CoinW Research Institute Weekly Report (December 1, 2025 - December 7, 2025)

2025-12-09 11:04:33

Collection

The total market value of global cryptocurrencies is $3.15 trillion, up from $3.14 trillion last week, with an increase of approximately 0.32% this week.

CoinW Research Institute

Key Points

The total market capitalization of cryptocurrencies is $3.15 trillion, up from $3.14 trillion last week, representing an increase of approximately 0.32% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $57.62 billion, with a net outflow of $87.77 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $12.88 billion, with a net outflow of $65.59 million this week.
The total market capitalization of stablecoins is $312 billion, with USDT's market cap at $185.7 billion, accounting for 59.55% of the total stablecoin market cap; followed by USDC with a market cap of $78.19 billion, accounting for 25.07%; and DAI with a market cap of $5.36 billion, accounting for 1.72%.
According to DeFiLlama, the total TVL of DeFi this week is $120.8 billion, up from $119.9 billion last week, an increase of approximately 0.75%. By public chain classification, the three public chains with the highest TVL are Ethereum, accounting for 68.01%; Solana, accounting for 8.54%; and BNB Chain, accounting for 6.71%.
The gap between strong-performing public chains and those that have declined significantly has further widened this week. In terms of daily trading volume, Solana performed the strongest, rising approximately 10.4%, while BNB Chain rose about 9.6%. In contrast, Sui fell approximately 35.5%, Aptos fell approximately 30.7%, Ton fell approximately 44.6%, and Ethereum fell approximately 3.6%. In terms of transaction fees, only Solana's transaction fees rose by about 100%, while Ethereum, BNB Chain, Ton, Sui, and Aptos remained unchanged. In terms of daily active addresses, the overall on-chain user activity has declined, with Sui experiencing the largest drop of about 37.9%, BNB Chain down about 31.3%, Ethereum down about 28.1%, Aptos down about 17%, and Ton down about 12.1%, with only Solana remaining relatively stable. In terms of TVL, Ton saw the most significant increase, rising about 9.8%, Sui rose about 4.5%, Ethereum rose about 2.8%, BNB Chain and Solana fluctuated slightly, while Aptos fell about 4.1%.
New project highlights: Beep is a decentralized financial protocol aimed at the autonomous agent economy, built on the Sui network, dedicated to enabling AI agents to automatically manage funds and payments; Sunrise is a liquidity entry initiated by Wormhole Labs for Solana, aimed at helping users seamlessly transfer assets from other chains to Solana through a single interface and immediately access its DeFi ecosystem; Taoshi is a decentralized AI trading network based on the Bittensor ecosystem, aggregating machine learning and autonomous agents through dynamic sub-networks to generate high-precision trading signals across asset classes.

Key Points

Market Overview
Total Cryptocurrency Market Cap / Bitcoin Market Cap Proportion
Fear Index
ETF Inflow and Outflow Data
ETH/BTC and ETH/USD Exchange Rates
Decentralized Finance (DeFi)
On-chain Data
Stablecoin Market Cap and Issuance
Hot Money Trends This Week
Top Five VC Coins and Meme Coins by Growth This Week
New Project Insights
New Industry Dynamics
Major Industry Events This Week
Major Upcoming Events Next Week
Important Financing from Last Week
Reference Links

1. Market Overview

1. Total Cryptocurrency Market Cap / Bitcoin Market Cap Proportion

The total market capitalization of cryptocurrencies is $3.15 trillion, up from $3.14 trillion last week, representing an increase of approximately 0.32%.

Data Source: Cryptorank,++https://cryptorank.io/charts/btc-dominance++
Data as of December 7, 2025
As of the time of writing, the market cap of Bitcoin is $1.8 trillion, accounting for 57.25% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $312 billion, accounting for 9.92% of the total cryptocurrency market cap.

Data Source: Coingeck,++https://www.coingecko.com/en/charts++
Data as of December 7, 2025

2. Fear Index

The cryptocurrency fear index is at 19, indicating extreme fear.

Data Source: Coinglass,https://www.coinglass.com/pro/i/FearGreedIndex
Data as of December 7, 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 $57.62 billion, with a net outflow of $87.77 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $12.88 billion, with a net outflow of $65.59 million this week.

Data Source: Sosovalue,https://sosovalue.com/zh/assets/etf
Data as of December 7, 2025

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price is $3,068, historical highest price is $4,946.05, down approximately 38.42% from the highest price.
ETHBTC: Currently at 0.033928, historical highest is 0.1238.

Data Source: Ratiogang,++https://ratiogang.com/++
Data as of December 7, 2025

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $120.8 billion, up from $119.9 billion last week, an increase of approximately 0.75%.

Data Source: Defillama,++https://defillama.com++
Data as of December 7, 2025
By public chain classification, the three public chains with the highest TVL are Ethereum, accounting for 68.01%; Solana, accounting for 8.54%; and BNB Chain, accounting for 6.71%.

Data Source: CoinW Research Institute, Defillama,++https://defillama.com++
Data as of December 7, 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 APT based on daily trading volume, daily active addresses, and transaction fees.

Data Source: CoinW Research Institute, Defillama,++https://defillama.com++
Data as of December 7, 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, Solana performed the strongest, rising approximately 10.4%, while BNB Chain rose about 9.6%. In contrast, Sui fell approximately 35.5%, Aptos fell approximately 30.7%, Ton fell approximately 44.6%, and Ethereum fell approximately 3.6%. In terms of transaction fees, only Solana's transaction fees rose by about 100%, while Ethereum, BNB Chain, Ton, Sui, and Aptos remained unchanged.
Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects users' trust in the platform. In terms of daily active addresses, on-chain user activity has generally declined, with Sui experiencing the largest drop of about 37.9%, BNB Chain down about 31.3%, Ethereum down about 28.1%, Aptos down about 17%, and Ton down about 12.1%, with only Solana remaining relatively stable. In terms of TVL, Ton saw the most significant increase, rising about 9.8%, Sui rose about 4.5%, Ethereum rose about 2.8%, BNB Chain and Solana fluctuated slightly, while Aptos fell about 4.1%.
Layer 2 Related Data
According to L2Beat, the total TVL of Ethereum Layer 2 is $37.17 billion, up from $36.21 billion last week, an increase of approximately 2.65%.

Data Source: L2Beat,++https://l2beat.com/scaling/tvs++
Data as of December 7, 2025
Base and Arbitrum occupy the top positions with market shares of 36.85% and 34.77%, respectively, with Base ranking first in Ethereum Layer 2 TVL this week.

Data Source: Footprint,++https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview++
Data as of December 7, 2025

7. Stablecoin Market Cap and Issuance

According to Coinglass, the total market capitalization of stablecoins is $312 billion, with USDT's market cap at $185.7 billion, accounting for 59.55% of the total stablecoin market cap; followed by USDC with a market cap of $78.19 billion, accounting for 25.07%; and DAI with a market cap of $5.36 billion, accounting for 1.72%.

Data Source: CoinW Research Institute, Coinglass,++https://www.coinglass.com/pro/stablecoin++
Data as of December 7, 2025
According to Whale Alert, USDC Treasury issued a total of 2.955 billion USDC this week, and Tether Treasury issued a total of 1 billion USDT this week. The total issuance of stablecoins this week is 3.955 billion, down approximately 11.97% from last week's total issuance of 4.493 billion.

Data Source: Whale Alert,++https://x.com/whale_alert++
Data as of December 7, 2025

2. Hot Money Trends This Week

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

The top five VC coins by growth in the past week

Data Source: CoinW Research Institute, Coinmarketcap,++https://coinmarketcap.com/++
Data as of December 7, 2025
The top five Meme coins by growth in the past week

Data Source: CoinW Research Institute, Coinmarketcap,++https://coinmarketcap.com/++
Data as of December 7, 2025

2. New Project Insights

Beep is a decentralized financial protocol aimed at the autonomous agent economy, built on the Sui network, dedicated to enabling AI agents to automatically manage funds and payments. Its core design includes Agentic Yield, which allows non-custodial agents to scan and score multi-protocol yields in real-time and automatically compound stablecoin yields; and Beep Pay, which achieves instant, nearly zero-fee stablecoin payments through gas sponsorship and revenue-sharing mechanisms. Beep aims to completely hand over fund management and trading processes to autonomously operating financial AI, allowing users to earn and pay without manual operations.
Sunrise is a liquidity entry initiated by Wormhole Labs for Solana, aimed at helping users seamlessly transfer assets from other chains to Solana through a single interface and immediately access its DeFi ecosystem. It integrates cross-chain bridges and liquidity access into a one-stop experience, enhancing the efficiency and availability of cross-chain funds entering Solana.
Taoshi is a decentralized AI trading network based on the Bittensor ecosystem, aggregating machine learning and autonomous agents through dynamic sub-networks to generate high-precision trading signals across asset classes. It provides incentive mechanisms for miners, traders, and developers to participate in training predictive models and contributing signals, enabling market prediction capabilities to be shared, competed, and sustainably monetized on-chain.

3. New Industry Dynamics

1. Major Industry Events This Week

The ZKP acceleration project Cysic Foundation announced that the token airdrop query website has officially launched, allowing users to confirm their airdrop eligibility and amounts in real-time based on their participation in mining, testing, or contributions. Cysic is a full-stack computing network aimed at transforming computing resources such as GPUs and ASICs into assets with liquidity and yield properties, with a product system covering the zero-knowledge proof layer Cysic Network, hardware products, and Cysic AI for computing power optimization, providing efficient and profitable computing infrastructure for zero-knowledge computation and high-performance on-chain applications.
The Soneium ecological liquidity protocol Kyo has opened airdrop eligibility queries, allowing Kyo and Soneium users to check and confirm their eligibility for its structured reward system. Kyo Finance is the liquidity center on Soneium, and its configurable liquidity pools support not only ERC-20 tokens but also various types of on-chain assets, including ERC-721 and ERC-1155, providing efficient liquidity infrastructure across assets for the Soneium ecosystem through unified liquidity management and incentive mechanisms.
The SVM Layer1 blockchain project Fogo announced the launch of its ecosystem points program 1.5 and the mainnet performance testing project Fogo Fishing, which will simulate high-frequency trading and throughput on-chain to test the mainnet, with activities lasting about two weeks and several random snapshots taken during this period. Fogo will airdrop to users participating in fishing activities on Fogo Fishing and LP activities on Valiant Pools, with the current TPS of the Fogo Fishing project exceeding 1000.
The public sale of the zero-knowledge privacy technology project AZTEC token has ended, with a total subscription amount of 19,476 ETH and participation from 16,741 users.
The Web3 cultural asset issuance platform Ultiland announced that its second RWA ARToken HP59 officially opened for public sale on December 3. The issuance volume is 1 million tokens, with a subscription price of 0.016 USDT/token, and it sold out in 8 minutes.

2. Major Upcoming Events Next Week

HumidiFi announced that its new round of public sale will restart on December 8. HumidiFi is a decentralized exchange based on Solana AMM, aiming to provide efficient and low-cost trading and liquidity services for on-chain assets through automated market-making mechanisms, with the WET token serving as the core asset for fee payments, protocol governance, and liquidity incentives.
The Solana Mobile native token SKR will be issued in January 2026. The total supply of SKR tokens is 10 billion, of which 30% will be allocated for airdrops, 25% for growth and partnerships, 10% for liquidity and launch, 10% for community treasury, 15% for Solana Mobile, and 10% for Solana Labs. Additionally, SKR will adopt a linear inflation mechanism to incentivize early participants to secure the ecosystem through staking and promote platform growth. The inflation rate for the first year is 10%, with a decay mechanism reducing it by 25% each year, stabilizing the terminal inflation rate at 2%.
The blockchain infrastructure Espresso will open airdrop registration on December 22, covering millions of addresses. So far, the official has released 22 airdrop eligibility paths, including Espresso hackathon participants, Caffeinated creators, online and offline event POAP holders, and partner chain users. Additionally, the official will launch the second round of Bantr activities.
The crypto wallet Rainbow will announce the TGE date this week. Additionally, the Rainbow Foundation will become the largest single shareholder of Rainbow Inc. at the time of token issuance, holding 20% of the company's equity. Token holders and shareholders will share the same profits. If Rainbow is acquired in the future, the foundation will gradually dissolve and distribute its net assets (including the profits from its 20% equity stake) to token holders.
Doodles has previewed the release of 25,000 Doopie Cubes on Solana this week, which community OGs and Dooplicators holders can claim for free.

3. Important Financing from Last Week

Ostium completed a $20 million Series A financing round, with a valuation of $250 million, with investors including General Catalyst, Jump Trading, and Coinbase Ventures. As a synthetic asset protocol based on Arbitrum, Ostium allows institutions and ordinary users to trade and hedge commodities such as energy, metals, and agricultural products in a non-custodial manner, enabling traditional commodity markets to operate transparently and efficiently within DeFi. (December 3, 2025)
Digital Asset completed $50 million in strategic financing, jointly invested by BNY Mellon, S&P Global, Nasdaq, and iCapital. The funds will be used to expand the application scenarios of its enterprise-level blockchain infrastructure in financial institutions and accelerate global deployment and ecological cooperation. As a leading blockchain software and service provider, Digital Asset builds interconnected multi-party network applications for enterprises based on its smart contract platform Daml, providing strong privacy protection, real-time synchronization, and highly reliable data collaboration capabilities, promoting the transition of traditional financial infrastructure to the era of on-chain collaboration. (December 4, 2025)
Portal secured another $25 million in financing, exclusively invested by JTSA Global, which will be used to expand Bitcoin cross-chain trading infrastructure and global market layout. As a non-custodial interoperability protocol for Bitcoin, Portal enables low-cost exchanges between native BTC and Ordinals as well as various L2 and other public chains without the need for bridging or wrapping assets, providing secure and fast cross-chain asset interoperability for the Bitcoin ecosystem. (December 4, 2025)