CoinW Research Institute Weekly Report (Issue from July 14, 2025 to July 20, 2025)

Key Points

• The total market capitalization of cryptocurrencies worldwide is $3.97 trillion, up from $3.89 trillion last week, with a weekly increase of 2.06%. As of the time of writing, the cumulative net inflow of Bitcoin spot ETFs in the U.S. is approximately $54.75 billion, with a net inflow of $2.39 billion this week; the cumulative net inflow of Ethereum spot ETFs in the U.S. is approximately $7.49 billion, with a net inflow of $2.18 billion this week.
• The total market capitalization of stablecoins is 268 billion USD, with USDT's market capitalization at 161.6 billion USD, accounting for 60.3% of the total stablecoin market capitalization; followed by USDC with a market capitalization of 64.46 billion USD, accounting for 24.05% of the total stablecoin market capitalization; and DAI with a market capitalization of 5.37 billion USD, accounting for 2% of the total stablecoin market capitalization.
• According to data from DeFiLlama, the total TVL of DeFi this week is $141.5 billion, an increase of 11.24% compared to last week's $127.2 billion. When classified by blockchain, the top three blockchains by TVL are Ethereum with a share of 56.29%; Solana with a share of 7.49%; and Bitcoin with a share of 5.46%.
• From on-chain data, this Sunday’s trading volume, except for Sui and BNBChain, remained basically the same as last week, while other public chains showed significant changes. Among them, the following public chains performed most notably: Toncoin increased by 700% compared to last week, Ethereum increased by 35%, while Solana decreased by about 26% compared to last week; in terms of transaction fees, except for Ethereum which increased by 150% compared to last week, Aptos, Toncoin, and Solana decreased by 90%, 66%, and 33%, respectively, compared to last week; in terms of daily active addresses, overall public chains showed an upward trend except for a slight decrease in Aptos, with Sui showing the most significant growth, increasing by 68% compared to last week; in terms of TVL, overall public chains also showed an upward trend, with Toncoin increasing by 62% compared to last week and Ethereum increasing by 15%.
• Innovative project focus: TAPEDRIVE is a native storage network on Solana that bundles data into on-chain tapes and employs a novel proof-of-access mining model to protect and retrieve content; Robin is a yield-generating prediction market where users can earn passive income by trading the outcomes of future events; SyFu is a Web3 wallet service designed to unlock the value of payment data, which is the sole proof of economic contribution from daily consumption activities.

Directory

1. Key Points

2. Total market capitalization of cryptocurrencies / Bitcoin market capitalization ratio

3. Fear Index

4. ETF Inflow and Outflow Data

5. The exchange rate of ETH/BTC and ETH/USD

6. Decentralized Finance (DeFi)

7. On-chain data

8. Market Value and Issuance of Stablecoins

9. Hot Money Trends This Week

10. The top five VC coins and Meme coins with the highest increase this week

11. New Project Insights

12. New Industry Dynamics

13. Major industry events this week

14. Major events happening next week

15. Important investments and financing last week

1. Market Overview

1. Total market capitalization of cryptocurrencies / Proportion of Bitcoin market capitalization

The total market capitalization of cryptocurrencies worldwide is $3.97 trillion, up from $3.89 trillion last week, with a growth rate of 2.06% this week.

Data source: cryptorank

As of the time of writing, the market capitalization of Bitcoin is $2.33 trillion, accounting for 58.81% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $268 billion, accounting for 6.75% of the total cryptocurrency market capitalization.

Data source: coingeck

2. Panic Index

The cryptocurrency fear and greed index is 72, indicating greed.

Data source: coinglass

3. ETF inflow and outflow data

As of the time of writing, the cumulative net inflow of Bitcoin spot ETFs in the United States is approximately $54.75 billion, with a net inflow of $2.39 billion this week; the cumulative net inflow of Ethereum spot ETFs in the United States is approximately $7.49 billion, with a net inflow of $2.18 billion this week.

Data source: sosovalue

4. ETH/BTC and ETH/USD exchange rate

ETHUSD: Current price is $3,739, historical highest price is $4,878, and it has dropped approximately 23.65% from the highest price.

ETHBTC: Currently at 0.031922, historical high at 0.1238.

Data source: ratiogang

5. Decentralized Finance (DeFi)

According to data from DeFiLlama, the total TVL of DeFi this week is $141.5 billion, up from $127.2 billion last week, with a weekly increase of 11.24%.

Data source: defillama

According to the classification by public chains, the top three public chains with the highest TVL are Ethereum chain accounting for 56.29%; Solana chain accounting for 7.49%; Bitcoin chain accounting for 5.46%.

Data source: CoinW Research Institute, defillama, data as of July 20, 2025

6. On-chain data

Layer 1 Related Data

The analysis of current Layer 1 includes relevant data on daily trading volume, daily active addresses, and transaction fees, primarily focusing on ETH, SOL, BNB, TON, SUI, and APT.

Data source: CoinW Research Institute, defillama, Nansen, data as of July 20, 2025.

Daily Trading Volume and Transaction Fees: Daily trading volume and transaction fees are core indicators for measuring the activity of public chains and user experience. This week, the daily trading volume of all public chains saw significant changes, except for Sui and BNBChain, which remained roughly the same as last week. The following public chains showed the most significant performance: Toncoin increased by 700% compared to last week, Ethereum rose by 35% compared to last week, while Solana decreased by about 26% compared to last week; in terms of transaction fees, except for Ethereum, which increased by 150% compared to last week, Aptos, Toncoin, and Solana decreased by 90%, 66%, and 33%, respectively, compared to last week.

● Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of the public chain, while TVL reflects the level of trust users have in the platform. Looking at daily active addresses, overall public chains are trending upwards except for a slight decline in Aptos, with Sui showing the most significant growth, up 68% compared to last week; regarding TVL, overall public chains are also trending upwards, with Toncoin increasing by 62% compared to last week, and Ethereum increasing by 15% compared to last week.

Layer 2 Relevant Data

● According to L2B eat data, the total TVL of Ethereum Layer 2 is 41.1 billion USD, which is an increase of 11.6% from last week's 36.67 billion USD.

Data source: L 2B eat, data as of July 20, 2025

Base and Arbitrum hold the top positions with market shares of 37.59% and 33.83%, respectively. This week, Base remains in first place in the TVL of Ethereum Layer 2.

Data source: footprint, data as of July 20, 2025

7. Market Value and Issuance of Stablecoins

According to Coinglass data, the total market capitalization of stablecoins is $268 billion. Among them, the market capitalization of USDT is $161.6 billion, accounting for 60.3% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $64.46 billion, accounting for 24.05% of the total stablecoin market capitalization; and DAI with a market capitalization of $5.37 billion, accounting for 2% of the total stablecoin market capitalization.

Data Source: CoinW Research Institute, Coinglass, data as of July 20, 2025

According to Whale Alert data, this week the USDC Treasury issued a total of 2.55 billion USDC, and the Tether Treasury issued a total of 2 billion USDT. The total issuance of stablecoins this week is 4.55 billion, which is an increase of about 91.74% compared to last week's total issuance of 2.373 billion stablecoins.

Data source: Whale Alert, data as of July 20, 2025

2. Hot Money Trends This Week

The top five VC coins and Meme coins with the highest increase this week

The top five VC coins with the highest gains in the past week

Data source: CoinW Research Institute, coinmarketcap, data as of July 20, 2025

The top five Meme coins with the highest increase in the past week

Data source: CoinW Research Institute, coinmarketcap, data as of July 20, 2025.

2. New Project Insights

• TAPEDRIVE is the native storage network of Solana, which bundles data into on-chain tapes and uses a novel proof-of-access mining model to protect and retrieve content.
• Robin is a yield-generating prediction market where users can earn passive income by trading the outcomes of future events. Unlike traditional prediction markets where funds are idle, Robin invests all matched funds into DeFi protocols, thereby generating actual returns during the lifecycle of the market.
• SyFu is a Web3 wallet service designed to unlock the value of payment data, which is the sole proof of economic contribution from daily consumer activities. SyFu's cutting-edge products allow users to connect their credit card payment data and upgrade their NFTs. By establishing a symbiotic relationship between data and NFTs, SyFu is fundamentally changing the way individuals interact with payment data and digital assets.

3. Industry News

1. Major industry events this week

• The Bitcoin native liquidity protocol Yala announced the opening of Season 1 airdrop claims on the 16th, with a claim period of 1 month. The total amount for this round of airdrop is 34 million YALA, accounting for 3.4% of the total supply, and the reward targets include participants from the mainnet and testnet, content contributors, and early supporters, with the snapshot time set for July 8, 2025.
• Ethereum SVM L2 network Eclipse Eclipse announced that the ES token airdrop claiming has been opened since July 16, and ES will be issued simultaneously on the Eclipse mainnet, Ethereum mainnet, and Solana network.
• USD1 Eco Women Power Meme Project Dora will distribute the first batch of 500,000 Dora airdrop rewards to users participating in the StakeStone USD1 official supported full-chain treasury. Previously, the StakeStone released USD1 LiquidityPad full-chain treasury has reached a deposit limit of 2 million USD, and the new deposit limit may be increased next.
• The parallel multi-party computing network Ika has launched an airdrop inquiry portal, allowing users to connect their wallets for queries. Additionally, token claims will open on the 17th. The initial supply of IKA is 10 billion tokens, with over 50% allocated to the community, of which 6% will be distributed through the first community airdrop at the mainnet launch.
• The Layer 2 network developed based on ZK Rollup technology, OpenZK Network's OZK staking feature has been launched, allowing users to earn network rewards. In addition, OpenZK is currently testing a new feature that allows ozETH and OZK to be used as Gas on the Layer 2 network.

2. Major events happening next week

• The Sahara AI Data Services Platform public beta will launch on July 22, allowing anyone to participate in building AI and earn real token rewards. At the same time, the platform will offer new earning methods and additional incentives from exclusive partners, open to the global audience.
• The deadline for claiming the first phase airdrop of Spark's Ignition is July 22. This Ignition plan is the first airdrop event launched by Spark, aimed at distributing tokens to early supporters and ecosystem participants through a multi-phase distribution mechanism, further expanding the community size and promoting early network growth.
• The Starknet Foundation has announced the launch of the STRK delegation staking program, aimed at supporting ecosystem builders who contribute to decentralization, security, and network resilience by delegating STRK tokens to network validators. The foundation stated that it will complete the assessment and announcement of the delegated objects by August 31. Eligible validators will receive a delegated quota of up to 5 million STRK, matched on a 1:1 basis with their own stakes. Applicants must run a full Starknet validator node and maintain a high online rate and responsiveness.
• The Web3 infrastructure platform Caldera Foundation has announced the opening of the ERA airdrop claim. Wallets that have successfully pre-claimed their allocation must claim their tokens by August 1.

3. Important Investments and Financing Last Week

• Hilbert Group, with a financing amount of 31.21 million USD, was established in 2020 and is an investment company specializing in quantitative algorithm trading strategies in the digital asset market. (July 15, 2025)
• Spiko has completed a $22 million Series B funding round, with investors including Index Ventures, Bpifrance, Blockwall, Zach Abrams, Nik Storonsky, and others. Spiko focuses on providing tokenized currency market fund services for European enterprises, allowing users to earn daily returns by investing in low-risk assets such as eurozone and U.S. Treasury bonds. The platform utilizes blockchain technologies like Ethereum and Arbitrum, and has processed over $900 million in liquidity. (July 17, 2025)
• Ephemera has completed a $20 million Series B funding round, with investors including Andreessen Horowitz, Faction, USV, Coinbase Ventures, and others. Ephemera is a decentralized messaging protocol that develops XMTP infrastructure, aimed at users dedicated to decentralized technology and the on-chain future. (July 17, 2025)
• GameSquare, with a financing amount of 70 million USD, is a publicly traded company focused on the esports and gaming industry. GameSquare (NASDAQ: GAME) aims to change the way brands and game publishers connect with users. (July 17, 2025)