CoinW Research Institute

Key Points

• The total market capitalization of cryptocurrencies is $3.63 trillion, down from $3.91 trillion last week, representing a decrease of approximately 7.16% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF is approximately $59.97 billion, with a net outflow of $1.22 billion this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $13.86 billion, with a net outflow of $508 million this week.
• The total market capitalization of stablecoins is $311 billion, with USDT's market capitalization at $183.5 billion, accounting for 59% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $75.8 billion, accounting for 24.37% of the total; and DAI with a market capitalization of $5.37 billion, accounting for 1.73% of the total.
• According to DeFiLlama, the total TVL of DeFi this week is $134.4 billion, down from $149.6 billion last week, a decrease of approximately 10.16%. By public chain, the top three chains by TVL are Ethereum, accounting for 67.11%; Solana, accounting for 8.99%; and BNB Chain, accounting for 6.89%.
• This week, the performance of various public chains has diverged, with overall activity slightly declining. Sui performed the strongest, with daily trading volume increasing by 68.1% and TVL growing by 20.4%. Although active addresses decreased by 5.8%, capital inflow was significant; Ethereum performed the weakest, with daily trading volume decreasing by 37.5% and TVL dropping by 11.1%. Despite a 5.4% increase in active addresses, capital continued to flow out. Ton saw the largest increase in daily trading volume, rising by 77.5%, but active addresses decreased by 26.2%, and TVL slightly declined by 2.7%; BNB Chain's daily trading volume increased by 45.0%, active addresses decreased by 5.5%, and TVL fell by 7.0%; Solana's daily trading volume grew by 18.6%, active addresses decreased by 2.5%, and TVL dropped by 9.3%; Aptos's daily trading volume decreased by 13.0%, active addresses decreased by 0.7%, and TVL fell by 6.2%. In terms of transaction fees, Ethereum increased by 100%, Sui decreased by 25%, while other public chains remained stable. Overall, except for Sui's outstanding performance in trading, other public chains have generally entered an adjustment phase.
• New project highlights: Cypher aims to create a community-owned, open, and transparent capital and liquidity infrastructure, bringing financing, token issuance, and trading markets back to their decentralized essence; duel.trade attempts to build a user-centric decentralized opinion and market game platform by combining on-chain prediction mechanisms with social incentives, making predictions not just speculative actions but a process of community consensus and information discovery; PolyScalping is a data and analysis tool designed specifically for Polymarket traders, aimed at enhancing trading efficiency and strategy execution in prediction markets.

Table of Contents

Key Points

1. Market Overview

2. Cryptocurrency Total Market Cap/Bitcoin Market Cap Ratio

3. Fear Index

4. ETF Inflow and Outflow Data

5. ETH/BTC and ETH/USD Exchange Ratios

6. Decentralized Finance (DeFi)

7. On-chain Data

8. Stablecoin Market Cap and Issuance

1. Market Overview

1. Cryptocurrency Total Market Cap/Bitcoin Market Cap Ratio

The total market capitalization of cryptocurrencies is $3.63 trillion, down from $3.91 trillion last week, representing a decrease of approximately 7.16%.

Data Source: cryptorank

Data as of November 9, 2025

As of the time of writing, the market capitalization of Bitcoin is $2.12 trillion, accounting for 57.76% of the total cryptocurrency market cap. Meanwhile, the market capitalization of stablecoins is $311 billion, accounting for 8.48% of the total cryptocurrency market cap.

Data Source: coingeck

Data as of November 0, 2025

2. Fear Index

The cryptocurrency fear index is 23, indicating fear.

Data Source: coinglass

Data as of November 9, 2025

3. ETF Inflow and Outflow Data

As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF is approximately $59.97 billion, with a net outflow of $1.22 billion this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $13.86 billion, with a net outflow of $508 million this week.

Data Source: sosovalue

Data as of November 9, 2025

4. ETH/BTC and ETH/USD Exchange Ratios

ETHUSD: Current price $3,615, historical highest price $4,946.05, down approximately 27.52% from the highest price.

ETHBTC: Currently at 0.034144, historical highest at 0.1238.

Data Source: ratiogang

Data as of November 9, 2025

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $134.4 billion, down from $149.6 billion last week, a decrease of approximately 10.16%.

Data Source: defillama

Data as of November 9, 2025

By public chain, the top three chains by TVL are Ethereum, accounting for 67.11%; Solana, accounting for 8.99%; and BNB Chain, accounting for 6.89%.

Data Source: CoinW Research Institute, defillama

Data as of November 9, 2025

6. On-chain Data

Layer 1 related data

Mainly analyzing the current data of major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS based on daily trading volume, daily active addresses, and transaction fees.

Data Source: CoinW Research Institute, defillama, Nansen

Daily Trading Volume and Transaction Fees: Daily trading volume and transaction fees are core indicators of public chain activity and user experience. In terms of daily trading volume, the largest increase this week was on the Ton chain, rising by 77.5%; Sui increased by 68.1%; BNB Chain increased by 45.0%; Solana increased by 18.6%; while Ethereum decreased by 37.5% and Aptos decreased by 13.0%. In terms of transaction fees, Ethereum increased by 100%, Sui decreased by 25%, while other chains remained stable compared to last week.

Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects user trust in the platform. In terms of daily active addresses, the Ton chain saw the largest decrease, down by 26.2%; Sui decreased by 5.8%; BNB Chain decreased by 5.5%; Solana decreased by 2.5%; Aptos decreased by 0.7%; only Ethereum increased by 5.4%. In terms of TVL, Sui saw the largest increase, up by 20.4%; Ethereum decreased by 11.1%; Solana decreased by 9.3%; BNB Chain decreased by 7.0%; Aptos decreased by 6.2%; and Ton chain decreased by 2.7%.

Layer 2 related data

According to L2Beat, the total TVL of Ethereum Layer 2 is $40.14 billion, down from $41.7 billion last week, with an overall decline of 3.06%.

Data Source: L2Beat

Data as of November 9, 2025

Base and Arbitrum hold 38.26% and 35% of the market share respectively, with Arbitrum ranking first in TVL among Ethereum Layer 2 this week.

Data Source: footprint

Data as of November 9, 2025

7. Stablecoin Market Cap and Issuance

According to Coinglass, the total market capitalization of stablecoins is $311 billion, with USDT's market capitalization at $183.5 billion, accounting for 59% of the total stablecoin market cap; followed by USDC with a market capitalization of $75.8 billion, accounting for 24.37% of the total; and DAI with a market capitalization of $5.37 billion, accounting for 1.73% of the total.

Data Source: CoinW Research Institute, Coinglass

Data as of November 9, 2025

According to Whale Alert data, USDC Treasury issued a total of 2.077 billion USDC this week, while Tether Treasury did not issue any USDT this week. The total issuance of stablecoins this week was 2.077 billion, down approximately 1.8% from last week's total issuance of 2.115 billion.

Data Source: Whale Alert

Data as of November 9, 2025

2. Hot Money Trends This Week

1. Top Five VC Coins and Meme Coins by Growth This Week

Top five VC coins by growth in the past week

Data Source: CoinW Research Institute, coinmarketcap

Data as of November 9, 2025

Top five Meme coins by growth in the past week

Data Source: CoinW Research Institute, coinmarketcap

Data as of November 9, 2025

2. New Project Insights

• Cypher is a decentralized capital formation and trading platform designed for Ethereum Layer 1, aiming to reshape the liquidity foundation of Ethereum. Cypher believes that liquidity is the lifeline of any blockchain, and currently, Ethereum's trading volume is still mainly concentrated in fragmented, venture capital-led protocols. It aims to bring financing, token issuance, and trading markets back to their decentralized essence by creating a community-owned, open, and transparent capital and liquidity infrastructure.
• duel.trade is a prediction market social layer built on the Base and Kalshi protocols. By combining on-chain prediction mechanisms with social incentives, duel.trade aims to create a user-centric decentralized opinion and market game platform, making predictions not just speculative actions but a process of community consensus and information discovery.
• PolyScalping is a data and analysis tool designed specifically for Polymarket traders, aimed at enhancing trading efficiency and strategy execution in prediction markets. PolyScalping helps users capture short-term profit opportunities in a rapidly changing market by aggregating real-time market data and arbitrage opportunities, and supporting custom price alerts and yield calculations. Launched in 2025, PolyScalping positions itself as an intelligent support layer for the Polymarket ecosystem, providing precise and actionable decision support tools for professional traders and data-driven investors, further improving the infrastructure of decentralized prediction markets.

3. Industry News

1. Major Industry Events This Week

• On November 5, Intuition officially announced the launch of its token TRUST airdrop. The eligibility for the first season airdrop is determined by two indicators: IQ points and Orbit roles, which measure user activity and community contributions during the testing phase. IQ points include protocol points, launchpad points, portal points, community points, referral points, and relic points, rewarding users for multidimensional participation in product usage, promotion, and interaction. The Orbit role symbolizes the leadership and mission of community members, with a total of 1 to 7 levels, where higher levels have greater airdrop weight. This design reflects Intuition's deep practice of the "contribution equals value" concept, promoting ecological growth through incentivizing multi-level participation.
• The AI agent project Capx AI completed its TGE on November 4 and announced an airdrop update, but the distribution was temporarily delayed due to a front-end technical failure on Uniswap. The team emphasized that this issue is unrelated to contract and token security, and all funds remain 100% secure. It was confirmed that the failure stemmed from indexing limitations of Arbitrum's native USDC. Currently, Capx AI has reopened the airdrop claim window, which will be available from November 7 to November 20, providing users ample time to complete their claims.
• The decentralized project Aster announced that its second phase airdrop claim has officially ended on November 14. This phase mainly targeted early ecological participants and testing users, rewarding their support in product development and community building. With the airdrop concluded, Aster is expected to enter the next phase of mainnet incentives and governance deployment, further expanding community activity and promoting the application scenarios of tokens within the ecosystem.
• The Solana ecosystem lending protocol Kamino officially announced the launch of its Season 5 incentive program, which will last for 3 months with a total allocation of up to 100 million KMNO tokens. Rewards from the previous season (Season 4) will gradually unlock starting November 12, over a period of 6 months. Kamino continues to attract liquidity and user participation through quarterly incentive mechanisms, forming a stable ecological growth cycle. This new season's activities are expected to further strengthen the protocol's dominant position in the Solana lending market.
• On November 8, Hourglass officially announced that the second phase deposit window for its Stable reserve has closed. This phase attracted approximately 26,000 wallets, with total deposits reaching $1.8 billion, demonstrating strong market trust and demand for its yield products. Hourglass stated that it will further optimize the reserve yield structure and distribution mechanism in subsequent phases to ensure capital efficiency and long-term sustainable growth.

2. Major Upcoming Events Next Week

• Solana officially announced that the submission deadline for the x402 hackathon is set for November 11. This event features five tracks: trustless agents, x402 API integration, MCP servers, x402 development tools, and x402 agent applications, with a top prize of $10,000 for each track. The x402 hackathon aims to promote developer innovation within the Solana ecosystem, encouraging more teams to explore the combination of underlying infrastructure and smart agent applications, further expanding Solana's application boundaries and development ecosystem depth.
• Reddit announced that it will terminate the avatar creator program and will no longer accept new submissions, while the avatar store will remain open until November 11. Users can continue to use their purchased collectible avatars, but profile display and NFT transfer functions will be removed. Reddit emphasized that avatars remain an important way for users to express themselves and promised that 100% of all secondary market royalties will go to creators, with contract updates to automatically distribute earnings in the next three weeks. Additionally, Reddit will remove the Vault wallet feature within the app, and users must export their seed phrases to save their assets by January 1, 2026.
• The AI data ecosystem project Codatta announced that its second season airdrop is about to launch, introducing new task types and optimized incentive mechanisms to further encourage active participation from data contributors and model evaluators. The project team also revealed that a Codatta mobile application will be released within the next three months, providing users with a smoother experience for data uploading, labeling, and model interaction. As an important part of the KITE AI ecosystem, Codatta aims to build a community-centered decentralized data market, promoting the openness and trustworthiness of AI model training.
• Layer 1 blockchain Monad and its native token MON will officially launch on November 24. The Monad Foundation opened the token claim portal from mid-October to November 3 for eligible users to check and claim their allocations. At launch, Monad will integrate with mainstream decentralized applications such as Uniswap, Magic Eden, and OpenSea, and will fully support mainstream wallets like OKX, Backpack, MetaMask, and Rabby. Monad aims to create a new generation of Ethereum-compatible public chains through high-performance architecture and modular design.
• The Solana re-staking platform Solayer announced that its self-developed InfiniSVM development network will launch its mainnet Alpha version in the fourth quarter of 2025 after 11 months of secret development. InfiniSVM aims to achieve cross-protocol validation layer abstraction and re-staking shared security mechanisms, introducing more efficient validation computation and decentralized governance capabilities to the Solana ecosystem. This release marks Solayer's transition from the experimental phase to the infrastructure implementation phase, opening new technical spaces for the expansion of Solana's re-staking ecosystem.

3. Important Financing Events Last Week

• Lava completed a new round of financing of $200 million, with participation from well-known angel investors Anthony Pompliano and Eric Jackson, among others. Founded in 2022, Lava is a fintech platform focused on Bitcoin-backed loans, aiming to provide users with dollar liquidity without the need to sell their Bitcoin. Lava ensures the security of collateral and transparency of the loan process through cryptographic proofs and automated liquidation mechanisms, helping users earn interest on their holdings and freely borrow in a self-custody environment. (November 4, 2025)
• Tharimmune announced the completion of a $540 million financing round, with participation from Liberty City Ventures, DRW Venture Capital, Polychain, and Kraken, among others. This round of financing is Tharimmune's post-IPO private placement round. Tharimmune is a clinical-stage biotech company focused on developing innovative therapies for inflammatory and immune diseases. The company is also exploring the integration of traditional life sciences and digital assets, aiming to build a new model of research and financing driven by crypto assets. (November 4, 2025)
• Ripple completed a $500 million financing round, achieving a valuation of $40 billion, with participation from top institutions such as Pantera Capital, Galaxy Digital, BH Digital, Citadel Securities, Marshall Wace, and Fortress Investment Group. Ripple, founded in 2012, is a U.S.-based provider of international remittance and settlement solutions. (November 5, 2025)

4. Reference Links

1. Cypher: https://x.com/cypher_ethereum

2. duel.trade: https://x.com/DuelTrade

3. PolyScalping: https://x.com/PolyScalping

4. Lava: https://x.com/lava_xyz

5. Tharimmune: https://tharimmune.com/

6. Ripple: https://x.com/Ripple