CoinW Research Institute Weekly Report (Issue from January 26, 2026 to February 1, 2026)

2026-02-05 19:02:10

Collection

The total market value of global cryptocurrencies is $2.7 trillion, down from $3.05 trillion last week, a decrease of about 11.5% this week.

Key Points

The total market capitalization of cryptocurrencies is $2.7 trillion, down from $3.05 trillion last week, representing a decrease of approximately 11.5% this week. As of the time of writing, the cumulative net inflow of U.S. Bitcoin spot is approximately $55.01 billion, with a net outflow of $1.49 billion this week; the cumulative net inflow of U.S. Ethereum spot is approximately $11.97 billion, with a net outflow of $327 million this week.
The total market capitalization of stablecoins is $310 billion, down from $310.8 billion last week, a decrease of approximately 0.26%; among them, the market capitalization of USDT is $185.1 billion, accounting for 59.7% of the total stablecoin market capitalization, down from $186.7 billion last week, a slight decrease of about 0.86%; followed by USDC with a market capitalization of $70.2 billion, accounting for 1.7% of the total stablecoin market capitalization, down from $72.4 billion last week, a decrease of about 3%; DAI has a market capitalization of $5.36 billion, accounting for 1.7% of the total stablecoin market capitalization, remaining flat compared to last week.
According to DeFiLlama data, the total TVL of DeFi this week is $10.59 billion, down from $11.72 billion last week, a decrease of approximately 9.6%. By public chain classification, the top three public chains by TVL are Ethereum, accounting for 56.45%; Solana, accounting for 7.95%; and BNB Chain, accounting for 5.7%.
This week, the daily trading volume of on-chain DEXs has strengthened overall, with significant differentiation among leading public chains. Ethereum's volume is $3.3 billion, up approximately 192.7%; Solana's volume is $4.71 billion, up approximately 49.4%; BNB Chain's volume is $1.8 billion, up approximately 13.2%. Sui has rebounded to $200 million, up approximately 65.3%; Aptos has risen to $80 million, up approximately 14.7%; TON has dropped to $5 million, down approximately 26.5%. In terms of transaction fees, Ethereum has risen to $0.02, Solana to $0.003; Sui has dropped to $0.002, Aptos to $0.000001; BNB Chain and TON remain at $0.01.
This week, the number of active addresses has shown a significant recovery in some public chains. Ethereum has 1.19 million, up approximately 78%; Aptos has risen to 1.5599 million, up approximately 63.3%. Meanwhile, Solana has 2.64 million, down approximately 2.6%; BNB Chain has 2.61 million, down approximately 3.3%; Sui has 648,000, down approximately 2.5%; TON has dropped to 120,000, down approximately 2.8%. Overall, TVL is under pressure, with Ethereum at $59.09 billion, down approximately 12.3%; Solana at $8.41 billion, up approximately 6.9%; BNB Chain at $6.03 billion, down approximately 9.2%; Sui at $710 million, down approximately 16.5%; Aptos at $360 million, down approximately 14.3%; and TON at $70 million, down approximately 11.4%.
New project focus: Polaris is a self-expanding stablecoin operating system aimed at DeFi, with the core goal of addressing the issues of stablecoins relying on external incentives and unsustainable yields; Probable is a prediction market protocol deployed on BNB Chain, aiming to allow users to price and trade around event outcomes in a decentralized manner, thus transforming market expectations into quantifiable price signals; SectorOne is a native decentralized exchange within the MegaETH ecosystem, which enhances capital efficiency and trading depth through a dynamic liquidity market-making mechanism that finely allocates funds within price ranges.

Key Points
I. Market Overview

Total Cryptocurrency Market Capitalization / Bitcoin Market Capitalization Ratio
Fear Index
ETF Inflows and Outflows Data
ETH/BTC and ETH/USD Exchange Ratios
Decentralized Finance (DeFi)
On-Chain Data
Stablecoin Market Capitalization and Issuance Situation
II. This Week's Hot Money Trends
Top Five VC Coins and Meme Coins by Growth This Week
New Project Insights
III. Industry News
Major Industry Events This Week
Major Events Coming Up Next Week
Important Investments and Financing 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 $2.7 trillion, down from $3.05 trillion last week, representing a decrease of approximately 11.5%.

Data source: Cryptorank,https://cryptorank.io/charts/btc-dominance
Data as of February 1, 2026
As of the time of writing, the market capitalization of Bitcoin is $1.56 trillion, accounting for 57.76% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $310 billion, accounting for 11.48% of the total cryptocurrency market capitalization.

Data source: Coingeck,https://www.coingecko.com/en/charts
Data as of February 1, 2026

2. Fear Index

The cryptocurrency fear index is 13, indicating extreme fear.

Data source: Coinglass,https://www.coinglass.com/pro/i/FearGreedIndex
Data as of February 1, 2026

3. ETF Inflows and Outflows Data

As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $55.01 billion, with a net outflow of $1.49 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $11.97 billion, with a net outflow of $327 million this week.

Data source: Sosovalue,https://sosovalue.com/assets/etf
Data as of February 1, 2026

4. ETH/BTC and ETH/USD Exchange Ratios

ETHUSD: Current price $2,278, historical highest price $4,946.05, down approximately 53.97% from the highest price.
ETHBTC: Currently at 0.029515, historical highest at 0.1238.

Data source: Ratiogang,https://ratiogang.com/
Data as of February 1, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $10.59 billion, down from $11.72 billion last week, a decrease of approximately 9.6%.

Data source: Defillama,https://defillama.com
Data as of February 1, 2026
By public chain classification, the top three public chains by TVL are Ethereum, accounting for 56.45%; Solana, accounting for 7.95%; and BNB Chain, accounting for 5.7%.

Data source: CoinW Research Institute, Defillama,https://defillama.com
Data as of February 1, 2026

6. On-Chain Data

Layer 1 Related Data
Mainly analyzing the daily trading volume of on-chain DEXs, 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 February 1, 2026
On-Chain DEX Daily Trading Volume and Transaction Fees: The daily trading volume and transaction fees of on-chain DEXs are core indicators of public chain activity and user experience. This week, the daily trading volume of on-chain DEXs has strengthened overall, with significant differentiation among leading public chains. Ethereum's volume is $3.3 billion, up approximately 192.7%; Solana's volume is $4.71 billion, up approximately 49.4%; BNB Chain's volume is $1.8 billion, up approximately 13.2%. Sui has rebounded to $200 million, up approximately 65.3%; Aptos has risen to $80 million, up approximately 14.7%; TON has dropped to $5 million, down approximately 26.5%. In terms of transaction fees, Ethereum has risen to $0.02, Solana to $0.003; Sui has dropped to $0.002, Aptos to $0.000001; BNB Chain and TON remain at $0.01 this week, with limited overall changes.
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, some public chains have shown significant recovery. Ethereum has 1.19 million, up approximately 78%; Aptos has risen to 1.5599 million, up approximately 63.3%. Meanwhile, Solana has 2.64 million, down approximately 2.6%; BNB Chain has 2.61 million, down approximately 3.3%; Sui has 648,000, down approximately 2.5%; TON has dropped to 120,000, down approximately 2.8%. Overall, TVL is under pressure, with Ethereum at $59.09 billion, down approximately 12.3%; Solana at $8.41 billion, up approximately 6.9%; BNB Chain at $6.03 billion, down approximately 9.2%; Sui at $710 million, down approximately 16.5%; Aptos at $360 million, down approximately 14.3%; and TON at $70 million, down approximately 11.4%.
Layer 2 Related Data
According to L2Beat data, the total TVL of Ethereum Layer 2 is $33.68 billion, down from $36.64 billion last week, a decrease of approximately 8.1%.

Data source: L2Beat,https://l2beat.com/scaling/tvs
Data as of February 1, 2026
Base and Arbitrum occupy the top positions with market shares of 36.26% and 34.81%, 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 February 1, 2026

7. Stablecoin Market Capitalization and Issuance Situation

According to Coinglass data, the total market capitalization of stablecoins is $310 billion, down from $310.8 billion last week, a decrease of approximately 0.26%; among them, the market capitalization of USDT is $185.1 billion, accounting for 59.7% of the total stablecoin market capitalization, down from $186.7 billion last week, a slight decrease of about 0.86%; followed by USDC with a market capitalization of $70.2 billion, accounting for 1.7% of the total stablecoin market capitalization, down from $72.4 billion last week, a decrease of about 3%; DAI has a market capitalization of $5.36 billion, accounting for 1.7% of the total stablecoin market capitalization, remaining flat compared to last week.

Data source: CoinW Research Institute, Coinglass,https://www.coinglass.com/pro/stablecoin
Data as of February 1, 2026
According to Whale Alert data, this week USDC Treasury has issued a total of 1.688 billion USDC, while Tether Treasury has not issued any USDT. The total issuance of stablecoins this week is 1.688 billion, down approximately 27.9% from last week's total issuance of 2.34 billion.

Data source: Whale Alert,https://x.com/whale_alert
Data as of February 1, 2026

II. This Week's Hot Money Trends

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 February 1, 2026
The top five Meme coins by growth in the past week

Data source: CoinW Research Institute, Coinmarketcap,https://coinmarketcap.com/
Data as of February 1, 2026

2. New Project Insights

Polaris is a self-expanding stablecoin operating system aimed at DeFi, with the core goal of addressing the issues of stablecoins relying on external incentives and unsustainable yields. It achieves this through a triple-engine design composed of binding curves, conversion mechanisms, and CDPs, internalizing the price fluctuations of pETH into protocol revenue, allowing the system to automatically generate and amplify yields as usage scales up without bearing counterparty or credit risks, thus providing a more sustainable and systematic source of revenue for stablecoins.
Probable is a prediction market protocol deployed on BNB Chain, aiming to allow users to price and trade around event outcomes in a decentralized manner, thus transforming market expectations into quantifiable price signals. Probable is supported by the PancakeSwap ecosystem and backed by YZi Labs, positioning itself as the native prediction market infrastructure within the BNB Chain ecosystem, focusing on high-frequency, low-barrier event trading needs, promoting the practical application and liquidity accumulation of prediction markets in public chain ecosystems.
SectorOne is a native decentralized exchange within the MegaETH ecosystem, which enhances capital efficiency and trading depth through a dynamic liquidity market-making mechanism that finely allocates funds within price ranges. SectorOne focuses on high-performance liquidity layers, balancing traders' needs for low slippage and high execution efficiency, as well as liquidity providers' goals of controllable risk and optimized returns, aiming to become the foundational DEX for spot trading and liquidity distribution within the MegaETH ecosystem.

III. Industry News

1. Major Industry Events This Week

The Bitcoin financial network Mezo has launched an airdrop distribution query portal, allowing users to connect and check the results of the first phase of MEZO token distribution. The total supply of MEZO tokens is 1 billion, with 40% allocated to the community, 30% to investors and partners, 20% to the team, and 10% for the foundation. All tokens will be unlocked within 36 months after TGE. Investors and the team have a 1-year lock-up period starting from TGE, followed by a 2-year linear unlocking period.
Flying Tulip has opened public fundraising, with a single token priced at $0.1 and no minimum purchase requirement, payable in ERC-20 USDT. Tokens will be 100% unlocked at TGE, and investors can apply for partial or full refunds at any time, with refunded tokens being burned. No team-reserved tokens are available, and the public fundraising period ends on February 5.
The NFT project Moonbirds has announced the BIRB token economic model, with 65% of the total supply allocated to the community, with specific allocation ratios as follows: 27% for NFT holder rewards, 12% for ecological partner expansion, 10% for value chain incentives, 8% for liquidity, 8% for innovation, 10% for the team, and 25% for investors and advisors. Additionally, Moonbirds has announced the launch of the Nesting 2.0 mechanism, allowing holders of Moonbirds, Mythics, and Oddities NFTs to earn BIRB tokens through this mechanism.
The lending protocol HyperLend on HyperEVM has announced that after the initial allocation of 300 million points, it will add an additional allocation of 150 million points to active users who maintain continuous participation. Furthermore, participants who stake at hypurr.co verification nodes and remain active on HyperLend will receive a certain proportion of point bonuses.
The prediction market Limitless has announced that the LMTS second season airdrop claim is now open. Traders participating in its second season of points may be eligible to claim the airdrop, and traders can visit the official claim page for details and claims.

2. Major Events Coming Up Next Week

ZAMA Pre-TGE subscription will start on February 2, providing an opportunity for participants who did not win bids in the auction to purchase ZAMA tokens at the auction settlement price, with a participation limit of $10,000. The token claim date is set for February 2.
The crypto wallet Rainbow will launch CCA continuous liquidation auctions on Uniswap on February 2, with TGE officially taking place on February 5. CCA achieves smoother and fairer price discovery by continuously aggregating buy and sell orders at a uniform price within a set period, helping to reduce risks of front-running and short-term volatility, and improving distribution efficiency and market stability during the initial token issuance.
The unified on-chain financial system Flying Tulip, founded by Sonic Labs founder Andre Cronje, will launch token sales on CoinList. This public sale plans to raise $200 million, accounting for 20% of the total supply of FT tokens, with a token price of $0.10, corresponding to an FDV of $1 billion. This public sale will start on February 3 and end on February 7, with a minimum purchase amount of $100. Tokens participating in this sale will be protected by a Perpetual PUT structure, and participants will receive FT NFTs that include redemption rights, allowing them to choose to hold, destroy tokens for a refund at the original price, or unlock tokens for free trading.
The stablecoin protocol Usual has announced that the USUALx unstaking window is now open, continuing until February 3. According to UIP-11 proposal, users can submit unlock requests during this period to reassess their positions. USD0 rewards will accumulate normally until February 1, and will stop accumulating rewards for positions about to unlock starting February 2. After the unlock window closes, all submitted unlock requests will be processed on February 3.
MegaETH will launch its public mainnet on February 9, 2026. Meanwhile, the founder of MegaETH has stated that a KPI reward mechanism will be introduced to address the issue of low circulation and high FDV. Over 50% of the MEGA token supply will be gradually unlocked to high-confidence locked holders based on significant protocol milestones, with the release of supply linked to four KPIs, including ecological growth, MegaETH decentralization, MegaETH performance, and Ethereum decentralization. When KPIs are met, rewards will be fully allocated to locked MEGA holders, weighted by the duration of the lock-up. The foundation will internalize unallocated and locked rewards, expanding the treasury and maintaining the lock-up period.

3. Important Investments and Financing from Last Week

Mesh has completed a Series C financing round, raising $75 million, with a post-investment valuation of approximately $1 billion, led by top institutions such as Dragonfly, Paradigm, and Coinbase Ventures, with follow-on investments from Liberty City Ventures and SBI Investment. Founded in 2020, Mesh is a global crypto payment network that connects exchanges, wallets, and various financial service platforms to build a unified digital asset payment and conversion network, aiming to create an open, interconnected, and secure digital financial infrastructure layer, reducing cross-platform crypto asset circulation and payment friction. (January 27, 2026)
Talos has completed a Series B financing round, raising $45 million, with a post-investment valuation of approximately $1.5 billion, led by Andreessen Horowitz (a16z), with participation from QCP Capital, IMC Trading, Fidelity Investments, Robinhood, and other institutions. Founded in 2018, Talos is a digital asset technology infrastructure provider for institutions, covering the entire trading lifecycle from liquidity acquisition, price discovery, trade execution to clearing and settlement, and lending, connecting institutional investors, prime brokers, OTC market makers, and other market participants through a unified platform, becoming an important hub in the institutional crypto trading system. (January 29, 2026)
Flying Tulip has completed a Series A financing round, raising $25.5 million, with a post-investment valuation of approximately $1 billion, with participation from Amber Group, Paper Ventures, and other institutions. Flying Tulip is building an on-chain financial market that integrates spot, derivatives, credit, native stablecoins, and on-chain insurance into a unified cross-margin system, achieving more transparent and composable risk management while enhancing capital efficiency. (January 29, 2026)