CoinW Research Institute Weekly Report (March 3, 2025 — March 9, 2025)
Key Highlights
· The total global cryptocurrency market capitalization stands at $2.78 trillion, down from $3.24 trillion last week, representing a 14.2% decline this week. As of the time of writing, the total net asset value of U.S. spot Bitcoin ETFs is $98.483 billion, with a cumulative total net inflow of approximately $36.142 billion and a net outflow of $799 million this week. The total net asset value of U.S. spot Ethereum ETFs is $7.762 billion, with a cumulative total net inflow of approximately $2.699 billion and a net outflow of $120 million this week.
· The total market capitalization of stablecoins stands at $235 billion, with USDT accounting for $142.5 billion, representing 60.64% of the total stablecoin market cap. USDC follows with a market capitalization of $56.4 billion, making up 24%, while DAI has a market capitalization of $5.36 billion, accounting for 2.28%.
· According to DeFiLlama, the total DeFi TVL this week is $90.4 billion, reflecting a 14.6% decrease from last week. By blockchain, the top three chains in terms of TVL share are Ethereum at 52.17%, Solana at 7.47%, and Bitcoin at 5.86%.
· On-chain data shows that daily trading volume across major blockchains exhibited a downward trend this week, with SOL experiencing a significant decline of 67.34% compared to last week. In terms of transaction fees, overall changes were minimal, except for SUI, which saw a 20.5% increase from last week. Daily active addresses across all major blockchains also showed a downward trend. Regarding TVL, Ethereum recorded a significant decline of 15.34% compared to last week, while the total TVL for Ethereum Layer 2 networks stands at $31.09 billion, down 17.6% from last week.
· Innovative Project Spotlight: Optimum is a cross-chain scaling solution with team members from MIT and Harvard. Its angel round investors include the CTO of Polychain, the founder of DeFiance Capital, the co-founder of Polygon, and a managing partner at Jump Crypto. Billions is a digital identity verification platform utilizing zero-knowledge proof technology to provide a scalable and secure method for verifying human and AI identities. Smoothiedotfun is a DeFAI-related project that enables automated research and trading using Smoothies. The project is still in its very early stages.
Content
Key Points
1. Global Cryptocurrency Market Cap/Bitcoin Market Share
2. Fear Index
3. ETF Inflow/Outflow Data
4. ETH/BTC and ETH/USD Exchange Ratios
5. Decentralized Finance (DeFi)
6. On-Chain Data
7. Stablecoin Market Cap and Issuance
Section II: Hot Money Movements This Week
1. Top 5 Gainers Among VC and Meme Coins
2. New Project Insights
Section III: Industry Updates
1. Major Industry Events This Week
2. Upcoming Major Events Next Week
3. Key Investments Last Week
Market Overview
1. Total Market Capitalization and Bitcoin Dominance
Global Cryptocurrency Market Cap: $2.78 trillion, a 14.2% decrease compared to last week’s $3.24 trillion.
Bitcoin Market Cap: $1.61 trillion, representing 57.85% of the total cryptocurrency market cap.
Stablecoins Market Cap: $235 billion, accounting for 8.45% of the total.
2. Fear & Greed Index
Current Crypto Fear & Greed Index: 20.
3. ETF Inflows/Outflows
Bitcoin Spot ETFs:
Total net assets：$98.48 billion.
Cumulative net inflows: $36.14 billion.
Weekly outflows: $7.99 billion.
Ethereum Spot ETFs:
Total net assets：$7.76 billion.
Cumulative net inflows: $2.70 billion.
Weekly outflows: $0.12 billion.
4. ETH/BTC and ETH/USD Ratios
ETH/USD:
Current Price: $2,046
All-Time High (ATH): $4,878 (-58.10% from ATH)
ETH/BTC:
Current Ratio: 0.025011
ATH: 0.1238
5. Decentralized Finance (DeFi)
Total Value Locked (TVL): $90.4 billion, a 14.6% decrease this week.
Top 3 Chains by TVL:
Ethereum: 52.17%
Solana: 7.47%
Bitcoin: 5.86%
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 key indicators of blockchain activity and user experience. This week, overall trading volume across major blockchains showed a downward trend, with SOL experiencing a significant decline of 67.34% compared to last week. Transaction fees remained relatively stable, except for SUI, which saw a 20.5% increase in fees from the previous week.
Daily active addresses and TVL: Daily active addresses reflect ecosystem engagement and user retention, while TVL indicates user trust in a platform. Daily active addresses showed a declining trend across all major blockchains. In terms of TVL, ETH experienced a notable decrease, dropping 15.34% compared to last week.
Layer 2 Metrics:
Total TVL: $31.09 billion, a 17.6% decrease this week.
Market share leaders: Arbitrum (32.61%) and Base (30.05%).
7. Stablecoins Market Cap and Issuance
Stablecoin Market Cap: $235 billion.
USDT: $142.5 billion (60.64%)
USDC: $56.4 billion (24%)
DAI: $5.36 billion (2.28%)
Weekly Stablecoin Issuance:
USDC Treasury: 1.17 billion new USDC issued.
Tether Treasury: 0 billion new USDT issued.
Total issuance this week: 1.17 billion (-35% compared to last week).
Hot Money Movements This Week
1. Top 5 Gainers
VC Tokens:
Meme Tokens:
2. New Project Insights
Optimum: A cross-chain scaling solution with team members from MIT and Harvard. Investors in its angel round include the CTO of Polychain, the founder of DeFiance Capital, the co-founder of Polygon, and a managing partner at Jump Crypto. Optimum is a high-performance memory infrastructure designed for any blockchain, powered by RLNC. It can scale L1/L2, enhance dApp performance, and improve the end-user experience.
Billions: Billions Network is a digital identity verification platform utilizing zero-knowledge proof technology, aiming to provide a scalable and secure method for verifying human and AI identities.
smoothiedotfun: A DeFAI-related project that enables users to automate research and trading using Smoothies. It also helps crypto analysts tokenize their strategies. The project is still in its very early stages.
3. Industry Updates
1. Major Industry Events This Week
· RedStone has announced changes to the RED airdrop selection process and allocation. In the first Miner airdrop, 5% of the total RED supply was distributed. An additional 2% of the total RED supply will now be allocated from the ecosystem and data providers. These additional recipients were selected by expanding the eligibility criteria and based on collected proof of participation. The additional 2% airdrop will be available for claiming on March 7, 2025.
· The modular DPoS network Elixir has launched the ELX airdrop checking portal. Additionally, the official tokenomics has been released, allocating 41% of the total supply to the community (8% for the first-season airdrop, 21% for future airdrops/LP rewards, and 12% for public network security incentives), 22% to the DAO foundation, 15% to investors, 19% to core contributors, and 3% for liquidity.
· Kaito AI has announced that Succinct is the next pre-TGE project selected from the Yapper Launchpad. The Yapper leaderboard for Succinct will be released soon.
· Sony’s Layer 2 network, Soneium, has distributed two types of OG NFTs to early users: the Soneium OG Badge (requiring at least 45 transactions) and the Soneium Premium OG Badge (requiring bridging of 1 ETH, 2500 USDC, or 70,000 ASTR to the network). These OG NFTs can now be verified via blockchain explorers such as Blockscout. On-chain data shows that the total number of addresses holding these two OG NFTs is 426,992.
· Sui has announced a partnership with WLFI, the crypto project associated with the Trump family. 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. 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, which will run until March 11. During this period, users can trade on Orca’s liquidity pools via AlphaOS to earn double AlphaOS points and have a chance to receive an ORCA token airdrop. AlphaOS points will be converted into future airdrop rewards after the TGE in the first half of 2025.
· The airdrop claim deadline for the Pudgy Penguins token, PENGU, is March 15, 2025.
· PancakeSwap has announced that it will shut down its simple staking product on March 10, 2025. Users must withdraw their funds before this date.
3. Notable Investments Last Week
· Flowdesk raised $102 million in funding, 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 participants, including cryptocurrency token issuers. (March 4, 2025)
· Metaplanet raised $87 million in funding, with EVO FUND as an investor. Metaplanet Inc. is a publicly listed company on the Tokyo Stock Exchange (3350) and has begun a strategic transformation. By adopting Bitcoin (BTC) as its primary treasury reserve asset, Metaplanet aims to leverage excess cash flow and implement value-enhancing corporate governance strategies, including debt and equity financing, to further accumulate Bitcoin. (March 4, 2025)
· Across Protocol raised $41 million in funding, with investors including Paradigm, Coinbase Ventures, Bain Capital Crypto, Multicoin Capital, and Sina Habibian. Across is an optimistic-based cross-chain bridge protocol that enables users to execute transactions between chains almost instantly. (March 4, 2025)
