CoinW Research Institute Weekly Report (January 12, 2026 - January 18, 2026)

2026-01-19 15:02:22

Collection

The total market value of global cryptocurrencies is $3.22 trillion, up from $3.19 trillion last week, representing an increase of approximately 0.94% this week.

CoinW Research Institute

Key Points

The global cryptocurrency market capitalization is $3.22 trillion, up from $3.19 trillion last week, representing an increase of approximately 0.94% this week. As of the time of writing, the cumulative net inflow of U.S. Bitcoin spot is approximately $57.82 billion, with a net inflow of $1.42 billion this week; the cumulative net inflow of U.S. Ethereum spot is approximately $12.91 billion, with a net inflow of $479 million this week.
The total market capitalization of stablecoins is $314 billion, up from $308.1 billion last week, an increase of 1.9%; among them, the market capitalization of USDT is $186.9 billion, accounting for 59.5% of the total stablecoin market capitalization, slightly up from $186.6 billion last week, an increase of about 0.2%; followed by USDC with a market capitalization of $76 billion, accounting for 24.2% of the total stablecoin market capitalization, up from $74.6 billion last week, an increase of about 1.9%; DAI has a market capitalization of $5.36 billion, accounting for 1.7% of the total stablecoin market capitalization, unchanged from last week.
According to DeFiLlama, the total TVL of DeFi this week is $130.2 billion, up from $123.9 billion last week, an increase of about 5.08%.
By public chain classification, the three public chains with the highest TVL are Ethereum, accounting for 58.14%; Solana, accounting for 6.95%; and Bitcoin, accounting for 5.68%.
In terms of daily trading volume on-chain DEX this week, BNB Chain saw the most significant increase, rising from $1.252 billion to $1.93 billion, an increase of about 54.15%; Ethereum increased from $650 million to $880 million, an increase of about 35.38%; Solana increased from $2.587 billion to $2.96 billion, an increase of about 14.42%. Aptos slightly rebounded to $80 million, an increase of about 9.8%; TON remained at a low level of $2 million; Sui saw a significant decline, dropping from $142 million to $70 million, a decrease of about 50.7%. In terms of transaction fees, the overall Gas level changed little. Ethereum rose from $0.01 to $0.02; Solana and Sui dropped to $0.001 and $0.002 respectively; BNB Chain, TON, and Aptos remained basically unchanged from last week.
This week, in terms of daily active addresses, Sui showed the most significant growth, rising to 448,000, up from 264,000 last week, an increase of about 69.7%; BNB Chain increased from 2.35 million to 2.72 million, an increase of about 15.74%. In contrast, Ethereum fell to 590,000, a decrease of about 8%; Solana fell to 2.23 million, a decrease of about 17.4%; TON fell to 97,000, a decrease of about 10.9%; Aptos saw a significant decline, dropping to 835,000, a decrease of about 37%. In terms of TVL, most public chains maintained moderate growth, with Ethereum rising to $75.6 billion, an increase of about 5%; BNB Chain increased to $7.2 billion, an increase of about 4.5%; TON rose to $90 million, an increase of about 4.7%; Solana rose to $9.06 billion, an increase of about 1.3%; Sui remained stable at $1.05 billion; Aptos increased to $480 million, an increase of about 9.1%.
New project focus: Bluff is an AI-driven prediction market project, core positioning is to allow users to bet and gamble around narratives that people truly care about; Pumex focuses on reconstructing the heavy reliance on manual operations for LPs and traders in traditional DEX through automated and intelligent trading and liquidity management mechanisms; Liqfid is a social finance liquidity layer built on the Base ecosystem, with its core innovation being the transformation of users' social identities into on-chain assets that can generate income based on the Farcaster social protocol.

Key Points

Market Overview
Cryptocurrency Total 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
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 and Investment from Last Week
Reference Links

1. Market Overview

1. Cryptocurrency Total Market Capitalization / Bitcoin Market Capitalization Ratio

The global cryptocurrency market capitalization is $3.22 trillion, up from $3.19 trillion last week, representing an increase of approximately 0.94%.

Data Source: Cryptorank, https://cryptorank.io/charts/btc-dominance
Data as of January 18, 2026
As of the time of writing, the market capitalization of Bitcoin is $1.85 trillion, accounting for 57.54% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $314 billion, accounting for 9.77% of the total cryptocurrency market capitalization.

Data Source: Coingecko, https://www.coingecko.com/en/charts
Data as of January 18, 2026

2. Fear Index

The cryptocurrency fear index is 43, indicating a neutral sentiment.

Data Source: Coinglass, https://www.coinglass.com/pro/i/FearGreedIndex
Data as of January 18, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the cumulative net inflow of U.S. Bitcoin spot ETFs is approximately $57.82 billion, with a net inflow of $1.42 billion this week; the cumulative net inflow of U.S. Ethereum spot ETFs is approximately $12.91 billion, with a net inflow of $479 million this week.

Data Source: Sosovalue, https://sosovalue.com/assets/etf
Data as of January 18, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $3,220, historical highest price $4,946.05, down approximately 34.95% from the highest price.
ETHBTC: Currently at 0.034653, historical highest at 0.1238.

Data Source: Ratiogang, https://ratiogang.com/
Data as of January 18, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $130.2 billion, up from $123.9 billion last week, an increase of about 5.08%.

Data Source: Defillama, https://defillama.com
Data as of January 18, 2026
By public chain classification, the three public chains with the highest TVL are Ethereum, accounting for 58.14%; Solana, accounting for 6.95%; and Bitcoin, accounting for 5.68%.

Data Source: CoinW Research Institute, Defillama, https://defillama.com
Data as of January 18, 2026

6. On-chain Data

Layer 1 Related Data
Mainly analyzing the daily trading volume of on-chain DEX, daily active addresses, and transaction fees 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 18, 2026
On-chain DEX Daily Trading Volume and Transaction Fees: The daily trading volume and transaction fees of on-chain DEX are core indicators of public chain activity and user experience. This week, in terms of daily trading volume on-chain DEX, BNB Chain saw the most significant increase, rising from $1.252 billion to $1.93 billion, an increase of about 54.15%; Ethereum increased from $650 million to $880 million, an increase of about 35.38%; Solana increased from $2.587 billion to $2.96 billion, an increase of about 14.42%. Aptos slightly rebounded to $80 million, an increase of about 9.8%; TON remained at a low level of $2 million; Sui saw a significant decline, dropping from $142 million to $70 million, a decrease of about 50.7%. In terms of transaction fees, the overall Gas level changed little. Ethereum rose from $0.01 to $0.02; Solana and Sui dropped to $0.001 and $0.002 respectively; BNB Chain, TON, and Aptos remained 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 the level of trust users have in the platform. In terms of daily active addresses, Sui showed the most significant growth, rising to 448,000 this week, up from 264,000 last week, an increase of about 69.7%; BNB Chain increased from 2.35 million to 2.72 million, an increase of about 15.74%. In contrast, Ethereum fell to 590,000, a decrease of about 8%; Solana fell to 2.23 million, a decrease of about 17.4%; TON fell to 97,000, a decrease of about 10.9%; Aptos saw a significant decline, dropping to 835,000, a decrease of about 37%. In terms of TVL, most public chains maintained moderate growth, with Ethereum rising to $75.6 billion, an increase of about 5%; BNB Chain increased to $7.2 billion, an increase of about 4.5%; TON rose to $90 million, an increase of about 4.7%; Solana rose to $9.06 billion, an increase of about 1.3%; Sui remained stable at $1.05 billion; Aptos increased to $480 million, an increase of about 9.1%.
Layer 2 Related Data
According to L2Beat, the total TVL of Ethereum Layer 2 is $39.36 billion, up from $38.6 billion last week, an increase of about 1.82%.

Data Source: L2Beat, https://l2beat.com/scaling/tvs
Data as of January 18, 2026
Base and Arbitrum occupy the top positions with market shares of 37.68% and 35.03% 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 January 18, 2026

7. Stablecoin Market Capitalization and Issuance

According to Coinglass, the total market capitalization of stablecoins is $314 billion, up from $308.1 billion last week, an increase of 1.9%; among them, the market capitalization of USDT is $186.9 billion, accounting for 59.5% of the total stablecoin market capitalization, slightly up from $186.6 billion last week, an increase of about 0.2%; followed by USDC with a market capitalization of $76 billion, accounting for 24.2% of the total stablecoin market capitalization, up from $74.6 billion last week, an increase of about 1.9%; DAI has a market capitalization of $5.36 billion, accounting for 1.7% of the total stablecoin market capitalization, unchanged from last week.

Data Source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin
Data as of January 18, 2026
According to Whale Alert, this week the USDC Treasury issued a total of 565 million USDC, while the Tether Treasury did not issue any USDT. The total issuance of stablecoins this week is 565 million, down approximately 79.4% from last week's total issuance of 2.74 billion.

Data Source: Whale Alert, https://x.com/whale_alert
Data as of January 18, 2026

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 January 18, 2026
The top five Meme coins by growth in the past week

Data Source: CoinW Research Institute, Coinmarketcap, https://coinmarketcap.com/
Data as of January 18, 2026

2. New Project Insights

Bluff is an AI-driven prediction market project, core positioning is to allow users to bet and gamble around narratives that people truly care about. Unlike traditional prediction markets that focus on single outcome events, Bluff introduces AI to identify and structure social sentiment, trending topics, and narrative trends, transforming vague but highly followed market consensus into tradable prediction targets, enabling users to participate in pricing and arbitrage in the early stages of information diffusion and consensus formation. Bluff aims to upgrade prediction markets from outcome-oriented to narrative-oriented, exploring new possibilities for the integration of AI and on-chain finance while enhancing participation and entertainment.
Pumex is a strategy-centric decentralized exchange built on the Injective ecosystem. Pumex focuses on reconstructing the heavy reliance on manual operations for LPs and traders in traditional DEX through automated and intelligent trading and liquidity management mechanisms. Pumex no longer requires liquidity providers and traders to frequently manually adjust positions or parameters, but instead automatically completes matching, market-making, and risk control under different market conditions through a preset and dynamically optimized strategy system, thereby improving capital efficiency and user experience.
Liqfid is a social finance liquidity layer built on the Base ecosystem, with its core innovation being the transformation of users' social identities into on-chain assets that can generate income based on the Farcaster social protocol. Liqfid combines social influence, activity, and on-chain liquidity mechanisms, giving originally non-financializable social relationships and identity data asset attributes, thus participating in DeFi yield distribution and incentive systems. Liqfid aims to bridge the value gap between Social and DeFi, making social identity not just an entry point or label, but a combinable, priceable, and sustainably income-generating financial element.

3. New Industry Dynamics

1. Major Industry Events This Week

Fluent announced the release of the first version of the Press Collection NFT, which has four levels, allowing users to unlock different levels of purchasing rights by accumulating social and on-chain reputation. Prices range from 0.2 ETH to 0.5 ETH, with higher levels having lower purchase prices, and minting will take place from January 15 to January 21, opened by level. Investors participating in the first round of issuance will have the opportunity to receive 5% of the initial token supply when Fluent issues its tokens, with 50% of the tokens unlocking at TGE and the remaining portion unlocking linearly over 6 months.
OpenSea CMO Adam Hollander released the latest updates, stating that the team is currently improving mobile and super liquidity applications. Adam Hollander suggested that users connect and associate their wallets on OpenSea, which will first allow users to experience mobile operating systems and manage all portfolios. Secondly, as TGE approaches, this will enable the foundation to gain a comprehensive understanding of users' on-chain history and associate current activities with wallets that were previously dormant. The foundation's TGE preparation work is underway, and it will carefully consider historical trading volumes, with the Treasures data in the reward program also being equally important. This reward program will continue until TGE, and 50% of each round's fees will be injected into the prize pool.
High-performance blockchain Fogo has opened airdrop for FOGO tokens, which will be distributed to approximately 22,300 addresses, with an average allocation of about 6,700 FOGO per wallet, and the tokens are fully unlocked. Eligible addresses include: holders of Flames points from phase one and phase 1.5, the first 5,400 early testers, holders of specific Discord roles, and Lil Fogees NFT holders. Eligible addresses can claim their tokens through the official claiming portal before April 15, 2026.
Web3 robotics company XMAQUINA has opened community auction token DEUS claims, with a claim ratio of 33%. Users can use the tokens for voting, participating in DAO strategy formulation, etc. These tokens cannot be transferred before TGE and cannot be traded on any exchange. The remaining DEUS tokens will follow a 12-month linear unlocking plan, effective from TGE.
Base network Perp DEX protocol RollX officially launched the ROLL token and opened the first phase of the genesis airdrop distribution. Airdrop claims opened on January 16, with the first batch of unlock claims ending on January 26. This airdrop aims to reward early supporters, with over 161,000 traders participating in the V1 version's development over the past 18 months.

2. Major Upcoming Events Next Week

ETHGas announced a snapshot on January 19, which will determine users' eligibility to participate in the genesis harvest. ETHGas also stated that it will comprehensively assess eligibility based on proof of pain, social contribution value, and community participation.
Aster announced the launch of the second season of Human VS AI experiments, with the second season moving to the Aster Chain testnet. This competition will feature 100 human traders competing against complex AI agents from top laboratories. Each selected human contestant will receive a risk-free principal of $10,000 for trading. The total prize pool for this season is $150,000, and if the human camp wins, their prize share will double to $100,000. The registration list will be announced on January 20, and the official competition will be held from January 22 to 29.
The on-chain game engine MagicBlock will launch the BLOCK token presale on February 5. The presale period will last for 3 days and will be conducted in two phases: whitelist addresses will have a 24-hour priority subscription period, followed by a 48-hour open period for all. Whitelist addresses must meet one of the following conditions: have interacted with applications built on MagicBlock on-chain, or be core members of the MagicBlock community. Participation methods include first-come-first-served Bonding Curve (fully unlocked at TGE) and quota application (fixed price of 100 million FDV, 1-year lockup). The TGE is currently planned for the end of Q1 / beginning of Q2 2026, with the specific timing depending on development progress.
Cross-chain aggregation DeFi platform Infinex announced that its public offering has ended, and TGE will take place on January 30. This sale had 868 participants, raising a total of 7.214 million USDC, allocating about $5 million (5% of INX supply), and refunding about $2.21 million. After identifying and removing about $1.2 million in funds from witch addresses, the maximum allocation per participant is $245,000, with 99.5% of participants receiving full allocation. Refunds have been issued to users' Infinex accounts.
Solana Mobile announced that on January 21, it will airdrop the native token SKR to Seeker phone users and ecosystem developers, with a total supply of 10 billion SKR tokens, and the first batch of airdrop will be 2 billion tokens, accounting for 20% of the total supply. After claiming, users can directly stake SKR to Guardians for rewards through the Seed Vault Wallet, or stake through the web interface. Solana Mobile also reminds users to prepare a small amount of SOL in advance to pay for the on-chain fees required for claiming.

3. Important Financing and Investment from Last Week

Upexi Inc. (NASDAQ: UPXI) completed its latest round of post-IPO financing, raising approximately $36 million, with participation from Hivemind Capital. Upexi Inc. was established in 2019, initially serving Amazon and e-commerce brands with consumer data platform services, and has gradually transformed into a representative company of a listed firm with both physical business and cryptocurrency asset strategies. (January 13, 2026)
Project Eleven completed Series A financing, raising $20 million, with participation from Coinbase Ventures, Variant Fund, and several other crypto and frontier technology funds. Project Eleven was established in 2024, focusing on quantum computing security solutions, with the core goal of providing feasible quantum upgrade paths for existing mainstream protocols before quantum computing threatens traditional cryptographic systems. (January 15, 2026)
Konnex completed strategic financing, raising $15 million, with participation from LD Capital, Cogitent Ventures, and other institutions. Konnex is positioned as a permissionless marketplace in the robotics field, aimed at autonomous physical labor robotic motion intelligence models, with the core goal of enabling robots to autonomously sign on-chain contracts and invoke decentralized Robotic AI service providers without the need for trusted intermediaries, thereby building an open infrastructure for robots as economic participants. (January 16, 2026)