CoinW Research Weekly Report（2025.3.31–2025.4.6 ）
Key Highlights
The total global cryptocurrency market capitalization is $2.60 trillion, down 5.45% from $2.75 trillion last week. As of press time, the total cumulative net inflow of U.S. Bitcoin spot ETFs is approximately $36.07 billion, with a net outflow of $173 million this week; the total cumulative net inflow of U.S. Ethereum spot ETFs is approximately $2.36 billion, with a net outflow of $49.93 million this week.
The total stablecoin market capitalization is $237.4 billion, of which USDT has a market cap of $143.9 billion, accounting for 60.6% of the total; followed by USDC with a market cap of $60.3 billion, accounting for 25.4%; and DAI with a market cap of $5.37 billion, accounting for 2.26% of the total.
According to DeFiLlama data, the total DeFi TVL this week is $90.4 billion, down 2.2% from last week. By public chain, the top three chains by TVL are Ethereum, accounting for 53.88%; Solana, accounting for 7.38%; and Binance Smart Chain, accounting for 5.77%.
From on-chain data, the daily transaction volume of Layer1 public chains generally saw a decline this week. Among them, Solana had the most significant drop, down approximately 60.15% from last week. In terms of transaction fees, Sui showed a notable increase, up 354.5% from last week. Regarding daily active addresses, Solana experienced a significant increase of approximately 70.6% compared to last week, and TON increased by 38.4%; Aptos saw a notable decrease in daily active users, down 65.1% from last week. As for TVL, BNB Chain and Aptos saw some increases this week, while the other four public chains experienced slight declines. BNB Chain rose by 8% compared to last week, and Aptos increased by 5%.
Innovative project highlights: Cambrian Network is an AI infrastructure protocol that integrates on-chain and off-chain data to empower AI agents for market forecasting and financial decision-making. It supports multi-chain networks and provides data access and analysis APIs. The project has launched private testing and plans to release a testnet. Launcher Capital is a platform that uses gamification and blockchain technology to build the next generation of AI agents, aiming to enable multiple agents to interact autonomously, learn, and evolve in complex environments. KYD Labs is a Web3-based live event ticketing platform that leverages blockchain technology (smart contracts and NFTs) to provide secure and efficient ticketing solutions, enhancing fan engagement and increasing organizer revenue.
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: $2.60 trillion, a 5.45% decrease compared to last week’s Market Cap.
Bitcoin Market Cap: $1.56 trillion, representing 60% of the total cryptocurrency market cap.
Stablecoins Market Cap: $237 billion, accounting for 15.22% of the total.
2. Fear & Greed Index
Current Crypto Fear & Greed Index: 23.
3. ETF Inflows/Outflows
Bitcoin Spot ETFs:
Cumulative net inflows: $36.07 billion.
Weekly inflows: $0.173 billion.
Ethereum Spot ETFs:
Cumulative net inflows: $2.36 billion.
Weekly outflows: $0.04993 billion.
4. ETH/BTC and ETH/USD Ratios
ETH/USD:
Current Price: $1,596
All-Time High (ATH): $4,878 (-67.27% from ATH)
ETH/BTC:
Current Ratio: 0.020261
ATH: 0.1238
5. Decentralized Finance (DeFi)
Total Value Locked (TVL): $90.4 billion, a 2.2% decrease this week.
Top 3 Chains by TVL:
Ethereum: 53.88%
Solana: 7.38%
Bitcoin: 5.77 %
Data as of April 6, 2025
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 April 6，2025
Daily Transaction Volume and Fees: Daily transaction volume and transaction fees are core indicators for measuring the activity level of public chains and the user experience. This week, the overall daily transaction volume across public chains showed a certain degree of decline, with Solana experiencing the most significant drop, down approximately 60.15% from last week. In terms of transaction fees, Sui saw a significant increase, up 354.5% from last week.
Daily Active Addresses and TVL: Daily active addresses reflect the level of ecological participation and user stickiness of a public chain, while TVL reflects the degree of user trust in the platform. From the perspective of daily active addresses, Solana saw a significant increase, up approximately 70.6% from last week, and TON increased by 38.4%; Aptos experienced a sharp decline, down 65.1% from last week. In terms of TVL, apart from BNB Chain and Aptos which showed some increase this week, the TVL of the remaining four public chains saw slight declines. BNB Chain rose by 8% compared to last week, and Aptos increased by 5%.
Layer 2 Metrics:
Total TVL: $26.29 billion, a 10.79% decrease this week.
Data as of April 6，2025
Market share leaders: Arbitrum (33.41%) and Base (31.99%).
Data as of April 6，2025
7. Stablecoins Market Cap and Issuance
Stablecoin Market Cap: $237 billion.
USDT: $143.9 billion (60.6%)
USDC: $60.3 billion (25.40%)
DAI: $5.37 billion (2.26%)
Data as of April 6，2025
Weekly Stablecoin Issuance:
USDC Treasury: 0.902 billion new USDC issued.
Tether Treasury: 1 billion new USDT issued.
Total issuance this week: 2.375 billion (-19.9% compared to last week).
Data as of April 6，2025
Hot Money Movements This Week
1. Top 5 Gainers
VC Tokens:
Data as of April 6，2025
Meme Tokens:
Data as of April 6，2025
2. New Project Insights
Cambrian Network: This is an AI infrastructure protocol that integrates on-chain and off-chain data. By combining these data sources, it empowers AI agents to conduct market forecasting and financial decision-making. The protocol supports multi-chain networks and offers data access and analysis APIs. The project has launched its private beta and plans to release a testnet. In April 2025, Cambrian Network announced the completion of a $5.9 million seed round, led by the a16z Crypto Startup Accelerator, with participation from Blockchain Builders and investors from The Graph ecosystem.
Launcher Capital: A platform building the next generation of AI agents through gamification and blockchain technology, aiming to enable multiple agents to autonomously interact, learn, and evolve in complex environments.
KYD Labs: A Web3-based live event ticketing platform that utilizes blockchain technology (smart contracts and NFTs) to provide secure and efficient ticketing solutions, enhancing fan engagement and increasing organizer revenues. Initially built on Solana, it later migrated to Aptos to improve performance and cost efficiency. KYD Labs has powered 500,000 fan experiences, generated over $1 million in sales, and signed a four-year exclusive on-chain ticketing partnership with New York music venue Le Poisson Rouge, promoting decentralized growth in the industry.
3. Industry Updates
1. Major Industry Events This Week
On April 2, BNB Chain announced the first batch of winning projects for its $100 million permanent liquidity support program, aimed at fostering the development of emerging projects within its ecosystem through liquidity backing. The first five projects and their respective support amounts are: KiloEX (KILO) — $290,000; Mubarak (MUBARAK) — $500,000; CZ’S Dog (BROCCOLI714) — $500,000; Tutorial (TUT) — $500,000; Banana For Scale (BANANAS31) — $510,000. This support initiative aims to enhance liquidity on BNB Chain, improve user experience, and encourage more developers to contribute to its ecosystem.
On April 3, Trump announced the imposition of high tariffs on goods from multiple countries, including 46% on Vietnam, 10% on the UK and Brazil, 31% on Switzerland, 36% on Thailand, 32% on Indonesia, and 20% retaliatory tariffs on EU countries, along with 24% on Japanese goods. After the Trump administration announced these large-scale tariff measures, global markets responded quickly — Bitcoin dropped 3.35%, highlighting the crypto market’s sensitivity to macroeconomic policies. Nasdaq futures fell sharply, indicating a rise in risk-off sentiment, while the US Dollar Index (DXY) fluctuated by 0.5%, reflecting capital flow uncertainty.
On April 5, pump.fun announced the partial reopening of its live streaming feature to 5% of users and implemented stricter content moderation policies. pump.fun now prohibits live streams containing violence, harassment, sexual content, harm to minors, illegal activities, privacy violations, copyright infringements, and terrorism or violent extremism. Violators will face immediate suspension and future access bans to pump.fun’s livestreaming and platform. Previously, pump.fun suspended livestreaming in November 2024.
On April 6, BNB Chain held an offline event in Hong Kong for Season 9 of its “Most Valuable Builder” (MVB) program, focusing on fields like Artificial Intelligence (AI), Decentralized Finance (DeFi), and Decentralized Physical Infrastructure Networks (DePIN). CZ and Vitalik both attended the event. Selected teams will enter a four-week intensive incubation program and may receive investment support from YZi Labs.
2. Upcoming Events Next Week
Senior White House officials have announced that the baseline 10% tariff rate will take effect at midnight on April 5, while reciprocal tariffs against relevant countries will come into effect at midnight on April 9. Previously, Trump had announced high tariffs on goods from several countries, including 46% on Vietnam, 20% on the EU, and 24% on Japan, causing market turbulence.
The 2025 Hong Kong Web3 Festival will take place from April 6 to 9 at the Hong Kong Convention and Exhibition Centre, Hall 5BCDE. The event is co-hosted by Wanxiang Blockchain Labs and HashKey Group, and organized by W3ME, continuing the high-profile influence of its previous two editions. Past events gathered over 250 exhibiting projects, 800+ industry leaders, and attracted more than 80,000 attendees, with over 300 side events. Previous guest speakers include Hong Kong Financial Secretary Paul Chan, Ethereum Co-founder Vitalik Buterin, and ARK Invest CEO Cathie Wood. This year’s edition is expected to feature in-depth discussions on industry trends, regulatory policies, and technological innovation, aiming to further Hong Kong’s influence in the global Web3 ecosystem.
The U.S. Securities and Exchange Commission (SEC) will host its second crypto regulation roundtable titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading” on April 11, 2025, from 1 p.m. to 5 p.m. ET in Washington, D.C. Organized by the SEC’s Crypto Working Group, the event will focus on developing precise and enforceable regulatory policies tailored to the crypto market. The roundtable will feature experts from exchanges, policy think tanks, and blockchain firms, including the Chief Product Officer of the NYSE and the Founder & CEO of Texture Capital. Key topics will include trading platform structures, market transparency, conflict of interest, and regulatory adaptability.
According to Tokenomist data, TRUMP will unlock 40 million tokens on April 18, representing 20% of the current circulating supply, with an estimated value of approximately $413.2 million at the current price.
3. Notable Investments Last Week
Codex completed a $15.8 million seed round, led by Dragonfly Capital (which contributed approximately $14 million), with participation from Coinbase Ventures, Circle Ventures, Cumberland, Wintermute, and Selini Capital. The fundraising included both equity and token options. Funds will be used for blockchain development and ecosystem building. Codex is a blockchain startup focused on stablecoin infrastructure, aiming to build a universal electronic cash system and is developing a high-performance blockchain tailored for stablecoins. (April 4, 2025)
Ultra secured $12 million in funding, led by Luxembourg-based multi-family office NOIA Capital through its NOIA Digital Assets Fund. The funds will be used for platform expansion, tech upgrades, and strategic acquisitions to help achieve its 2025 roadmap. Ultra is a blockchain-powered next-gen PC game distribution platform aiming to provide a unified entry point for developers and gamers, integrating game distribution, NFT marketplace, ecosystem applications, and blockchain infrastructure. Its flagship product, Ultra Games, runs on a high-speed, carbon-neutral Layer1 blockchain, and aims to surpass traditional platforms like Steam to redefine the future of game entertainment. (April 3, 2025)
Ambient raised $7.2 million in a seed round with participation from a16z, Delphi Digital, and Amber Group. Ambient is a Layer-1 blockchain that combines Solana SVM compatibility with an innovative proof-of-work mechanism, aiming to offer fast, low-cost, and verifiable AI inference. It supports models with over 600 billion parameters and their fine-tuning. Ambient provides Bitcoin-style incentives for nodes involved in inference, fine-tuning, or training of AI models, with more predictable returns. The project aims to build an efficient, open intelligent computing network offering fast and affordable AI services. (March 31, 2025)
