CoinW Research Weekly Report（2025.3.24–2025.3.30）
Key Highlights
The total global cryptocurrency market capitalization stands at $2.75 trillion, down from $2.9 trillion last week, marking a 5.17% decline this week. As of press time, the cumulative net inflow of U.S. spot Bitcoin ETFs is approximately $36.24 billion, with a net inflow of $196 million this week. The cumulative net inflow of U.S. spot Ethereum ETFs is about $2.41 billion, with a net outflow of $8.64 million this week.
The total stablecoin market capitalization is $237 billion, with USDT accounting for $144.2 billion, representing 60.84% of the total stablecoin market. USDC follows with a market capitalization of $60.2 billion, making up 25.4%, while DAI stands at $5.37 billion, representing 2.27%.
According to DeFiLlama, the total DeFi TVL this week is $92.4 billion, reflecting a 0.7% increase from last week. Among public chains, the top three by TVL share are Ethereum at 50.96%, Solana at 7.5%, and Bitcoin at 6.1%.
From on-chain data, daily transaction volumes on Layer1 blockchains have generally increased this week, with BNB seeing the most significant growth at approximately 50% compared to last week. In terms of transaction fees, SOL recorded a notable increase of 66.7% from last week. Regarding daily active addresses, apart from a slight increase in ETH, all other chains showed a downward trend, with BNB experiencing the most significant decline of 16.6% week-over-week. Overall, TVL changes across public chains remained relatively stable this week.
Innovative Project Spotlight:
Coldlink.xyz is a universal blockchain asset verification application that enables blockchain users to securely link any blockchain address to any content. It has launched a Beta version with partial API access.
Exit.tech is a DeFi protocol based on Arbitrum that transforms locked DeFi positions into flexible assets.
Subs.fun is a Solana-based application platform integrating online communities, artificial intelligence, and token economics.
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: $2.75 trillion, a 5.17% decrease compared to last week’s Market Cap.
Bitcoin Market Cap: $1.63 trillion, representing 59.3% of the total cryptocurrency market cap.
Stablecoins Market Cap: $237 billion, accounting for 8.62% of the total.
2. Fear & Greed Index
Current Crypto Fear & Greed Index: 34.
3. ETF Inflows/Outflows
Bitcoin Spot ETFs:
Cumulative net inflows: $36.24 billion.
Weekly inflows: $0.196 billion.
Ethereum Spot ETFs:
Cumulative net inflows: $2.41 billion.
Weekly outflows: $0.0864 billion.
4. ETH/BTC and ETH/USD Ratios
ETH/USD:
Current Price: $1,809
All-Time High (ATH): $4,878 (-62.81% from ATH)
ETH/BTC:
Current Ratio: 0.022130
ATH: 0.1238
5. Decentralized Finance (DeFi)
Total Value Locked (TVL): $92.4 billion, a 0.7% increase this week.
Top 3 Chains by TVL:
Ethereum: 52.27%
Solana: 7.17%
Bitcoin: 5.82 %
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 30，2025
Daily Transaction Volume & Fees: Daily transaction volume and fees are key indicators of blockchain activity and user experience. This week, overall daily transaction volume across public chains increased to some extent, with BNB experiencing the most significant growth at approximately 50% compared to last week. In terms of transaction fees, SOL saw a notable increase of 66.7% from last week.
Daily Active Addresses & TVL: Daily active addresses reflect ecosystem engagement and user retention, while TVL indicates user trust in the platform. This week, apart from a slight increase in ETH, daily active addresses on other public chains showed a downward trend, with BNB experiencing the most significant decline of 16.6% week-over-week. Overall, TVL across public chains remained relatively stable this week.
Layer 2 Metrics:
Total TVL: $29.47 billion, a 8.16% decrease this week.
Data as of March 30，2025
Market share leaders: Arbitrum (32.79%) and Base (30.73%).
Data as of March 30，2025
7. Stablecoins Market Cap and Issuance
Stablecoin Market Cap: $237 billion.
USDT: $144.2 billion (60.84%)
USDC: $60.2 billion (25.40%)
DAI: $5.37 billion (2.27%)
Data as of March 30，2025
Weekly Stablecoin Issuance:
USDC Treasury: 1.375 billion new USDC issued.
Tether Treasury: 1 billion new USDT issued.
Total issuance this week: 2.375 billion (+7% compared to last week).
Data as of March 30，2025
Hot Money Movements This Week
1. Top 5 Gainers
VC Tokens:
Data as of March 30，2025
Meme Tokens:
Data as of March 30，2025
2. New Project Insights
Coldlink.xyz: Coldlink is a universal blockchain asset verification application that enables blockchain users to securely link any blockchain address to any content. The Beta version is now live with partial API access.
exit.tech: A DeFi protocol based on Arbitrum that transforms locked DeFi positions (such as esGMX) into flexible assets while converting exit assets into staker rewards.
subs.fun: A Solana-based application platform integrating online communities, artificial intelligence, and token economics. Community users can earn token rewards for posting, and the ecosystem is co-managed by AI and the community.
3. Industry Updates
1. Major Industry Events This Week
KernelDAO, a restaking infrastructure within the BNB Chain ecosystem, has launched the first-season airdrop eligibility query tool. This airdrop accounts for 10% of the total KERNEL token supply, with TGE expected in early April 2025. Users must accumulate at least 150 Kernel points or Kelp Grand mileage by December 31, 2024, to qualify for the first-season airdrop. Wallets that do not meet the first-season requirements will have their points carried over to the second season. The second-season event is currently ongoing.
ParagonsDAO announced that PDT stakers will receive 90% of the Pre-TGE PROMPT rewards via an airdrop, with the remaining 10% allocated to the treasury. Rewards will be distributed in two phases: The first phase, for completed staking cycles, will be executed shortly after TGE; the second phase, for ongoing staking cycles at the time of TGE, will be distributed upon cycle completion. After TGE, the Prompt Points program will be discontinued, and future PROMPT rewards will be directly allocated to staking contracts, following the same distribution model as $PRIME.
KiloEx confirmed that some users encountered insufficient rewards or incorrect allocations during TGE. The first round of airdrop compensation involves 2,271 addresses, requiring a redistribution of 1,203,428.34 KILO tokens. KiloEx will continue to address issues based on feedback received through Google Forms.
2. Upcoming Events Next Week
VanEck announced that from March 13 to March 31, 2025, its Bitcoin spot ETF (HODL) will waive management fees. If the fund surpasses $150 million before the deadline, any excess amount will incur a 0.2% management fee. Starting March 31, 2025, the management fee will revert to 0.2%.
Vite Labs, a DAG-based order book DEX, will shut down the Vite gateway in April. Users can still use community gateway operators and are advised to transfer their funds to exchanges or community gateways.
Four.Meme announced that on March 31, it will update its liquidity pool strategy, switching to PancakeSwap V2. All newly created and listed token LPs will be burned upon launch. To enhance operational efficiency and ensure long-term community benefits, the platform has decided to discontinue using PancakeSwap V3 LP locking and instead adopt PancakeSwap V2’s liquidity pool model, optimizing sustainability by burning new LP tokens.
3. Notable Investments Last Week
Tabit: Raised $40 million, with undisclosed investors. Tabit provides innovative insurance solutions for the digital asset industry. It operates as a global (re)insurance company licensed under Barbados’ Financial Services Commission, focusing on insurance/reinsurance, digital assets, and technology businesses. (March 24, 2025)
Chronicle Protocol: Raised $12 million in a seed round, with investors including Strobe Ventures, 6th Man Ventures, and BH Digital. Chronicle Protocol is a decentralized Oracle solution that has secured over $10 billion in collateral since 2017. It is building the world’s first fully verifiable, cost-efficient, scalable, and decentralized Oracle while continuing to support MakerDAO. (March 25, 2025)
Abound: Raised $14 million, with investors including NEAR Foundation, Circle Ventures, and Times Internet. Abound, backed by The Times of India, is a cross-border remittance platform founded in 2023, focusing on remittance services for Indian Americans in the U.S. (March 27, 2025)
