CoinW Research Weekly Report（2025.3.17-2025.3.23）
Key Highlights
The total global cryptocurrency market capitalization is $2.9 trillion, down from $3.33 trillion last week, reflecting a 12.9% decline this week. As of press time, the cumulative net inflow of U.S. Bitcoin spot ETFs is approximately $36.05 billion, with a net inflow of $744 million this week; the cumulative net inflow of U.S. Ethereum spot ETFs is about $2.42 billion, with a net outflow of $102 million this week.
The total stablecoin market capitalization is $239 billion, with USDT accounting for $143.5 billion (60.04% of the total stablecoin market). USDC follows with a market capitalization of $59.6 billion (24.94%), while DAI has a market capitalization of $5.37 billion (2.25%).
According to DeFiLlama data, the total DeFi TVL this week is $91.7 billion, marking a 15.9% decline from last week. Among public chains, Ethereum holds the highest TVL share at 50.96%, followed by Solana at 7.5% and Bitcoin at 6.1%.
On-chain data shows that daily transaction volume across Layer1 public chains is on a downward trend this week, with BNB experiencing the most significant drop of 55% compared to last week. Regarding transaction fees, SUI saw a 66.7% decline. In terms of daily active addresses, all public chains showed slight growth except for TON, with SOL recording a notable 24.2% increase. Overall, there has been little change in TVL across public chains. Ethereum Layer 2’s total TVL stands at $32.03 billion, reflecting a 3.43% increase from last week.
Innovative Project Highlights：
Converge, jointly developed by Ethena and Securitize, is a purpose-built EVM blockchain optimized for both retail and institutional DeFi.
Gas Network is a distributed oracle platform that provides real-time cross-blockchain gas price data. By bringing gas price data providers’ information on-chain, Gas Network enhances interoperability.
spawn.co leverages AI to enable no-code operations, allowing users to turn ideas into reality without an IDE or coding. The project has yet to officially launch but has attracted 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: $2.9 trillion, a 12.9% decrease compared to last week’s Market Cap.
Bitcoin Market Cap: $1.7 trillion, representing 58.73% of the total cryptocurrency market cap.
Stablecoins Market Cap: $239 billion, accounting for 8.23% of the total.
2. Fear & Greed Index
Current Crypto Fear & Greed Index: 45.
3. ETF Inflows/Outflows
Bitcoin Spot ETFs:
Cumulative net inflows: $36.05 billion.
Weekly inflows: $0.744 billion.
Ethereum Spot ETFs:
Cumulative net inflows: $2.42 billion.
Weekly outflows: $0.102 billion.
4. ETH/BTC and ETH/USD Ratios
ETH/USD:
Current Price: $1,984
All-Time High (ATH): $4,878 (-59.38% from ATH)
ETH/BTC:
Current Ratio: 0.023712
ATH: 0.1238
5. Decentralized Finance (DeFi)
Total Value Locked (TVL): $91，7 billion, a 15.9% increase this week.
Top 3 Chains by TVL:
Ethereum: 50.96 %
Solana: 7.5%
Bitcoin: 6.1 %
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 Transaction Volume & Fees: Daily transaction volume and fees are key indicators of public chain activity and user experience. This week, daily transaction volume showed a downward trend across all public chains, with BNB experiencing the most significant decline of 55% compared to last week. In terms of transaction fees, SUI saw a 66.7% decrease from the previous week.
Daily Active Addresses & TVL: Daily active addresses reflect ecosystem participation and user engagement, while TVL indicates the level of trust users place in a platform. Excluding TON, all other public chains saw slight growth in daily active addresses, with SOL showing a notable 24.2% increase from last week. Overall, there was little change in TVL across public chains this week.
Layer 2 Metrics:
Total TVL: $32.03 billion, a 3.43% increase this week.
Market share leaders: Arbitrum (27.76%) and Base (26.38%).
7. Stablecoins Market Cap and Issuance
Stablecoin Market Cap: $239 billion.
USDT: $143.5 billion (60.05%)
USDC: $59.6 billion (24.94%)
DAI: $5.37 billion (2.25%)
Weekly Stablecoin Issuance:
USDC Treasury: 2.22 billion new USDC issued.
Tether Treasury: 0 billion new USDT issued.
Total issuance this week: 2.22 billion (+52.7% compared to last week).
Hot Money Movements This Week
1. Top 5 Gainers
VC Tokens:
Meme Tokens:
2. New Project Insights
Converge: Jointly developed by Ethena and Securitize, Converge is a purpose-built EVM blockchain optimized for both retail and institutional DeFi. In addition to offering standard DeFi applications for retail investors, Converge will provide a suite of applications and products co-developed with partners, specifically designed for institutional investors. These solutions aim to facilitate compliant DeFi innovation and efficient capital access for institutional capital.
Gas Network: A distributed oracle platform that provides real-time cross-blockchain gas price data. By bringing gas price data providers’ information on-chain, Gas Network is helping drive interoperability.
spawn.co: Utilizes artificial intelligence to enable no-code operations, allowing users to turn ideas into reality without an IDE or coding. The project has yet to officially launch but has gained some community interest.
3. Industry Updates
1. Major Industry Events This Week
Beraborrow Token Sale: Berachain’s decentralized lending protocol, Beraborrow, will conduct a public token sale on March 28. 2.5% of the total POLLEN supply will be offered through Fjord Foundry at a $42 million FDV, with a fundraising target of $1 million. POLLEN has a maximum supply of 420 million, allocated as follows: 37.4% to the community, 31.6% to investors, 18% to the team and advisors, 5% to liquidity pools and project reserves, 2.5% for the public sale, and 0.5% for the community round.
swarms Launchpad Beta: The swarms Launchpad Beta is now live, allowing users to tokenize their AI agents for revenue generation. Users can earn swarms tokens by providing valuable AI agents to the market.
Layer3 Season 3 & v3 Upgrade: Full-chain infrastructure Layer3 announced that its Season 3 campaign will conclude by the end of March, alongside the launch of Layer3 v3. This phase integrates S3 activities on EVM-compatible chains into Ethereum and S1 activities on Solana into Solana. Layer3 v3 aims to enhance the utility of the L3 token.
Puffer Finance & Rivalz Network: Re-staking protocol Puffer Finance stated that the AI intelligence layer Rivalz Network will allocate 15 million RIZ to PUFFER Season 2 participants during Phases 4 and 5.
Bedrock Tokenomics & Airdrop: Bedrock announced its tokenomics with a total supply of 1 billion tokens, distributed as follows: 20% to the community (5.5% airdropped, 14.5% reserved for future airdrops), 18.5% to market and partners, 20% to strategic investors, 20% to the founding team, 12.5% to seed investors, 5% for Binance IDO, and 4% to liquidity providers. No team or investor tokens will unlock in the first year. Token claims will open on March 20 and last for 90 days. Users can stake BR to earn veBR, increasing governance power and staking rewards.
2. Upcoming Events Next Week
Taproot Wizards NFT Sale: The Bitcoin Ordinals collection by Taproot Wizards will launch on March 25, featuring 2,121 Wizard NFTs inspired by the 2013 Bitcoin Wizard meme from Reddit. The sale will occur in two phases: first, a whitelist sale at 0.2 BTC per NFT, followed by a public Dutch auction with a starting price above 0.2 BTC.
Polyhedra Staking Program: AI+ZK public chain Polyhedra announced a staking program allowing users to stake indefinitely and continuously earn rewards. Additionally, all ZKJ stakers will be eligible for future airdrops from the EXPchain ecosystem. Since its launch on July 15, 2024, the ZKJ staking program has achieved an APR of 159% based on a 52-week cycle. With this update, users can extend staking up to 52 weeks, increase Staking Power, participate in community governance, and earn higher rewards.
BitcoinFi Accelerator Phase 2: BoostVC, Draper Associates, and Thesis have launched the second phase of the BitcoinFi accelerator. Participants will receive $150,000 in seed funding in exchange for 5% equity, along with mentorship, technical support, GTM expansion opportunities, and VC networking. Applications close on March 28.
3. Notable Investments Last Week
NinjaTrader: Raised $1.5 billion in funding, with Kraken as an investor. NinjaTrader is a futures trading platform that provides traders with an affordable way to access the futures market. The platform offers a comprehensive set of futures trading features, including advanced charting, market analysis, trade simulation, and trading system development. (March 20, 2025)
Walrus: Raised $140 million in funding from investors including Andreessen Horowitz, Electric Capital, Standard Crypto, Comma3 Ventures, Franklin Templeton, and Lvna Capital. Walrus is a distributed storage and data availability protocol designed specifically for large binary files or “blobs.” It focuses on providing a robust and cost-effective solution for storing unstructured content on distributed storage nodes while ensuring high availability and reliability, even in the presence of Byzantine faults. (March 20, 2025)
The Open Network (TON): Raised $400 million in funding from investors including Sequoia Capital, CoinFund, Hypersphere Ventures, Ribbit Capital, Kingsway Capital, and Draper Associates. The Open Network is a fully decentralized Layer-1 blockchain designed by Telegram. It offers ultra-fast transaction speeds, minimal fees, user-friendly applications, and an environmentally friendly infrastructure. (March 20, 2025)
