CoinW Research Institute Weekly Report (November 10, 2025 - November 16, 2025)

CoinW Research Institute

Key Points

• The total market capitalization of cryptocurrencies is $3.40 trillion, down from $3.63 trillion last week, representing a decrease of 6.3% this week. As of the time of writing, the cumulative net inflow for the U.S. Bitcoin spot ETF is approximately $58.85 billion, with a net outflow of $1.11 billion this week; the cumulative net inflow for the U.S. Ethereum spot ETF is approximately $13.13 billion, with a net outflow of $728 million this week.
• The total market capitalization of stablecoins is $304.7 billion, with USDT's market cap at $183.9 billion, accounting for 60.35% of the total stablecoin market cap; followed by USDC with a market cap of $74.8 billion, accounting for 24.54%; and DAI with a market cap of $5.36 billion, accounting for 1.76%.
• According to DeFiLlama, the total TVL of DeFi this week is $122.4 billion, down from $134.4 billion last week, a decrease of approximately 8.92%. By public chain, the top three chains by TVL are Ethereum, accounting for 67.32%; Solana, accounting for 8.86%; and BNB Chain, accounting for 6.89%.
• This week, the six major public chains have weakened overall, with daily trading volumes declining across the board. Sui (-1.32%) and Ethereum (-6.92%) had the smallest declines, while Solana (-37.43%), Ton (-32%), BNB Chain (-31.25%), and Aptos (-27.98%) saw more significant drops. In terms of transaction fees, BNB Chain and Ton remained roughly stable compared to last week, while Sui surged by 121.88%. The other chains generally saw declines (Ethereum -50%, Solana -35.56%, Aptos -1.89%). Daily active addresses showed divergence, with BNB Chain (+16%), Ton (+10.41%), and Sui (+7.32%) increasing, while Ethereum (-14.98%) and Aptos (-13.86%) decreased. TVL declined across the board, with Sui experiencing the largest drop of 41.39%, and Ton (-20.32%) and Aptos (-12.62%) also showing significant declines, while the other public chains had relatively mild drops (Solana -8.58%, Ethereum -6.89%, BNB Chain -7.57%).
• New project highlights: Allo is a platform focused on tokenizing real-world assets (RWA), allowing users to complete asset tokenization in 2 minutes. Its product features include asset issuance, trading, and collateralized lending. Shodai Network is a crypto project financing platform aimed at providing funding support for Web3 entrepreneurs, helping projects secure healthy and aligned capital. Kyuzo's Friends is an AI-driven Web3 social game based on the well-known IP DNAxCAT, dedicated to providing players with an interactive and rewarding gaming experience.

Table of Contents

Key Points

1. Market Overview

2. Total Cryptocurrency Market Cap / Bitcoin Market Cap Proportion

3. Fear Index

4. ETF Inflow and Outflow Data

5. ETH/BTC and ETH/USD Exchange Rates

6. Decentralized Finance (DeFi)

7. On-chain Data

8. Stablecoin Market Cap and Issuance

9. Hot Money Trends This Week

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

11. New Project Insights

12. Industry News

13. Major Industry Events This Week

14. Major Upcoming Events Next Week

15. Important Financing Events Last Week

16. Reference Links

1. Market Overview

1. Total Cryptocurrency Market Cap / Bitcoin Market Cap Proportion

The total market capitalization of cryptocurrencies is $3.40 trillion, down from $3.63 trillion last week, representing a decrease of 6.3%.

Data Source: cryptorank

Data as of November 16, 2025

As of the time of writing, Bitcoin's market cap is $1.89 trillion, accounting for 55.5% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $304.7 billion, accounting for 8.96% of the total cryptocurrency market cap.

Data Source: coingeck

Data as of November 16, 2025

2. Fear Index

The cryptocurrency fear index is 15, indicating extreme fear.

Data Source: coinglass

Data as of November 16, 2025

3. ETF Inflow and Outflow Data

As of the time of writing, the cumulative net inflow for the U.S. Bitcoin spot ETF is approximately $58.85 billion, with a net outflow of $1.11 billion this week; the cumulative net inflow for the U.S. Ethereum spot ETF is approximately $13.13 billion, with a net outflow of $728 million this week.

Data Source: sosovalue

Data as of November 16, 2025

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $3,130.35, all-time high $4,878.26, down approximately 36.61% from the all-time high.

ETHBTC: Currently at 0.032976, all-time high 0.1238.

Data Source: ratiogang

Data as of November 16, 2025

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $122.4 billion, down from $134.4 billion last week, a decrease of approximately 8.92%.

Data Source: defillama

Data as of November 16, 2025

By public chain, the top three chains by TVL are Ethereum, accounting for 67.32%; Solana, accounting for 8.86%; and BNB Chain, accounting for 6.89%.

Data Source: CoinW Research Institute, defillama

Data as of November 16, 2025

6. On-chain Data

Layer 1 Related Data

Mainly analyzing the current Layer 1 data related to daily trading volume, daily active addresses, and transaction fees, including ETH, SOL, BNB, TON, SUI, and APTOS.

Data Source: CoinW Research Institute, defillama, Nansen

Data as of November 16, 2025

• 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, all six public chains saw declines, with Sui (-1.32%) and Ethereum (-6.92%) experiencing the smallest drops, maintaining relative resilience; the other public chains saw significantly larger declines, with Solana down 37.43%, Ton down 32%, BNB Chain down 31.25%, and Aptos down 27.98%. Regarding transaction fees, this week BNB Chain and Ton remained stable compared to last week; Sui increased by 121.88%; the other chains saw some declines, specifically Ethereum (-50%), Solana (-35.56%), and Aptos (-1.89%).
• 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, Solana remained roughly stable compared to last week; BNB Chain (+16%), Ton (+10.41%), and Sui (+7.32%) all achieved slight growth, showing relative stability; while Ethereum (-14.98%) and Aptos (-13.86%) saw some declines. In terms of TVL, all six major public chains experienced declines this week, with Sui seeing the largest drop of 41.39%; Ton (-20.32%) and Aptos (-12.62%) also showed significant declines; the other public chains had relatively mild drops, specifically Solana (-8.58%), Ethereum (-6.89%), and BNB Chain (-7.57%).

Layer 2 Related Data

According to L2Beat, the total TVL of Ethereum Layer 2 is $36.9 billion, down 8.1% from last week ($40.14 billion).

Data Source: L2Beat

Data as of November 16, 2025

Base and Arbitrum occupy the top positions with market shares of 38.26% and 35%, respectively. Base's market share has slightly decreased over the past week, while Arbitrum has seen a slight increase.

Data Source: footprint

Data as of November 16, 2025

7. Stablecoin Market Cap and Issuance

According to Coinglass, the total market capitalization of stablecoins is $304.7 billion, with USDT's market cap at $183.9 billion, accounting for 60.35% of the total stablecoin market cap; followed by USDC with a market cap of $74.8 billion, accounting for 24.54%; and DAI with a market cap of $5.36 billion, accounting for 1.76%.

Data Source: CoinW Research Institute, Coinglass

Data as of November 16, 2025

According to Whale Alert, this week USDC Treasury issued a total of 2.698 billion USDC, and Tether Treasury issued a total of 1 billion USDT this week. The total issuance of stablecoins this week is 3.698 billion, an increase of 78.05% compared to last week's total issuance of 2.077 billion.

Data Source: Whale Alert

Data as of November 16, 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 16, 2025

Top Five Meme Coins by Growth in the Past Week

Data Source: CoinW Research Institute, coinmarketcap

Data as of November 16, 2025

2. New Project Insights

• Allo is a platform focused on tokenizing real-world assets (RWA), with a mission to digitize over $1 trillion in real assets by 2030. The platform allows users to complete asset tokenization in 2 minutes, with product features including asset issuance, trading, and collateralized lending, and has achieved over $2.4 billion in asset tokenization. By converting traditional assets such as private equity, real estate, and Bitcoin collateralized lending into tokens that can circulate on-chain, Allo bridges traditional finance and blockchain, making assets more liquid and easier to invest in.
• Shodai Network is a crypto project financing platform focused on providing funding support for Web3 entrepreneurs, aiming to help projects secure healthy and aligned capital. The platform assists founding teams in efficiently connecting with suitable investors through customized support and solutions, promoting the sustainable development of the Web3 ecosystem.
• Kyuzo's Friends is an AI-driven Web3 social game based on the well-known IP DNAxCAT, dedicated to providing players with an interactive and rewarding gaming experience. As one of the first projects officially supported by the LINE Dapp Portal, it leverages LINE's vast ecosystem to offer highly social gameplay. Players can explore maps, build and upgrade structures, collaborate or compete, and drive game progress and growth through rich social mechanisms.

3. Industry News

1. Major Industry Events This Week

• On November 11, the AI decentralized network project Allora officially launched its mainnet and completed the ALLO token generation event (TGE). The total supply of the project token is 1 billion, with 9.3% (approximately 93 million) allocated for community and ecosystem distribution, and about 5% released on the launch day as an airdrop reward. Airdrop eligibility was determined by snapshots taken from October 23 to 25, targeting early testnet participants, node contributors, model trainers, and active community members. At the mainnet launch, approximately 200 million ALLO (20.05%) entered circulation for ecosystem incentives and community development.
• On November 10, the AI and data-driven platform Janction (JCT) completed its token generation event (TGE) and launched its first round of airdrops. The total supply of the project token is 50 billion, with approximately 1.15 billion (22.99% of the total) entering circulation at launch. The first round of airdrops is approximately 2.85 billion (5.7%). The remaining tokens are mainly allocated to the ecosystem fund (34.29%), team (21.34%), foundation (18%), and investors (10%), with lock-up and linear release mechanisms in place to ensure the project's long-term stable development.
• On November 12, Planck Network (PLANCK) completed its token generation event (TGE), with a total token supply of 500 million and an initial circulation ratio of approximately 17.66%. The project has not yet announced specific plans for subsequent large-scale airdrops. Planck Network is a network protocol focused on providing high-performance data transmission and cross-chain communication infrastructure for Web3, aiming to enhance interoperability and data synchronization efficiency through modular design.
• On November 14, Play Solana (PLAYSOLANA) launched its first round of airdrop activities, revealing that 56% of its tokens will be allocated to the community to incentivize early participants and promote ecosystem growth. Play Solana is an on-chain gaming platform based on the Solana ecosystem, dedicated to creating an interactive experience that combines entertainment, social interaction, and profit.

2. Major Upcoming Events Next Week

• The Monad mainnet and its native token MON are scheduled to launch on November 24 at 9 AM EST. On November 10, Monad's official announcement included the token economic model and plans for airdrops and TGE. Previously, the foundation opened a token claiming portal from mid-October to November 3 for users to check and claim their allocations. The total supply of MON is 100 billion, with 7.5% allocated for public sale (sold at $2.5 billion FDV), 3.3% for airdrops, and the remainder distributed to ecosystem development (38.5%), team (27%), investors (19.7%), and treasury (4%). On the mainnet launch day, approximately 10.8% of tokens (public sale + airdrop) will be in circulation, and about 38.5% of the ecosystem fund will be unlocked, with a total unlocking ratio of 49.4% on the first day. The team and investor shares will be locked for at least one year to ensure long-term incentives.
• Finsteco (FNST) will hold its initial public offering (IDO) from November 11 to 18, with a token price of $0.09, aiming to raise approximately $1.3 million, with a total token supply of 1 billion. The project expects to hold its token generation event (TGE) on November 18, at which time approximately 10% of tokens will be released, with the remainder linearly unlocked over approximately 9 months.
• Cross-chain aggregation DeFi platform Infinex's founder Kain announced that Infinex will soon launch its TGE (token generation event), with a total supply of 10 billion INX, and 100% of the INX supply will be allocated to Patrons. There will be a total of 100,000 Patron NFTs, each granting 100,000 INX. Users holding µPatron NFTs will receive INX tokens at a ratio of 1:10. Infinex's treasury will retain approximately 33% of the token supply, with part allocated for Patron sales, part for future incentives, and the remainder held by the treasury. Additionally, Patron NFTs will be converted into classic PFP forms after the TGE. On the first day of TGE, Infinex will integrate and be compatible with all tokens and decentralized applications on Monad, MegaEth, and Fogo chains.
• Solomon Labs (SOLO) will conduct a public sale on the MetaDAO platform from November 14 to 18, aiming to raise $2 million by issuing 10 million SOLO tokens (approximately 38.76% of the total supply of 25,800,000 tokens), with a public offering price set at about $0.2 per token, with no additional lock-up.

3. Important Financing Events Last Week

• Decentralized perpetual contract trading protocol Lighter announced the completion of $68 million in financing, led by Peter Thiel's Founders Fund and Ribbit Capital, with participation from Haun Ventures and Robinhood. This round of financing values Lighter at approximately $1.5 billion. Lighter is a decentralized perpetual contract trading protocol based on Ethereum, utilizing a dedicated zk-rollup architecture to provide scalable, secure, transparent, and verifiable order book trading infrastructure. (November 11, 2025)
• Crypto startup Seismic announced the completion of $10 million in financing, led by a16z crypto, with participation from Polychain, Amber Group, TrueBridge, dao5, and LayerZero, bringing its total financing to $17 million. Seismic aims to build blockchain infrastructure that enables encryption at the protocol layer, providing higher security and privacy through encryption protection of global state, memory access, and data flow. (November 12, 2025)
• AgentLISA completed $12 million in financing, led by Redpoint China and NGC Ventures, with participation from UOB Venture Management, Signum Capital, Hash Global, and LongHash Ventures. This round of financing will primarily be used to accelerate platform technology development, improve the AI security agent system, and expand the global implementation of its "Agent-to-Agent economy." AgentLISA is an AI security platform for Web3, focusing on automated auditing and risk analysis of smart contracts and autonomous AI agents. The project is based on a multi-agent large model framework, capable of real-time detection of on-chain contracts and smart agents. (November 13, 2025)
• Acurast announced the completion of $11 million in financing, with supporters including Ethereum co-founder and Polkadot founder Gavin Wood, MN Capital founder Michael van de Poppe, and GlueNet founder Ogle. Acurast will launch its mainnet and issue its native token ACU on November 17. As a decentralized confidential computing network, Acurast utilizes globally distributed consumer smartphones as trusted hardware, providing tamper-proof and verifiable confidential computing capabilities, ensuring that only factory-certified systems can participate in computations through hardware endorsement and key authentication mechanisms to prevent data tampering. (November 13, 2025)

4. Reference Links

1. ALLO: https://allo.xyz/

2. Seismic: https://www.seismic.systems/

3. Shodai Network: https://shodai.network/

4. Kyuzo's Friends: https://kyuzosfriends.com/

5. Lighter: https://lighter.xyz/

6. AgentLISA: https://agentlisa.ai/

7. Acurast: https://acurast.com/