CoinW Research Weekly Report（2025.3.10–2025.3.16）
Key Highlights
The global cryptocurrency market capitalization stands at $2.8 trillion, up 0.72% from $2.78 trillion last week. As of press time, the total net asset value of U.S. Bitcoin spot ETFs is $93.25 billion, with cumulative net inflows of approximately $35.2 billion and a net outflow of $870 million this week. The total net asset value of U.S. Ethereum spot ETFs is $6.72 billion, with cumulative net inflows of approximately $2.52 billion and a net outflow of $140 million this week.
The total market capitalization of stablecoins is $236 billion, with USDT accounting for $143.5 billion (60.8%), USDC at $58.7 billion (24.87%), and DAI at $5.37 billion (2.28%).
According to DeFiLlama data, the total DeFi TVL this week is $90.8 billion, marking a 0.44% increase from last week. Among the top three blockchains by TVL, Ethereum holds a 51.27% share, Solana 8.13%, and Bitcoin 6%.
On-chain data shows that, except for TON and BNB, daily trading volumes across major blockchains declined this week. BNB saw a significant increase, rising 53.5% from last week. Transaction fees remained relatively stable. In terms of daily active addresses, ETH saw a notable decline of 11% compared to last week. Regarding TVL, BNB recorded a substantial growth of 12.6%. Ethereum Layer 2 total TVL stands at $30.9 billion, reflecting a 0.71% decrease from last week.
Innovative Projects to Watch:
Meridian: The native liquidity layer for Movement, designed to scale securely with Move and enable high-speed capital flows.
Extended: A self-custodial exchange featuring on-chain trade settlement and full transparency, aiming to offer a trading experience comparable to centralized exchanges (CEX).
Rhei: A newly launched DeFi protocol on Sui, with plans to support BTC lending in the future. The project is still in its early stages but has gained some community interest.
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: $2.8 trillion, a 0.72 increase compared to last week’s Market Cap.
Bitcoin Market Cap: $1.64 trillion, representing 58.55% of the total cryptocurrency market cap.
Stablecoins Market Cap: $236 billion, accounting for 8.42% of the total.
2. Fear & Greed Index
Current Crypto Fear & Greed Index: 32.
3. ETF Inflows/Outflows
Bitcoin Spot ETFs:
Total net assets：$93.25 billion.
Cumulative net inflows: $35.2 billion.
Weekly outflows: $0.87 billion.
Ethereum Spot ETFs:
Total net assets：$6.72 billion.
Cumulative net inflows: $2.52 billion.
Weekly outflows: $0.14 billion.
4. ETH/BTC and ETH/USD Ratios
ETH/USD:
Current Price: $1,906
All-Time High (ATH): $4,878 (-61.04% from ATH)
ETH/BTC:
Current Ratio: 0.022875
ATH: 0.1238
5. Decentralized Finance (DeFi)
Total Value Locked (TVL): $90.8 billion, a 0.44% increase this week.
Top 3 Chains by TVL:
Ethereum: 51.27 %
Solana: 8.13 %
Bitcoin: 6 %
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.
Data as of March 16，2025
Daily Trading Volume & Transaction Fees: Daily trading volume and transaction fees are key indicators of blockchain activity and user experience. This week, except for TON and BNB, overall blockchain trading volumes declined. BNB saw significant growth, rising 53.5% compared to last week. Transaction fees remained relatively stable.
Daily Active Addresses & TVL: Daily active addresses reflect ecosystem participation and user engagement, while TVL indicates user trust in a platform. ETH saw a notable decline in active addresses, dropping 11% from last week. In contrast, BNB’s TVL showed significant growth, increasing by 12.6%.
Layer 2 Metrics:
Total TVL: $30.9 billion, a 0.71% decrease this week.
Data as of March 16，2025
Market share leaders: Arbitrum (31.93%) and Base (29.92%).
Data as of March 16，2025
7. Stablecoins Market Cap and Issuance
Stablecoin Market Cap: $236 billion.
USDT: $143.5 billion (60.8%)
USDC: $58.7 billion (24.87%)
DAI: $5.36 billion (2.28%)
Data as of March 16，2025
Weekly Stablecoin Issuance:
USDC Treasury: 0.8 billion new USDC issued.
Tether Treasury: 0 billion new USDT issued.
Total issuance this week: 0.8 billion (-31.6% compared to last week).
Data as of March 16，2025
Hot Money Movements This Week
1. Top 5 Gainers
VC Tokens:
Data as of March 16，2025
Meme Tokens:
Data as of March 16，2025
2. New Project Insights
Meridian: Meridian is the native liquidity layer of Movement, designed to enable secure scaling through Move and facilitate high-speed capital flow.
Extended: Extended is a self-custodial exchange featuring on-chain trade settlement and full transparency, aiming to provide a trading experience comparable to CEXs.
Rhei: A newly launched DeFi protocol on Sui, with plans to support BTC lending in the future. The project is still in its early development stage but has gained some community attention.
3. Industry Updates
1. Major Industry Events This Week
Bedrock, a multi-asset liquidity restaking protocol, launched the BR airdrop token claim portal on March 16. Over 200,000 eligible addresses can claim BR tokens, with 5.5% of the total supply allocated for the Season 1 TGE airdrop. The points program will continue for future rewards. Early deposit claims are open, and on-chain claims must be completed within seven days.
Kaito AI announced that Sophon has been selected as the next Pre-TGE project from Yapper Launchpad. The Yapper rankings will be released soon.
Jupiter founder Meow stated that the team is advancing Jupnet’s technical development, with a comprehensive technical update expected in April. Jupnet is an omnichain network launched by Jupiter.
DeFi oracle RedStone launched the RedStone DRILL program, allocating 4.5% of the RED token supply to core RedStone users. The program aims to reward early adopters and accelerate ecosystem growth.
Bitcoin protocol Solv launched the Babylon points registration portal. Users can register by connecting their wallets holding SolvBTC.BBN and entering a claim address. SolvBTC.BBN, a Bitcoin yield asset within the Babylon ecosystem, has a TVL of over 10,000 BTC and is integrated with 40+ blockchains and DeFi protocols.
2. Upcoming Events Next Week
Manta ecosystem’s on-chain derivatives platform KiloEx will conduct its TGE on March 17, with airdrop rules and eligibility details to be announced soon.
Bitcoin staking infrastructure Babylon has extended its airdrop registration deadline to March 19.
Berachain Foundation announced that its airdrop is ending soon, and eligible users must register their wallets by March 21. The airdrop claim portal will reopen on March 24.
AI-driven crypto data analysis platform Kaito AI has opened its KAITO token claim, with the deadline set for March 22.
Ethena Labs’ third-season airdrop campaign will last six months, ending on March 23, 2025.
3. Notable Investments Last Week
Mesh completed a $82 million Series B funding round with investors including Paradigm, ConsenSys, QuantumLight, Yolo Investments, and Hike Ventures. Mesh offers digital asset transfers, crypto payments, account aggregation, and securities trading, integrating with 300+ platforms like Robinhood, Coinbase, and MetaMask. (March 11, 2025)
Axelar raised $30 million, backed by Arrington Capital, Electric Capital, Distributed Global, and Laser Digital. Axelar is a decentralized cross-chain communication network focused on enhancing interoperability in Web3 by optimizing asset mobility and smart contract composability. (March 11, 2025)
RedotPay secured $40 million in Series A funding from Lightspeed Venture, Sequoia China, Accel, and Galaxy Ventures. RedotPay specializes in digital currency wallets and payment solutions, aiming to drive mainstream adoption of crypto payments in everyday transactions. (March 14, 2025)
