CoinW Research Institute Weekly Report (January 27, 2025 — February 4, 2025)
Key Points
● The total market value of global cryptocurrencies is $3.36 trillion, down 7.4% from last week’s $3.63 billion. As of press time, the US Bitcoin Spot ETF has had a cumulative total net inflow of $40.35 billion, with a net inflow of $230 million this week. while the US Ethereum Spot ETF has had a net inflow of $2.84 billion, with a net inflow of $83 million this week.
● The total market cap of stablecoins is $227 billion. Among them, USDT has a market cap of $140.5 billion, accounting for 61.9% of the stablecoin market cap; USDC has a market cap of $55 billion, accounting for 24.2%; DAI has a market cap of $5.36 billion, accounting for 2.4%.
● The Total Value Locked (TVL) in DeFi this week is $107.4 billion, down 12.4% from last week. Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 53.56% share; Solana with a 9.54% share; and Bitcoin with a 6.4% share. This week, Bitcoin’s on-chain data surpassed that of Tron, ranking among the top three.
● From on-chain data, the daily trading volume and transaction fees of Layer 1 public chains this week generally showed a downward trend, with ETH’s daily trading volume falling the most significantly, down 10.56% from last week. In terms of daily active addresses, there was a downward trend overall except for TON/APT. The total TVL of Ethereum Layer 2 is $35.54 billion, down 14.9% from last week.
● Innovative Projects to Watch: Herd: By simplifying smart contracts, etc., it realizes more intelligent AI agents. The project is in the initial startup stage, and its angel investors include the co — founder of Dune, etc.; Liquity: Launched V2 on the Ethereum mainnet, introducing a novel architecture aimed at enhancing capital utilization efficiency and achieving more value accumulation; Exponent: Building a fixed-rate DeFi market on Solana to help users choose between predictable or leveraged returns.
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 $3.36 trillion, down 7.4% from last week’s $3.63 billion.
As of press time, the market value of Bitcoin (BTC) is $1.96 trillion, accounting for 58.32% of the total cryptocurrency market value. At the same time, the market value of stablecoins is $227 billion, representing 6.77% 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 $40.35 billion, with a net inflow of $230 million this week. while the US Ethereum Spot ETF has had a net inflow of $2.84 billion, with a net inflow of $83 million this week.
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Currently at $2,731, with an all-time high of $4,878, a decline of approximately 43.79% from the highest price
ETHBTC: Currently at 0.027868, 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 $107.4 billion, down 12.4% from last week.
Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 53.56% share; Solana with a 9.54% share; and Bitcoin with a 6.4% share. This week, the data on the Bitcoin chain surpassed that of the Tron chain, ranking among the top three. 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. The daily trading volume and transaction fees this week generally showed a downward trend, with ETH’s trading volume falling the most significantly, down 10.56% 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. Looking at the daily active addresses, except for TON/APT, the overall trend was downward, with a relatively small overall change. Looking at the TVL, the decline of ETH was obvious, with a decrease of 11.4% compared with last week.
Layer 2 Related Data
According to L2Beat data, the total TVL of Ethereum Layer 2 reached $35.54 billion, an overall decrease of 14.9% this week compared to last week.
● Arbitrum and Base occupied the forefront with market shares of 35.56% and 26.61% respectively, but their overall shares decreased.
7. Market Value and Additional Issuance of Stablecoins
According to data from Coinglass, the total market cap of stablecoins is $227 billion. Among them, USDT has a market cap of $140.5 billion, accounting for 61.9% of the stablecoin market cap; USDC has a market cap of $55 billion, accounting for 24.2%; DAI has a market cap of $5.36 billion, accounting for 2.4%.
According to data from Whale Alert, this week, the USDC treasury issued a total of 790 million USDC, and the Tether Treasury issued 1 billion USDT. This week, the total issuance of stablecoins was 1.79 billion, a decrease of 31.2% compared with the total issuance of stablecoins 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
● Herd: By simplifying smart contracts, etc., it realizes more intelligent AI agents. The project is in the initial startup stage, having received $1.8 million in financing led by @SemanticVC and co — invested by @archetypevc and @hardi_meybaum. Its angel investors include the co — founder of Dune, etc.
● Liquity: Launched V2 on the Ethereum mainnet, introducing a novel architecture aimed at enhancing capital utilization efficiency and achieving more value accumulation.
● Exponent:Builds a fixed — rate DeFi market on Solana to help users choose between predictable or leveraged returns.
III. New Trends in the Industry
1. Major Events in the Industry This Week
● Team members of the DeSci project Pump Science said that they plan to release the next round of 17 tokens this Saturday, though it may be delayed until next week. Some projects may decide to pre-sell, but Pump Science cannot guarantee pre-sales.
● Ondo Finance announced the launch of Ondo Global Markets (Ondo GM), aiming to achieve on — chain access for global investors to US — listed securities through blockchain technology. The platform will provide tokenized assets based on securities. These tokens are paired 1:1 with underlying assets such as stocks, bonds, and ETFs and have liquidity similar to stablecoins, allowing for free transfer outside the United States.
● A JPMorgan report stated that the growth of the Bitcoin network’s computing power growth slowed down in January, with a monthly increase of only 1% to 785 EH/s, while mining difficulty decreased by 2%, which is relatively rare historically. The report pointed out that as of the end of January, the 7 — day moving average computing power reached 833 EH/s, a record high, but the computing power at the end of the month decreased by 2% compared with the end of December to 781 EH/s.
● Metamask has supported paying Swap transaction gas fees with tokens. Users can directly conduct exchange operations without ETH.
● The Berachain token will launch its mainnet and conduct TGE on February 6, and will release its tokenomics and Checker on February 5.
2. Major Events to Take Place Next Week
● The Web3 social application plugin IDRISS will begin its airdrop token claiming process on Base on February 11. The IDRISS DAO will distribute 20% of the IDRISS airdrop to early users, @Gitcoin donors, token sale supporters, and active members of partner communities.
● Pundi AI, an AI data platform, announced that its token FX will be upgraded to PUNDIAI on February 10, 2025, and the token supply will be reduced to 1/100.
● bitsCrunch, an AI data analytics platform, has an application deadline of February 15 for its ecosystem grant program, with a total prize pool of $5 million covering categories such as artificial intelligence, gaming, NFTs, security, and community.
● The TON Foundation and Jupiter are collaborating to incubate a new liquidity aggregator on TON. The winning project will be announced on February 15, 2025.
● Solar has launched a Kamino writing bounty task with a submission deadline of February 10.
3. Important Investment and Financing Activities Last Week
● D3 raised $25 million. The investing institutions include Paradigm, Coinbase Ventures, etc. D3 is a next — generation domain name company dedicated to building interoperable web2<>web3 domain names. Its goal is to use domain names as the core to authorize and provide secure, decentralized identities. (January 29, 2025)
● Cipher Mining raised $50 million. The investing institution includes SoftBank, etc. Cipher Mining is a Bitcoin mining company dedicated to expanding and strengthening the key infrastructure of the Bitcoin network in the United States. (January 31, 2025)
● Taproot Wizards completed a Series A financing of $30 million. The investing institutions include Standard Crypto, cyber Fund, Geometry, Collider Ventures, Newman Capital, etc. Taproot Wizards is a Bitcoin — focused Ordinals project inspired by the original Bitcoin Wizards Reddit meme from a decade ago. (February 04, 2025)
