentralized applications, ensuring seamless execution, integration, and optimized data availability across the entire blockchain ecosystem. (January 22, 2025)
● Corn raised $8.3 million, and the investors include Polychain, Arbitrum, Hypersphere Ventures, GSR, Amber Group, Laser Digital, Presto, etc. Corn is an Ethereum Layer 2 that uses Bitcoin as gas. (January 23, 2025)
