CoinW Research Institute Weekly Report (Issue from December 22, 2025 to December 28, 2025)

2025-12-29 14:40:01

Collection

The total market value of global cryptocurrencies is $3.06 trillion, down from $3.09 trillion last week, representing a decrease of about 0.97% this week.

CoinW Research Institute

Key Points

The total market capitalization of cryptocurrencies is $3.06 trillion, down from $3.09 trillion last week, a decrease of approximately 0.97% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF is approximately $56.62 billion, with a net outflow of $782 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $12.34 billion, with a net outflow of $10.2 million this week.
The total market capitalization of stablecoins is $313 billion, with USDT's market cap at $186.7 billion, accounting for 59.65% of the total stablecoin market cap; followed by USDC with a market cap of $76.36 billion, accounting for 24.4%; and DAI with a market cap of $5.36 billion, accounting for 1.71% of the total stablecoin market cap.
According to DeFiLlama, the total TVL of DeFi this week is $118.2 billion, down from $119.6 billion last week, a decrease of approximately 1.17%. By public chain classification, the top three public chains by TVL are Ethereum, accounting for 68.33%; Solana, accounting for 8.23%; and Bitcoin, accounting for 6.69%.
This week, the overall transaction costs of public chains remained stable, with adjustments mainly on the user and funding levels. In terms of daily transaction volume on on-chain DEXs, Sui saw the largest increase, growing by approximately 56.6%; BNB Chain saw the largest decrease, dropping by approximately 38.6%; Ethereum and Solana rose by approximately 18.8% and 25.8%, respectively; Ton and Aptos saw slight growth. In terms of transaction fees, the gas levels of various public chains remained basically the same as last week. In terms of daily active addresses, Aptos had the largest change, increasing by approximately 48.7%; Ton decreased by about 7.5%; Ethereum and Solana increased by approximately 16.6% and 5.6%, respectively; BNB Chain saw a slight decline; Sui showed slight growth. In terms of TVL, Ton had the most significant increase, approximately 9.8%; Ethereum decreased by about 1.4%, while the TVL of other public chains fluctuated little overall.
New project focus: Railnet is positioned as an open yield layer infrastructure for asset managers, with the core goal of unifying and integrating various yield sources in a multi-chain, multi-protocol environment, allowing professional institutions and strategy managers to build complex yield strategies in a modular and composable manner; Predictir is a decentralized prediction market platform, with its launched Predictir Quests being one of three core new features set to go live, aiming to reshape participation in prediction markets through a task-based mechanism; Yusan is a cross-chain lending protocol, primarily focused on addressing the liquidity isolation issue between the Bitcoin and Ethereum ecosystems.

Key Points
I. Market Overview

Total Cryptocurrency Market Cap/Bitcoin Market Cap Ratio
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
II. Hot Money Trends This Week
Top Five VC Coins and Meme Coins by Growth This Week
New Project Insights
III. Industry News
Major Industry Events This Week
Major Upcoming Events Next Week
Important Financing and Investment Last Week
IV. Reference Links

I. Market Overview

1. Total Cryptocurrency Market Cap/Bitcoin Market Cap Ratio

The total market capitalization of cryptocurrencies is $3.06 trillion, down from $3.09 trillion last week, a decrease of approximately 0.97%.

Data Source: Cryptorank,++https://cryptorank.io/charts/btc-dominance++
Data as of December 28, 2025
As of the time of writing, the market cap of Bitcoin is $1.75 trillion, accounting for 57.27% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $313 billion, accounting for 10.22% of the total cryptocurrency market cap.

Data Source: Coingecko,++https://www.coingecko.com/en/charts++
Data as of December 28, 2025

2. Fear Index

The cryptocurrency fear index is 25, indicating fear.

Data Source: Coinglass,https://www.coinglass.com/pro/i/FearGreedIndex
Data as of December 28, 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 $56.62 billion, with a net outflow of $782 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $12.34 billion, with a net outflow of $10.2 million this week.

Data Source: Sosovalue,https://sosovalue.com/zh/assets/etf
Data as of December 28, 2025

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $2,972, historical high $4,946.05, down approximately 39.99% from the highest price
ETHBTC: Currently at 0.033652, historical high at 0.1238

Data Source: Ratiogang,++https://ratiogang.com/++
Data as of December 28, 2025

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $118.2 billion, down from $119.6 billion last week, a decrease of approximately 1.17%.

Data Source: Defillama,++https://defillama.com++
Data as of December 28, 2025
By public chain classification, the top three public chains by TVL are Ethereum, accounting for 68.33%; Solana, accounting for 8.23%; and Bitcoin, accounting for 6.69%.

Data Source: CoinW Research Institute, Defillama,++https://defillama.com++
Data as of December 28, 2025

6. On-chain Data

Layer 1 Related Data
Mainly analyzing the daily transaction volume, daily active addresses, and transaction fees of on-chain DEXs for major Layer 1s including ETH, SOL, BNB, TON, SUI, and APT.

Data Source: CoinW Research Institute, Defillama,++https://defillama.com++
Data as of December 28, 2025
On-chain DEX Daily Transaction Volume and Transaction Fees: Daily transaction volume and transaction fees on on-chain DEXs are core indicators of public chain activity and user experience. In terms of daily transaction volume on on-chain DEXs, Sui saw the largest increase, growing by approximately 56.6%; BNB Chain saw the largest decrease, dropping by approximately 38.6%; Ethereum and Solana rose by approximately 18.8% and 25.8%, respectively; Ton and Aptos saw slight growth. In terms of transaction fees, the gas levels of various public chains remained basically the same as 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, Aptos had the largest change, increasing by approximately 48.7%; Ton decreased by about 7.5%; Ethereum and Solana increased by approximately 16.6% and 5.6%, respectively; BNB Chain saw a slight decline; Sui showed slight growth. In terms of TVL, Ton had the most significant increase, approximately 9.8%; Ethereum decreased by about 1.4%, while the TVL of other public chains fluctuated little overall.
Layer 2 Related Data
According to L2Beat, the total TVL of Ethereum Layer 2 is $35.82 billion, down from $36.24 billion last week, a decrease of approximately 0.72%.

Data Source: L2Beat,++https://l2beat.com/scaling/tvs++
Data as of December 28, 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 28, 2025

7. Stablecoin Market Cap and Issuance

According to Coinglass, the total market cap of stablecoins is $313 billion, with USDT's market cap at $186.7 billion, accounting for 59.65% of the total stablecoin market cap; followed by USDC with a market cap of $76.36 billion, accounting for 24.4%; and DAI with a market cap of $5.36 billion, accounting for 1.71% of the total stablecoin market cap.

Data Source: CoinW Research Institute, Coinglass,++https://www.coinglass.com/pro/stablecoin++
Data as of December 28, 2025
According to Whale Alert, this week the USDC Treasury issued a total of 2.008 billion USDC, while Tether Treasury did not issue any USDT this week. The total issuance of stablecoins this week was 2.008 billion, an increase of approximately 99.4% compared to last week's total issuance of 1.007 billion.

Data Source: Whale Alert,++https://x.com/whale_alert++
Data as of December 28, 2025

II. Hot Money Trends This Week

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

Top five VC coins by growth over the past week

Data Source: CoinW Research Institute, Coinmarketcap,++https://coinmarketcap.com/++
Data as of December 28, 2025
Top five Meme coins by growth over the past week

Data Source: CoinW Research Institute, Coinmarketcap,++https://coinmarketcap.com/++
Data as of December 28, 2025

2. New Project Insights

Railnet is positioned as an open yield layer infrastructure for asset managers, with the core goal of unifying and integrating various yield sources in a multi-chain, multi-protocol environment, allowing professional institutions and strategy managers to build complex yield strategies in a modular and composable manner. Through standardized yield abstraction and strategy interfaces, Railnet supports the packaging, reuse, and distribution of strategies from different yield sources such as DeFi, RWA, and on-chain interest rate markets, and can be flexibly deployed to wallets, front-end applications, institutional platforms, or other distribution channels, thus lowering the development and distribution threshold of yield strategies and promoting on-chain asset management towards a more open, composable, and scalable direction.
Predictir is a decentralized prediction market platform, with its launched Predictir Quests being one of three core new features set to go live, aiming to reshape participation in prediction markets through a task-based mechanism. This feature combines users' real trading behaviors with a challenge system, allowing users to earn XP points by participating in prediction trades and completing designated tasks, which can further be converted into rewards of actual value, effectively incentivizing high-quality and sustained market participation.
Yusan is a cross-chain lending protocol, primarily focused on addressing the liquidity isolation issue between the Bitcoin and Ethereum ecosystems, allowing users to deposit BTC on the Bitcoin mainnet and use it as collateral to borrow USDC on the Base network, thus improving cross-chain efficiency without wrapping or bridging BTC assets.

III. Industry News

1. Major Industry Events This Week

FHE cryptography company Zama announced that OG NFT claim holders can participate in the token public offering at a price of $0.005, with an FDV of $55 million, and can purchase up to 40,000 tokens; these claimed OG NFTs account for 2% of the total of 5,500. Additionally, at the end of the public auction, anyone holding Zama OG NFTs will receive a 5% reward of the transaction amount.
Sonic updated the S token airdrop model, with the remaining 92.2 million tokens to be used for long-term incentives and destruction. Sonic distributed approximately 89.5 million S tokens in the first quarter and approximately 6 million S tokens in the second quarter, with approximately 2.8 million S tokens distributed in the Kaito Campaign. Currently, Sonic Labs still has about 92.2 million S tokens in its treasury, which will continue to be used for airdrop incentive plans in 2026 and 2027. However, with changes in the industry landscape, Sonic will abandon a one-size-fits-all airdrop model in favor of a targeted growth approach. It should be noted that there will be no additional airdrop issuance, and the remaining tokens will be used for airdrops, rewards, or destruction.
ZK smart verifiable computing platform Brevis announced its BREV token economics. The total supply of BREV is 1 billion tokens, of which 37% will be used for ecosystem development, 32.2% for community incentives (validators, stakers, and community contributors), 20% will be allocated to the team, and 10.8% will be allocated to investors. The allocations for the team and investors will be locked for one year, followed by a linear unlock over 24 months.
The Espresso Foundation, a blockchain infrastructure provider, has opened the ESP token registration portal. Users can now connect their wallets to check if they qualify for the Espresso airdrop, with the token claim page set to open in early 2026.
Web3 robotics company XMAQUINA announced a partnership with Virtuals Protocol for the community sale of DEUS. DEUS will accept both USDC and VIRTUAL tokens for exchange. The input of VIRTUAL will be used to launch the DEUS/VIRTUAL liquidity pool at the time of DEUS token issuance, with an initial total locked value of over $1 million. Specifically, the auction will start on January 8, with an FDV of $60 million (DEUS price $0.06). At TGE, 33% will be liquid assets, and 67% will vest linearly over 12 months.

2. Major Upcoming Events Next Week

The crypto AI Agent protocol HeyElsa has processed over $300 million in on-chain transactions and plans to conduct TGE in January 2026, distributing ELSA tokens to the community. The qualification checker is expected to go live in early January, and before finalizing qualifications, the official will run an anti-witch check. After TGE, HeyElsa plans to launch trading arenas, support a new points system for earning through usage, and other incentive programs on the Base network. HeyElsa completed a $3 million funding round in June 2025, led by M31 Capital, with participation from Coinbase Ventures, MH Ventures, Absoluta Digital, Levitate Labs, and others.
The first season token airdrop (ZBT) for ZEROBASE will close on December 31, 2025. This airdrop has been open for claims since October 17, 2025, targeting various groups including early adopters of ZEROBASE, Galxe event participants, and Binance Wallet Booster program users, covering a period of about two and a half months.
Solstice has updated the terms for its token public offering, with public offering token shares set to unlock 100% at TGE; users who are shaken by short-term fluctuations of USX can apply for a full refund within a 14-day window after the public offering ends; the SLX issuance is still proceeding as planned, with no delays, and is scheduled for TGE in the first quarter of 2026.
Cross-chain aggregation DeFi platform Infinex has updated its token sale details on Echo's Sonar. This sale will provide 5% of the token supply, with the fundraising amount reduced from $15 million to $5 million, and the FDV reduced from $300 million to $99.99 million. User registration opened on December 27, and sales will open on January 3. Additionally, the official will sell an additional 2% of tokens to Uniswap CCA.
Huma Finance announced that the second part of the second season airdrop is now live, with the claim window closing on January 26. Wallets that missed the first part can claim in this phase. Additionally, liquidity providers (LPs) who transfer or withdraw locked PST and mPST will see a reduction in their allocation in the second part.

3. Important Financing and Investment Last Week

Coinbax completed approximately $4.2 million in seed round financing, with investors including core institutions in the stablecoin and compliance infrastructure sectors such as Paxos, as well as Connecticut Innovations, BankTech Ventures, and SpringTime Ventures, which have local financial and banking technology resources. Coinbax is positioned as a stablecoin payment infrastructure provider, offering secure and reliable stablecoin and tokenized deposit payment channels for banks, fintech companies, and corporate clients by introducing programmable risk control rules and automated clearing and settlement logic, focusing on addressing core pain points in compliance, controllability, and settlement efficiency for institutional-level stablecoin payments. (December 22, 2025)
Architect completed a $35 million Series A financing round, with investors including Coinbase Ventures, VanEck, Galaxy Ventures, Tioga Capital, CMT Digital, ARK Invest, Miami International Holdings, Geneva Trading, and other crypto-native funds and traditional financial institutions. Architect is a digital asset trading software provider aimed at professional traders and institutional investors, with the core goal of providing a unified, efficient, and scalable global digital asset trading access solution by bridging centralized exchanges and decentralized markets through highly customizable trading infrastructure. (December 24, 2025)
easy.fun has completed a seed round financing of $2 million, led by Mirana Ventures. easy.fun is positioned as an open on-chain trading platform built on Hyperliquid, creating trading scenarios where users compete around rankings, earnings, and honors by combining on-chain trading with competitive mechanisms. (December 24, 2025)