CoinW Research Weekly Report（2025.4.07–2025.4.13）
Key Highlights
The total global cryptocurrency market capitalization is $2.77 trillion, up 6.54% from last week’s $2.6 trillion. As of press time, the total cumulative net inflow into U.S. spot Bitcoin ETFs is approximately $35.36 billion, with a net outflow of $713 million this week; the total cumulative net inflow into U.S. spot Ethereum ETFs is approximately $2.28 billion, with a net outflow of $82.47 million this week.
The total market capitalization of stablecoins is $236 billion, among which USDT accounts for $144.4 billion, making up 61.2% of the stablecoin market; followed by USDC with a market cap of $60.1 billion, accounting for 25.5%; and DAI with a market cap of $5.36 billion, accounting for 2.27%.
According to DeFiLlama data, the total DeFi TVL (Total Value Locked) this week is $89.4 billion, down 1.1% from last week. By public chain, the top three chains in terms of TVL are: Ethereum, accounting for 51.39%; Solana, 7.62%; and Bitcoin, 5.76%.
From on-chain data, daily transaction volume on Layer1 public chains has generally shown a downward trend this week. However, Solana and Sui have seen some growth, with Solana increasing about 32% compared to last week. In terms of transaction fees, Ethereum saw a 50% drop from last week. Regarding daily active addresses, aside from Solana and Binance Smart Chain, which showed some growth, other public chains are on a downward trend. Binance Smart Chain increased by 15.8% compared to last week. As for TVL, there is not much overall change, with Ethereum dropping 3.2% from last week. This week, the total TVL of Ethereum Layer2 is $27.5 billion, up 4.58% from last week’s $26.29 billion.
Noteworthy innovative projects:
QuoteChain: An AI-powered content chain where users can publish any content on Solana, which is then evaluated, quoted, and QT-identified by AI;
Hokko: An NFT trading platform based on the Sui blockchain. It supports the purchase, sale, and exploration of digital collectibles such as IkaChanNft, SquidKey, and Rootlet;
LEO.FUN: A meme perpetual contract platform where traders can earn trust points through profitable trades to unlock leverage up to 300x. Additionally, traders can earn commissions.
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: $2.77 trillion, a 6.54% increase compared to last week’s Market Cap.
Bitcoin Market Cap: $1.68 trillion, representing 60.58% of the total cryptocurrency market cap.
Stablecoins Market Cap: $236 billion, accounting for 8.49% of the total.
2. Fear & Greed Index
Current Crypto Fear & Greed Index: 23.
3. ETF Inflows/Outflows
Bitcoin Spot ETFs:
Cumulative net inflows: $35.36 billion.
Weekly inflows: $0.713 billion.
Ethereum Spot ETFs:
Cumulative net inflows: $2.28 billion.
Weekly outflows: $0.08247 billion.
4. ETH/BTC and ETH/USD Ratios
ETH/USD:
Current Price: $1,617
All-Time High (ATH): $4,878 (-66.9% from ATH)
ETH/BTC:
Current Ratio: 0.019155
ATH: 0.1238
5. Decentralized Finance (DeFi)
Total Value Locked (TVL): $89.4 billion, a 1.1% decrease this week.
Top 3 Chains by TVL:
Ethereum: 51.39%
Solana: 7.62%
Bitcoin: 5.76 %
Data as of April 13, 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 13，2025
Daily Transaction Volume and Fees:
Daily transaction volume and transaction fees are core indicators for measuring the activity and user experience of public blockchains. This week, daily transaction volumes have generally shown a downward trend, with Solana and Sui seeing some growth. Solana’s volume increased by approximately 32% compared to last week. In terms of transaction fees, Ethereum saw a 50% decline from last week.
Daily Active Addresses and TVL:
Daily active addresses reflect ecosystem participation and user stickiness, while TVL (Total Value Locked) indicates the level of user trust in a platform. In terms of daily active addresses, aside from Solana and Binance Smart Chain, which experienced some growth, other public chains showed a declining trend. Binance Smart Chain increased by 15.8% compared to last week. In terms of TVL, there was little overall change, with Ethereum declining by 3.2% compared to last week.
Layer 2 Metrics:
Total TVL: $27.5 billion, a 4.58% decrease this week.
Data as of April 13，2025
Market share leaders: Arbitrum (33.51%) and Base (31.5%).
Data as of April 13，2025
7. Stablecoins Market Cap and Issuance
Stablecoin Market Cap: $236 billion.
USDT: $144.4 billion (61.2%)
USDC: $60.1 billion (25.5%)
DAI: $5.36 billion (2.27%)
Data as of April 13，2025
Weekly Stablecoin Issuance:
USDC Treasury: 0.25 billion new USDC issued.
Tether Treasury: 1 billion new USDT issued.
Total issuance this week: 1.25 billion (-34.3% compared to last week).
Data as of April 13，2025
Hot Money Movements This Week
1. Top 5 Gainers
VC Tokens:
Data as of April 13，2025
Meme Tokens:
Data as of April 13，2025
2. New Project Insights
QuoteChain: An AI-powered content chain where users can publish any content on Solana, which is then evaluated, referenced, and QT-identified by AI.
Hokko: An NFT trading platform built on the Sui blockchain. It supports buying, selling, and exploring digital collectibles such as IkaChanNft, SquidKey, and Rootlet.
LEO.FUN: A meme perpetual contract platform where traders can earn trust points through profitable trades to unlock up to 300x leverage. Additionally, traders can earn commissions.
3. Industry Updates
1. Major Industry Events This Week
Sky, formerly known as MakerDAO, has a sub-DAO in its ecosystem named Spark. It launched the Spark Rewards program, with the first phase distributing $6 million worth of RED tokens in collaboration with RedStone. The first event will involve participants interacting with the SparkLend smart contract on Ethereum mainnet by providing cbBTC (a Bitcoin-wrapped asset created by Coinbase) in exchange for RedStone’s RED tokens. Approximately 11.5 million RED tokens, valued at around $6 million, are expected to be distributed.
Mind Network has opened airdrop claims and released its tokenomics. The airdrop accounts for 7.5% of the total token supply at TGE. The claim period is valid for 30 days. The total token supply is 1,000,000,000, with 24.9% initially circulating. A total of 75,000,000 FHE tokens (7.5% of the total supply) are allocated for the airdrop. Additionally, Mind Network has enabled FHE staking functionality.
Curve founder Michael Egorov has once again extended the lock-up period for his veCRV holdings to four years. He also publicly disclosed the transaction details for the lock extension.
Ethereum co-founder Vitalik Buterin shared a simplified privacy roadmap for Ethereum Layer 1. The roadmap aims to improve user privacy without altering Ethereum’s consensus, focusing on four types of privacy: on-chain payment privacy, partial anonymization of in-app on-chain activity, on-chain read privacy, and network anonymity.
RWA protocol Paimon Finance has partnered with venture capital firm UGF to tokenize its equity stakes in SpaceX and Figure AI. This partnership will tokenize UGF’s venture investments, starting with its shares in SpaceX and Figure AI. Paimon’s platform will convert UGF’s equity into blockchain-based tokens, enabling fractional ownership and secondary trading. Paimon Finance aims to bring tokenized real-world assets into DeFi, offering institutional-grade RWAs such as private credit, venture equity, and aircraft leasing.
2. Upcoming Events Next Week
KernelDAO has announced that the KERNEL token will undergo TGE on April 14. KernelDAO is a comprehensive multi-chain restaking ecosystem focused on providing restaking solutions for major crypto assets like ETH, BTC, and BNB. Through its three core products — Kelp, Kernel, and Gain — KernelDAO offers users a way to “maximize yield while maintaining asset liquidity.”
Matchain, a decentralized and scalable AI chain, will begin its Genesis license sale on April 14. It will offer 100,000 utility-focused licenses tied to its native decentralized identity system, MatchID.
The airdrop claim deadline for Solana-based liquid staking protocol Sanctum is April 14, 2025. Sanctum enables users who stake native SOL or use liquid staking tokens (LSTs) to access a powerful unified liquidity layer.
Consumer-grade public chain Morph has launched a Black NFT staking user benefit upgrade program, with free Platinum SBT minting available starting April 21. Users who stake Black NFTs before the snapshot will qualify for free Platinum SBT minting. Each staked Black NFT equals one free mint. This mint does not include physical cards, but Platinum SBT holders will receive the same benefits, including eligibility for the Morpho TGE airdrop. Key dates: staking deadline is April 20, snapshot on April 21, minting opens on April 21.
3. Notable Investments Last Week
Hidden Road raised $1.25 billion, with investors including Ripple. Previous investors include Castle Island, Coinbase Ventures, and Wintermute. Hidden Road is a global credit network for institutional investors, offering a quant-driven platform that provides real-time risk management and seamless credit services across platforms, products, and asset classes. The company provides prime brokerage, clearing, and financing services for both traditional and digital assets. (April 8, 2025)
Blackbird raised $50 million, backed by Spark Capital, Andreessen Horowitz, Coinbase, and others. Blackbird is a Web3 loyalty and payments company focused on leveraging direct connections between restaurants and their customers. It offers restaurants a fully customizable loyalty program platform and a consumer app designed to give every diner a true VIP experience, no matter where they eat. (April 8, 2025)
Meanwhile raised $40 million, with investors including Framework Ventures, Fulgur Ventures, and Wences Casares. Meanwhile is a life insurance company that accepts cryptocurrency for premium payments and claims. Its core financial product is denominated in Bitcoin. The company’s AI system, Amongrous, allows users to easily apply for BTC-denominated life insurance policies, offering a tax-advantaged way to activate a portion of their Bitcoin holdings. (April 10, 2025)
