CoinW Research Institute Weekly Report (February 2, 2026 - February 8, 2026)

2026-02-09 15:28:26

Collection

The total market value of global cryptocurrencies is $2.48 trillion, down from $2.70 trillion last week, a decrease of 8.15% this week.

Key Points

The total market capitalization of cryptocurrencies is $2.48 trillion, down from $2.70 trillion last week, representing a decrease of 8.15% this week. As of the time of writing, the cumulative net inflow for the U.S. Bitcoin Spot ETF is approximately $54.65 billion, with a net outflow of $689 million this week; the cumulative net inflow for the U.S. Ethereum Spot ETF is approximately $11.80 billion, with a net outflow of $21.37 million this week.

The total market capitalization of stablecoins is $307.9 billion, down from $310 billion last week, a decrease of 0.67%; among them, the market capitalization of USDT is $18.44 billion, accounting for 59.88% of the total stablecoin market capitalization, down from $18.51 billion last week, a decrease of about 0.38%; followed by USDC with a market capitalization of $7.29 billion, accounting for 23.67%, up from $7.02 billion last week, an increase of about 3.84%; DAI has a market capitalization of $5.36 billion, accounting for 1.74%, unchanged from last week.

According to DeFiLlama data, the total TVL of DeFi this week is $98.56 billion, down from $105.9 billion last week, a decrease of about 6.93%. By public chain classification, the three chains with the highest TVL are Ethereum, accounting for 57.54%; Solana, accounting for 6.58%; and BNB Chain, accounting for 5.61%.

This week, the overall on-chain activity of various public chains has weakened, with multiple core indicators declining simultaneously. In terms of daily trading volume on on-chain DEXs, BNB Chain ($1.691B) saw a slight decrease of 6.06%; followed by Solana ($3.753B, -20.32%) and Ton ($0.003B, -33.60%). Ethereum ($1.622B), Sui ($0.099B), and Aptos ($0.03B) experienced relatively large declines of 50.85%, 50.63%, and 62.43%, respectively. In terms of transaction fees, BNB Chain ($0.01), Ton Chain ($0.01), and Aptos ($0.000001) remained stable compared to last week; Ethereum ($0.01), Solana ($0.001), and Sui ($0.002) decreased by 50%, 66.42%, and 24.04%, respectively.

In terms of daily active addresses, only BNB Chain (2.81 million, +7.66%) and Ton (approximately 130,000, +8.3%) saw increases this week. The other chains all declined, with Ethereum (906,000, -23.0%), Solana (2.29 million, -13.26%), Sui (558,000, -13.84%), and Aptos (1.26 million, -19.18%). Overall, TVL has declined, with BNB Chain ($5.56B, -7.74%), Ethereum ($56.92B, -4.98%), and Ton ($0.07B, -6.81%) experiencing relatively small declines; followed by Solana ($6.50B, -22.66%), Aptos ($0.32B, -11.39%), and Sui ($0.59B, -17.32%).

New Project Focus: Kairos is a professional prediction market trading platform dedicated to providing traders with fast, integrated prediction market data and execution experiences. Euclid Protocol is a decentralized cross-chain liquidity layer protocol aimed at solving the problem of liquidity fragmentation in the blockchain ecosystem, building a unified liquidity layer that allows dApps to seamlessly access and combine liquidity from multiple chains. Payy Network is a blockchain network focused on privacy-preserving stablecoin payments, aiming to build decentralized payment infrastructure for global users.

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. Industry News

Major Industry Events This Week
Major Upcoming Events Next Week
Important Financing Events Last Week

IV. Reference Links

I. Market Overview

1. Total Cryptocurrency Market Capitalization / Bitcoin Market Capitalization Ratio

The global total cryptocurrency market capitalization is $2.48 trillion, down from $2.70 trillion last week, a decrease of 8.15% this week.

Data Source: Bitcoin dominance from cryptorank, https://cryptorank.io/charts/btc-dominance

Data as of February 8, 2026

As of the time of writing, the market capitalization of Bitcoin is $1.41 trillion, accounting for 56.85% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $307.9 billion, accounting for 12.41% of the total cryptocurrency market capitalization.

Data Source: coingecko, https://www.coingecko.com/en/charts

Data as of February 8, 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 8, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the cumulative net inflow for the U.S. Bitcoin spot ETF is approximately $54.65 billion, with a net outflow of $689 million this week; the cumulative net inflow for the U.S. Ethereum spot ETF is approximately $11.80 billion, with a net outflow of $21.37 million this week.

Data Source: sosovalue, https://sosovalue.com/zh/assets/etf

Data as of February 8, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $2,071.32, historical highest price $4,946.05, down approximately 58.14% from the highest price.

ETHBTC: Currently at 0.029434, historical highest at 0.1238.

Data Source: ratiogang, https://ratiogang.com/

Data as of February 8, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $98.56 billion, down from $105.9 billion last week, a decrease of about 6.93%.

Data Source: defillama, https://defillama.com

Data as of February 8, 2026

By public chain classification, the three chains with the highest TVL are Ethereum, accounting for 57.54%; Solana, accounting for 6.58%; and BNB Chain, accounting for 5.61%.

Data Source: CoinW Research Institute, defillama, https://defillama.com

Data as of February 8, 2026

6. On-Chain Data

Layer 1 Related Data

Mainly analyzing daily trading volume, daily active addresses, and transaction fees for major Layer 1s including ETH, SOL, BNB, TON, SUI, and APTOS.

Data Source: CoinW Research Institute, defillama, https://defillama.com

Data as of February 8, 2026

On-chain DEX daily trading volume and transaction fees: On-chain DEX daily trading volume and transaction fees are core indicators of public chain activity and user experience. This week, daily trading volumes on various chains have declined. BNB Chain ($1.691B) saw a slight decrease of 6.06%; followed by Solana ($3.753B, -20.32%) and Ton ($0.003B, -33.60%); Ethereum ($1.622B), Sui ($0.099B), and Aptos ($0.03B) experienced relatively large declines of 50.85%, 50.63%, and 62.43%, respectively. In terms of transaction fees, BNB Chain ($0.01), Ton Chain ($0.01), and Aptos ($0.000001) remained stable compared to last week; Ethereum ($0.01), Solana ($0.001), and Sui ($0.002) decreased by 50%, 66.42%, and 24.04%, respectively.

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. This week, only BNB Chain (2.81 million, +7.66%) and Ton (approximately 130,000, +8.3%) saw increases. The other chains all declined, with Ethereum (906,000, -23.0%), Solana (2.29 million, -13.26%), Sui (558,000, -13.84%), and Aptos (1.26 million, -19.18%). This week, TVL has overall declined, with BNB Chain ($5.56B, -7.74%), Ethereum ($56.92B, -4.98%), and Ton ($0.07B, -6.81%) experiencing relatively small declines; followed by Solana ($6.50B, -22.66%), Aptos ($0.32B, -11.39%), and Sui ($0.59B, -17.32%).

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $31.73 billion, down 5.78% from last week ($33.68 billion).

Data Source: L2Beat, https://l2beat.com/scaling/tvs

Data as of February 8, 2026

This week, Base and Arbitrum's market shares are 36.85% and 34.77%, ranking first and second. Base's market share has declined over the past week, while Arbitrum has slightly increased.

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

Data as of February 8, 2026

7. Stablecoin Market Capitalization and Issuance

According to Coinglass data, the total market capitalization of stablecoins is $307.9 billion, down from $310 billion last week, a decrease of 0.67%; among them, the market capitalization of USDT is $18.44 billion, accounting for 59.88% of the total stablecoin market capitalization, down from $18.51 billion last week, a decrease of about 0.38%; followed by USDC with a market capitalization of $7.29 billion, accounting for 23.67%, up from $7.02 billion last week, an increase of about 3.84%; DAI has a market capitalization of $5.36 billion, accounting for 1.74%, unchanged from last week.

Data Source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin

Data as of February 8, 2026

According to Whale Alert data, this week, USDC Treasury issued a total of 5.732 billion USDC, and Tether Treasury issued a total of 2 billion USDT this week. The total issuance of stablecoins this week is 7.732 billion, an increase of 358.05% compared to last week's total issuance of 1.688 billion.

Data Source: Whale Alert, https://x.com/whale_alert

Data as of February 8, 2026

II. 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 February 8, 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 8, 2026

2. New Project Insights

Kairos is a professional prediction market trading platform dedicated to providing traders with fast, integrated prediction market data and execution experiences. The platform aggregates real-time quotes and order information from multiple mainstream prediction markets (such as Kalshi and Polymarket) and provides users with a high-performance trading terminal, real-time news, and in-depth data analysis through a unified interface, enhancing liquidity and trading efficiency in prediction markets. The project was founded by a quantitative trading and technology team from Cboe Global Markets and received seed round investment support led by a16z crypto.

Euclid Protocol is a decentralized cross-chain liquidity layer protocol aimed at solving the problem of liquidity fragmentation in the blockchain ecosystem, building a unified liquidity layer that allows dApps to seamlessly access and combine liquidity from multiple chains. Through virtual liquidity pools (VLP) and consensus-driven protocol design, Euclid supports multi-chain integration including EVM, Solana, and Cosmos, achieving low slippage and high-efficiency cross-chain swaps and liquidity sharing, while providing developers with easy-to-integrate APIs and modular infrastructure. The protocol aims to allow assets, data, and liquidity to flow freely between different blockchains, promoting a more interoperable and collaborative DeFi ecosystem.

Payy Network is a blockchain network focused on privacy-preserving stablecoin payments, aiming to build decentralized payment infrastructure for global users. It operates as a Layer 2 validium rollup using zero-knowledge proof (ZK) technology and the UTXO model, ensuring transaction privacy while publishing encrypted transaction summaries on the underlying blockchain, achieving secure, compliant, and fast payment settlements. Currently, Payy Network integrates with its non-custodial wallet Payy Wallet and self-custodial Payy Card (Visa), supporting privacy payments, gas-free stablecoin transfers, and real-world spending scenarios, aiming to become a "bank-grade payment system on-chain."

III. Industry News

1. Major Industry Events This Week

Rainbow held its token generation event (TGE) on February 5, 2026, releasing approximately 20% of the total token supply as circulating supply, with 15% allocated for TGE airdrops. To determine airdrop eligibility, Rainbow recorded users' point balances at 16:20 UTC on January 26, 2026 (snapshot), and the airdrop was distributed on February 5, 2026, in sync with the TGE, allowing users to view and claim their allocations in the official wallet.

On February 4, Axie Infinity officially announced the introduction of a new non-tradable application token bAXS, which is backed by existing AXS at a 1:1 ratio, aimed at reducing inflationary rewards' selling pressure on real players through built-in ecological uses (such as evolution and breeding) and enhancing long-term participation. The project arranged two rounds of bAXS airdrops, with the first round having an airdrop pool of 100,000 bAXS, and eligibility requiring users to stake at least 10 AXS before 00:01 UTC on February 5. Specific allocations will be determined based on Axie points and staking amounts at the snapshot; details of the second round of airdrops have not yet been announced, but it has been promised that participant weights will be increased based on the performance of the first airdrop. bAXS is part of Axie's economic system adjustment, promoting a transition from traditional rewards to a more sustainable ecological incentive model.

Echelon's governance token ELON officially completed its token generation event (TGE) on February 2, 2026, with a total supply of 100 million tokens, approximately 8.5% (allocated to early community users, point holders, veTHL holders, and sENA stakers) distributed as airdrop rewards, and the claiming period began on the same day as the TGE for about 30 days. This week, the airdrop claiming was also opened, allowing users to claim their ELON allocation based on early points, staking, and participation conditions proportionally on the protocol's official interface, as an incentive for early contributions to the ecosystem; ELON, as a governance and incentive token, will be used for decisions on protocol risk parameters and reward distribution.

2. Major Upcoming Events Next Week

Warp Chain (WRP) will hold its IDO (Initial DEX Offering) from February 10 to February 11, 2026, planning to raise approximately $250,000 by issuing 33,333,333 WRP at an issuance price of $0.0075, accounting for about 0.67% of the total supply, with 10% unlocking on the day of the TGE, and the remainder released linearly over 6 months. Subsequently, WRP will enter the circulation phase and promote ecological activity. This token serves as the project's core utility token, supporting validator rewards, ecological incentives, and on-chain interactions.

Aster's sixth phase airdrop "Convergence" officially launched on February 2, 2026, and is currently ongoing. This phase will allocate approximately 0.8% of the total supply, about 64 million ASTER, making it the lowest issuance round in the airdrop plan, and will continue for 8 weeks until March 29. This phase introduces an optional 6-month vesting period combined with a burn mechanism to encourage long-term participation, while marking the transition of Aster's airdrop mechanism from distribution based on trading behavior to future staking-based distribution models. Convergence is the last major airdrop phase based on trading activity, and participants can claim their shares through official channels as per regulations.

The token IDO for Turbo Battle Arena will take place from February 20 to February 22, 2026, with a token price set at $0.0075. This round of sales will publicly offer approximately 26,666,667 TBA tokens (accounting for about 2.67% of the total supply) to raise funds for early ecological activation of the project. Immediately following, the token generation event (TGE) for TBA is scheduled for February 23, 2026, at 13:00 (UTC), at which point the token distribution and unlocking mechanism will commence, with the first batch of tokens entering circulation according to the established release plan. This series of arrangements marks Turbo Battle Arena's transition from the fundraising phase to the launch phase of its token economy, making it one of the important events in the Web3 gaming and GameFi space next week.

3. Important Financing Events Last Week

Jupiter announced the completion of its latest round of strategic investment financing, amounting to approximately $35 million. This round of financing was participated in by institutions such as ParaFi Capital, with funds invested in its native stablecoin JupUSD, and a relatively long-term lock-up arrangement was set, mainly to support the continuous construction and ecological expansion of the protocol. Jupiter is a core decentralized exchange aggregator (DEX Aggregator) in the Solana ecosystem, initially focused on providing users with optimal quotes and the lowest slippage trading paths, and has gradually expanded into a comprehensive DeFi platform covering spot trading, perpetual contracts, liquidity incentives, lending, and on-chain asset management, making it one of the important infrastructures in the current Solana DeFi system. (February 2, 2026)

Prometheum announced the completion of an additional financing round of approximately $23 million, with funds coming from a group of high-net-worth individuals and institutional investors, aimed at advancing its commercial expansion in the U.S. digital asset market, including providing clearing services for broker-dealers and accelerating the issuance and distribution of on-chain digital native assets and tokenized securities products. Prometheum is a blockchain financial infrastructure company focused on building an end-to-end ecosystem for digital asset securities, creating a compliant framework for digital asset trading, clearing, settlement, and custody services through its SEC-registered and FINRA-member affiliated entities (including the alternative trading system Prometheum ATS that provides trading and Prometheum Capital responsible for clearing, custody, and settlement), aiming to integrate crypto and tokenized securities into traditional capital markets. (February 3, 2026)

Bluff announced the completion of its latest round of strategic investment financing, amounting to approximately $21 million, led by the global blockchain technology fund 1kx, with participation from Makers Fund, Maximum Frequency Ventures, Delphi Ventures Founders, and athlete and tech investor Tristan Thompson, among others. This round of financing will be used to advance the development and scaling of its innovative gambling and social entertainment platform. Bluff is a social gambling and iGaming platform built for a new generation of players, focusing on sports betting, instant settlement, verifiable fair games, and participation incentive mechanisms, aiming to create a more transparent and highly interactive next-generation entertainment platform by merging traditional gambling with on-chain interactive experiences. (February 3, 2026)

TRM Labs announced the completion of its latest Series C financing round, amounting to approximately $70 million, led by Blockchain Capital, with follow-on investments from Goldman Sachs, Bessemer Venture Partners, Brevan Howard Digital, Thoma Bravo, Citi Ventures, Galaxy Ventures, and DRW Venture Capital, bringing the company's valuation to approximately $1 billion. The funds from this financing will be used to accelerate the development of its AI-based blockchain intelligence and compliance products, helping global public and private institutions address on-chain crime, financial risks, and national security threats. TRM Labs is a technology company focused on blockchain analysis and compliance solutions, helping financial institutions, crypto enterprises, and global law enforcement agencies detect and investigate cryptocurrency-related financial crimes and risks (such as money laundering and fraud) through tracking and analyzing multi-chain transaction data, providing support for compliance management and risk control operations, making it an important infrastructure in the field of blockchain security and compliance. (February 4, 2026)

Opinion announced the completion of its latest Pre-Series A financing round, amounting to approximately $20 million, co-led by Hack VC and Jump Crypto, with participation from Primitive Ventures, Decasonic, and others. The funds will be used to expand the infrastructure of its decentralized prediction market platform, global expansion layout, and user growth strategies. Opinion is a blockchain-based decentralized prediction market protocol that allows users to trade prediction contracts related to future event outcomes (such as macroeconomic indicators, important events, political elections, etc.) on-chain, achieving fully transparent settlement and open market mechanisms through smart contracts. Since its launch, the platform has rapidly grown in trading volume and open interest, becoming one of the active prediction market projects globally. (February 4, 2026)