CoinW Research Institute Weekly Report (December 29, 2025 - January 4, 2026)

2026-01-05 11:16:26

Collection

The total market value of global cryptocurrencies is $3.22 trillion, up from $3.06 trillion last week, an increase of approximately 5.23% this week.

CoinW Research Institute

Key Points

The total market capitalization of cryptocurrencies is $3.22 trillion, up from $3.06 trillion last week, representing an increase of approximately 5.23% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $57.08 billion, with a net inflow of $459 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $12.5 billion, with a net inflow of $161 million this week.
This week, the total market capitalization of stablecoins is $312 billion, down from $313 billion last week, a decrease of 0.32%. Among them, the market capitalization of USDT is $187 billion, accounting for 59.9% of the total market capitalization of stablecoins; followed by USDC with a market capitalization of $75.44 billion, accounting for 24.2%; and DAI with a market capitalization of $5.36 billion, accounting for 1.7%.
According to DeFiLlama data, the total TVL of DeFi this week is $124.3 billion, up from $118.2 billion last week, an increase of approximately 5.16%.
When categorized by public chains, the top three public chains by TVL are Ethereum, accounting for 68.42%; Solana, accounting for 8.24%; and Bitcoin, accounting for 6.68%.
This week, the on-chain activity of public chains shows significant differentiation, with trading and user activity continuing to concentrate on high-frequency ecosystems. In terms of daily trading volume on on-chain DEXs, Solana saw the largest increase, rising approximately 45.5%; BNB Chain saw the largest decrease, falling approximately 42.2%; Ethereum rose approximately 27.4%; Ton saw slight growth but remains at a low volume; Sui and Aptos fell approximately 30.8% and 12.5%, respectively. In terms of transaction fees, the overall Gas level remains stable, with only Sui seeing a slight increase, while other public chains are basically unchanged from last week. In terms of daily active addresses, Solana saw the largest increase, rising approximately 9.5%; Aptos saw the largest decrease, falling approximately 10.2%; Ton also fell approximately 9.6%; Ethereum and BNB Chain grew approximately 8.8% and 5.9%, respectively; Sui saw slight growth. In terms of TVL, Sui had the most significant increase, rising approximately 7.6%; Ethereum rose 6%; Solana and BNB Chain saw slight growth; Ton and Aptos remained stable overall.
New project focus: Kumbaya is a DEX built on MegaETH, focusing on cultural consensus and community cohesion, primarily promoting the issuance, discovery, and trading of cultural tokens; Reflect is a synthetic currency trading protocol based on Solana, aiming to provide high-yield, low-volatility "dollarized" financial products for global users; CipherOwl is a programmable smart layer for institutional-level crypto applications, aimed at providing automated, controllable, and transparent compliance infrastructure for public institutions, financial institutions, and protocol developers.

Key Points
I. Market Overview

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

I. Market Overview

1. Total Cryptocurrency Market Capitalization / Bitcoin Market Capitalization Ratio

The total market capitalization of cryptocurrencies is $3.22 trillion, up from $3.06 trillion last week, representing an increase of approximately 5.23%.

Data Source: Cryptorank,https://cryptorank.io/charts/btc-dominance
Data as of January 4, 2026
As of the time of writing, the market capitalization of Bitcoin is $1.83 trillion, accounting for 56.95% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $312 billion, accounting for 9.7% of the total cryptocurrency market capitalization.

Data Source: Coingecko,https://www.coingecko.com/en/charts
Data as of January 4, 2026

2. Fear Index

The cryptocurrency fear index is 27, indicating fear.

Data Source: Coinglass,https://www.coinglass.com/pro/i/FearGreedIndex
Data as of January 4, 2026

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 $57.08 billion, with a net inflow of $459 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $12.5 billion, with a net inflow of $161 million this week.

Data Source: Sosovalue,https://sosovalue.com/zh/assets/etf
Data as of January 4, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $3,168, historical highest price $4,946.05, down approximately 36.35% from the highest price.
ETHBTC: Currently at 0.03434, historical highest at 0.1238.

Data Source: Ratiogang,https://ratiogang.com/
Data as of January 4, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $124.3 billion, up from $118.2 billion last week, an increase of approximately 5.16%.

Data Source: Defillama,https://defillama.com
Data as of January 4, 2026
When categorized by public chains, the top three public chains by TVL are Ethereum, accounting for 68.42%; Solana, accounting for 8.24%; and Bitcoin, accounting for 6.68%.

Data Source: CoinW Research Institute, Defillama,https://defillama.com
Data as of January 4, 2026

6. On-Chain Data

Layer 1 Related Data
Mainly analyzing the daily trading 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 January 4, 2026
Daily Trading Volume and Transaction Fees of On-Chain DEXs: Daily trading volume and transaction fees on on-chain DEXs are core indicators of public chain activity and user experience. In terms of daily trading volume on on-chain DEXs, Solana saw the largest increase, rising approximately 45.5%; BNB Chain saw the largest decrease, falling approximately 42.2%; Ethereum rose approximately 27.4%; Ton saw slight growth but remains at a low volume; Sui and Aptos fell approximately 30.8% and 12.5%, respectively. In terms of transaction fees, the overall Gas level remains stable, with only Sui seeing a slight increase, while other public chains are basically unchanged from last week.
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, Solana saw the largest increase, rising approximately 9.5%; Aptos saw the largest decrease, falling approximately 10.2%; Ton also fell approximately 9.6%; Ethereum and BNB Chain grew approximately 8.8% and 5.9%, respectively; Sui saw slight growth. In terms of TVL, Sui had the most significant increase, rising approximately 7.6%; Ethereum rose 6.0%; Solana and BNB Chain saw slight growth; Ton and Aptos remained stable overall.
Layer 2 Related Data
According to L2Beat data, the total TVL of Ethereum Layer 2 is $37.91 billion, up from $35.82 billion last week, an increase of approximately 6.23%.

Data Source: L2Beat,https://l2beat.com/scaling/tvs
Data as of January 4, 2026
Base and Arbitrum occupy the top positions with market shares of 37.54% and 34.84%, respectively, with Base ranking first in TVL among Ethereum Layer 2s this week.

Data Source: Footprint,https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview

7. Stablecoin Market Capitalization and Issuance

According to Coinglass data, the total market capitalization of stablecoins this week is $312 billion, down from $313 billion last week, a decrease of 0.32%. Among them, the market capitalization of USDT is $187 billion, accounting for 59.9% of the total market capitalization of stablecoins; followed by USDC with a market capitalization of $75.44 billion, accounting for 24.2%; and DAI with a market capitalization of $5.36 billion, accounting for 1.7%.

Data Source: CoinW Research Institute, Coinglass,https://www.coinglass.com/pro/stablecoin
Data as of January 4, 2026
According to Whale Alert data, this week USDC Treasury issued a total of 1.111 billion USDC, and Tether Treasury issued a total of 1 billion USDT. The total issuance of stablecoins this week is 2.111 billion, up approximately 5.1% from last week's total issuance of 2.008 billion.

Data Source: Whale Alert,https://x.com/whale_alert
Data as of January 4, 2026

II. 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,https://coinmarketcap.com/
Data as of January 4, 2026
Top five Meme coins by growth in the past week

Data Source: CoinW Research Institute, Coinmarketcap,https://coinmarketcap.com/
Data as of January 4, 2026

2. New Project Insights

Kumbaya is a DEX built on MegaETH, not a traditional liquidity-driven trading platform, but focusing on cultural consensus and community cohesion, primarily promoting the issuance, discovery, and trading of cultural tokens. Kumbaya attempts to merge Launchpad and DEX, lowering the barriers for creating culture and narrative-driven assets, providing a native trading venue for early communities.
Reflect is a synthetic currency trading protocol based on Solana, aiming to provide high-yield, low-volatility "dollarized" financial products for global users. Reflect's differentiation lies in its use of liquid staking tokens (LST) as a foundation, combined with perpetual contract strategies to construct a Delta-Neutral synthetic currency mechanism, capturing both native staking yields and derivative funding rate yields while maintaining a neutral risk exposure, thus achieving a stable and attractive yield structure. Reflect was established in 2022 and has completed approximately $3.75 million in financing, with core investors including a16z CSX and Solana Ventures.
CipherOwl is a programmable smart layer for institutional-level crypto applications, aimed at providing automated, controllable, and transparent compliance infrastructure for public institutions, financial institutions, and protocol developers. CipherOwl modularizes, standardizes, and programs compliance logic, enabling key functions such as KYC, AML, transaction monitoring, and compliance reporting to be executed efficiently in a collaborative manner both on-chain and off-chain, thus meeting institutional rigid demands for regulatory compliance without sacrificing system flexibility and privacy boundaries.

III. New Industry Dynamics

1. Major Industry Events This Week

The second phase of the Stable pre-deposit event has ended, and deposits are now available for claims. All users who received quota allocations in the second phase can now claim funds through Merkl, and users with excess refunds can also claim through the Merkl dashboard. Users who were not approved to participate in the second phase can withdraw their USDC at any time through the application or directly from the underlying smart contract.
Web3 wallet brand SafePal has launched a limited edition Mastercard card design for its banking function users, available to eligible new and existing users until January 31. Once successfully claimed, it will be permanently valid. After claiming, users can customize the card design within the app.
Multi-chain trading platform Magic Eden has announced the start of its fourth season, which will run until January 31. Magic Eden is a cross-chain NFT trading market dedicated to building a user-friendly platform driven by industry-leading minting and trading solutions. Magic Eden brings representative cultural and narrative scenes into the blockchain world, empowering users to create, discover, and collect NFTs, with a focus on the creator economy and the circulation and accumulation of on-chain cultural assets.
The decentralized AI intelligent network DGrid AI officially launched its Genesis Membership program on January 1. The DGrid AI Genesis Membership program aims to recruit the first batch of network co-builders, and users can subscribe through the official website to obtain Genesis Membership status, unlocking multiple core benefits, including high-volume AI model calls and API rights, dual token rewards, and priority in ecological co-construction. Currently, the dual token reward airdrop for DGrid Genesis members has been launched, and subscribing to Genesis Membership will immediately unlock dual token rewards of DGAI and IOTX. DGrid AI is a decentralized AI intelligent network aimed at providing low-cost, highly available, and verifiable decentralized AI capabilities for Web3 developers and AI applications.

2. Major Upcoming Events Next Week

Web3 robotics company XMAQUINA will collaborate with Virtuals Protocol for the DEUS community sale on January 8, with the auction starting on January 8 and an FDV of $60 million. At TGE, 33% will be liquid assets, and 67% will vest linearly over 12 months. The public sale is open to all non-U.S. contributors, and eligible wallets can receive a 20% DEUS reward, including rewards for any previous Genesis auction participation. Contributing 10,000 USDC using the same wallet will also earn a 20% DEUS reward.
Omni-channel trading platform Based announced plans to officially launch its native token BASED in the first quarter of 2026. Based is a cryptocurrency trading and consumption platform that allows users to trade spot and perpetual contracts on Hyperliquid, focusing on providing a unified, low-friction trading and asset usage experience based on high-performance on-chain trading infrastructure.
The Solana ecosystem crypto derivatives exchange Ranger will launch a four-day ICO on the MetaDAO platform on January 7, with a minimum fundraising goal of $6 million and a public pool of 10 million RNGR, accounting for approximately 39.02% of the total supply. The tokens will be 100% unlocked at TGE. Ranger will adopt an "oversubscription and project party determined acceptance amount" mechanism and introduce "Ranger Points" to ensure early user priority allocation. Additionally, the project will enable a "buy wall" mechanism within 90 days after the ICO to stabilize initial market liquidity.
Sui will complete its development from L1 to a unified developer platform in 2026, namely the end-to-end decentralized development stack S2. It views the features released over the past few years as pieces of a puzzle paving the way for the 2026 convergence moment, unifying into one stack in 2026. Updates to be launched in 2026 include: protocol default privacy trading level; USDsui as the anchor stablecoin of the Sui economy, Slush as a consumer-facing entry point, and stablecoin transfers on the Sui network will be completely free by 2026.

3. Important Financing and Investment from Last Week

Cango has completed its latest round of financing, with a total financing scale of $10.5 million, mainly from Enduring Wealth Capital. Cango is primarily engaged in Bitcoin mining, with its mining sites and business layout covering regions such as North America, the Middle East, South America, and East Africa, and it will officially enter the crypto asset field in November 2024, promoting its transformation from traditional business to a diversified crypto asset business structure centered on Bitcoin mining, relying on blockchain technology development and the increase in digital asset penetration. (December 30, 2025)
Moonlight (Kimi) recently completed a $500 million Series C financing, with IDG leading with $150 million, and old shareholders such as Alibaba and Tencent oversubscribing, resulting in a post-investment valuation of $4.3 billion. Moonlight is an AI company focused on general large models and intelligent assistant products, with its product Kimi excelling in long text understanding and processing capabilities, covering high-frequency cognitive tasks such as complex information retrieval, document analysis, reasoning, and writing, aiming to create a general intelligent entry point for both public and professional scenarios, forming a sustainable commercialization path in the large model application layer and productivity tools direction. (December 31, 2025)