CoinW Research Institute Weekly Report (February 16, 2026 - February 22, 2026)

2026-02-24 14:52:31

Collection

Key Points

The total market capitalization of cryptocurrencies is $2.30 trillion, down from $2.42 trillion last week, representing a decrease of approximately 4.95% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF is approximately $53.96 billion, with a net outflow of $315 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $11.52 billion, with a net outflow of $123 million this week.

The total market capitalization of stablecoins is $30.49 billion, down from $30.79 billion last week, a decrease of approximately 0.97%; among them, USDT has a market capitalization of $18.357 billion, accounting for 60.2% of the total stablecoin market capitalization, down from $18.36 billion last week, a decrease of approximately 0.02%; followed by USDC with a market capitalization of $7.44 billion, accounting for 24.4%, up from $7.34 billion last week, an increase of approximately 1.36%; DAI has a market capitalization of $537 million, accounting for 1.76%, up from $536 million last week, an increase of approximately 0.18%.

According to data from DeFiLlama, the total TVL of DeFi this week is $91.88 billion, down from $96.03 billion last week, a decrease of approximately 4.32%. By public chain classification, the three public 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 core data of various public chains has generally weakened, with daily trading volumes on on-chain DEXs declining. Solana still leads with $2.209 billion, but has decreased by 18.94%; Ethereum is at $1.526 billion (-6.55%); BNB Chain is at $721 million (-16.95%); Sui is at $92 million (-12.61%); Aptos is at $31 million (-15.14%); and TON is at $2.1 million (-23.30%). In terms of transaction fees, Ethereum, BNB Chain, and TON maintain at $0.01, while Solana ($0.001, -43.98%), Sui ($0.001, -17.36%), and Aptos ($0.000001, -8.42%) have decreased.

In terms of user activity, Solana (2.31 million, +3.59%), BNB Chain (2.65 million, +1.53%), and Aptos (1.44 million, +7.97%) have seen slight increases in daily active users, while Ethereum (650,000, -3.19%), Sui (318,000, -12.51%), and TON (120,000, -12.03%) have declined. The overall TVL has slightly decreased, with Ethereum still leading at $53.82 billion (-1.55%), Solana at $6.35 billion (-3.92%), BNB Chain at $5.62 billion (-3.02%), and other chains experiencing declines of 3% to 7%.

New Project Insights: Unicity is a decentralized infrastructure project aimed at the autonomous AI agent economy, dedicated to building a peer-to-peer cryptographic architecture that does not require a complete traditional blockchain ledger, enabling AI agents to discover, collaborate, and settle more efficiently. Dome is a technology company based in New York that aims to provide a unified developer infrastructure platform for prediction markets (such as Polymarket and Kalshi). Through its API, developers can access real-time and historical market data, complete order books, wallet analytics, and cross-platform market matching functions in one interface, simplifying trading strategy construction, data analysis, and product integration. Republic Technologies focuses on building trust infrastructure based on Ethereum, generating on-chain proofs by holding ETH and running validation nodes, providing immutable blockchain foundational services for smart contracts, data validation, identity, compliance, etc., thereby promoting the adoption of digital trust and decentralized applications in finance, compliance, supply chain, and other industries.

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. 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 Upcoming Events Next Week
Important Financing and Investment Last Week

IV. Reference Links

I. Market Overview

1. Total Cryptocurrency Market Capitalization / Bitcoin Market Capitalization Ratio

The global total cryptocurrency market capitalization is $2.30 trillion, down from $2.42 trillion last week, representing a decrease of approximately 4.95% this week.

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

Data as of February 22, 2026

As of the time of writing, the market capitalization of Bitcoin is $1.28 trillion, accounting for 55.65% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $30.49 billion, accounting for 13.25% of the total cryptocurrency market capitalization.

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

Data as of February 22, 2026

2. Fear Index

The cryptocurrency fear index is at 9, indicating extreme fear.

Data Source: coinglass, https://www.coinglass.com/pro/i/FearGreedIndex

Data as of February 22, 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 $53.96 billion, with a net outflow of $315 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $11.52 billion, with a net outflow of $123 million this week.

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

Data as of February 22, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $1,843.85, historical high $4,946.05, down approximately 62.73% from the highest price.

ETHBTC: Currently at 0.028730, historical high at 0.1238.

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

Data as of February 22, 2026

5. Decentralized Finance (DeFi)

According to data from DeFiLlama, the total TVL of DeFi this week is $91.88 billion, down from $96.03 billion last week, a decrease of approximately 4.32%.

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

Data as of February 22, 2026

By public chain classification, the three public 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 22, 2026

6. On-Chain Data

Layer 1 Related Data

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

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

Data as of February 22, 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 DEXs have declined across all chains. Ethereum ($1.526B) has slightly decreased by 6.55%; other chains include Solana ($2.209B, -18.94%), Ton ($0.0021B, -23.30%), BNB Chain ($0.721B, -16.95%), Sui ($0.092B, -12.61%), and Aptos ($0.031B, -15.14%). In terms of transaction fees, this week Ethereum ($0.01), BNB Chain ($0.01), and Ton ($0.01) remain stable compared to last week; Solana ($0.001), Sui ($0.001), and Aptos ($0.000001) have decreased by 43.98%, 17.36%, and 8.42%, 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, Solana (2.31 million), BNB Chain (2.65 million), and Aptos (1.44 million) have seen slight increases, with growth rates of 3.59%, 1.53%, and 7.97%, respectively; other chains including Ethereum (650,000), Sui (318,000), and Ton (120,000) have seen declines, with decreases of 3.19%, 12.51%, and 12.03%, respectively. This week, the overall TVL has slightly decreased, with BNB Chain at $5.62 billion (-3.02%), Ethereum at $53.82 billion (-1.55%), Ton at $0.063 billion (-3.76%), Solana at $6.35 billion (-3.92%), Aptos at $0.271 billion (-5.08%), and Sui at $0.553 billion (-6.73%).

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $32.96 billion, down 3.29% from last week ($34.08 billion).

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

Data as of February 22, 2026

This week, Base and Arbitrum have market shares of 36.85% and 34.77%, ranking first and second.

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

Data as of February 22, 2026

7. Stablecoin Market Capitalization and Issuance

According to Coinglass data, the total market capitalization of stablecoins is $30.49 billion, down from $30.79 billion last week, a decrease of approximately 0.97%; among them, USDT has a market capitalization of $18.357 billion, accounting for 60.2%, down from $18.36 billion last week, a decrease of approximately 0.02%; followed by USDC with a market capitalization of $7.44 billion, accounting for 24.4%, up from $7.34 billion last week, an increase of approximately 1.36%; DAI has a market capitalization of $537 million, accounting for 1.76%, up from $536 million last week, an increase of approximately 0.18%.

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

Data as of February 22, 2026

According to Whale Alert data, this week, USDC Treasury has issued a total of 2.088 billion USDC, while Tether Treasury has issued no USDT this week. The total issuance of stablecoins this week is 2.088 billion, a decrease of 31.69% compared to last week's total issuance of 3.057 billion.

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

Data as of February 22, 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 22, 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 22, 2026

2. New Project Insights

Unicity is a decentralized infrastructure project aimed at the autonomous AI agent economy, dedicated to building a peer-to-peer cryptographic architecture that does not require a complete traditional blockchain ledger, enabling AI agents to discover, collaborate, and settle more efficiently. Its core concept is to enhance scalability by verifying the uniqueness of digital assets rather than maintaining a global ledger, supporting the operation of a large-scale "agentic internet." The project is driven by Unicity Labs, with the Unicity Foundation established to oversee governance and ecological development.

Dome is a technology company based in New York that aims to provide a unified developer infrastructure platform for prediction markets (such as Polymarket and Kalshi). Through its API, developers can access real-time and historical market data, complete order books, wallet analytics, and cross-platform market matching functions in one interface, simplifying trading strategy construction, data analysis, and product integration. Dome's goal is to address the fragmentation of prediction market data, making it easier and more efficient to build and scale applications based on prediction markets.

Republic Technologies is a publicly listed technology company based in Vancouver, Canada, focused on building trust infrastructure based on Ethereum. By holding ETH and running validation nodes, it generates on-chain proofs to provide immutable blockchain foundational services for smart contracts, data validation, identity, compliance, etc., thereby promoting the adoption of digital trust and decentralized applications in finance, compliance, supply chain, and other industries. The company views ETH as a strategic asset and operational fuel, supporting long-term growth and value creation through its validator network and cryptographic proof mechanisms. Republic's business includes operating ETH validators, building on-chain proof-based data security services, and enhancing investor accessibility through OTCQB and other capital market channels. Its strategic focus also includes collaborating with industry partners to enhance its infrastructure and governance capabilities.

III. Industry News

1. Major Industry Events This Week

The Fabric Foundation opened the $ROBO airdrop qualification registration window from February 20 to February 24, 2026 (until 03:00 UTC), allowing users to connect wallets and verify eligibility. The specific method and allocation for the airdrop will be announced later. Previously, the native token $ROBO of Fabric initiated a public sale on January 26, 2026, at Kaito Capital Launchpad, aiming to raise approximately $2 million with a valuation of about $400 million, with a total sales volume accounting for 0.5% of the supply, and plans to unlock 100% at TGE. Fabric is a decentralized universal robot open network built by the OpenMind ecosystem, aiming to leverage blockchain technology to coordinate data and computation, promoting safe collaboration and autonomy between general robots and AI agents.

AIX.FUN's first Meme token, Horse, has surpassed a market capitalization of $10 million and attracted market attention. During the Lunar New Year period (starting February 16, 2026), the official launched the "Year of the Horse Hotse New Year Airdrop" event, limited to 2,000 spots, with each participant able to receive 2,026 Horse tokens, on a first-come, first-served basis. This airdrop aims to reward early supporters of the community and enhance ecological participation. AIX.FUN is the first AI-driven Meme issuance platform based on Solana, combining the decentralized AI Agent infrastructure OpenClaw with the exclusive social network MoltBook, creating a sustainable economic model for Meme assets through configurable buy-sell taxes, deflationary burns, and token holder dividends.

Glunity launched its IDO/presale phase on Huostarter on February 16, 2026, and will conduct a public sale from February 24 to 27, 2026, with a token price set at $0.004, offering a total of 50 million GLUN tokens. According to the official timeline, the TGE of $GLUN is scheduled to occur on March 4, 2026, at 13:00 UTC, at which point the initial circulation (approximately 10% of the tokens) will be unlocked and distributed to presale participants. The token unlocking mechanism includes 50% being immediately available after TGE, with the remainder released monthly over the next 10 months to support market stability and ecological growth. Glunity is a community-driven blockchain project based on BNB Chain, aiming to build an open ecology through DAO decentralized governance, global cooperation, and humanitarian support.

2. Major Upcoming Events Next Week

Wu Jiezhuang recently revealed on the 78 HOY news channel's "Finance CHAT" program that Hong Kong is expected to issue the first batch of stablecoin issuer licenses in March, marking the formal implementation phase of the local stablecoin regulatory framework. He suggested that after the first issuers are licensed, the government could explore issuing stablecoins in the form of "airdrops" to eligible citizens for local SME scenarios (such as dining, entertainment, and movie viewing), thereby promoting the practical application of stablecoins and the popularization of Web3, and driving the multiplier effect on the real economy. Wu Jiezhuang emphasized that this move is not merely about giving away money, but rather stimulating economic vitality through a stablecoin consumption mechanism, with related administrative costs borne by the licensed institutions.

On February 19, 2026, an official team member of the Polymarket platform, Mustafa, liked a tweet on X regarding "Polymarket will launch an airdrop in the next 6 months," which was interpreted by market participants as a hint towards a potential airdrop plan for the platform in the future. However, Polymarket has not yet released any specific timeline, snapshot date, or formal announcement regarding the airdrop; previously, the official only acknowledged that the airdrop is part of a long-term plan without confirming a specific time window.

Backpack plans to launch its first native token and will airdrop/distribute 25% of the total supply (approximately 250 million tokens) to ecological participants at TGE, with approximately 240 million tokens allocated to points program holders and 10 million tokens allocated to Mad Lads NFT holders. The official has not announced a specific TGE schedule, but it is expected to be announced around the end of March 2026, after the current points "Epilogue" phase concludes. All token distributions will be based on user participation contributions rather than traditional private placements or public sales. Backpack is a cryptocurrency exchange and multi-chain self-custody wallet ecosystem supported by the Solana ecosystem, founded by the core team of the former FTX, enhancing wallet security through multi-party computation (MPC) technology and fostering community engagement through trading points and the Mad Lads NFT incentive system.

3. Important Financing and Investment Last Week

Fintech company Newity announced the completion of approximately $11 million in strategic financing, led by crypto investment firm CMT Digital. Newity plans to migrate its small business loan operations to the blockchain to build a more efficient digital lending infrastructure. To date, the company has provided small business loans totaling over $12.5 billion to more than 125,000 small businesses, with an average loan size of approximately $118,800. (February 19, 2026)

Kresus Labs received approximately $13 million (about 1.8 billion KRW) in strategic investment from the South Korean financial institution Hanwha Investment & Securities. Kresus is a Web3 blockchain infrastructure company based in the U.S., with its core product being a secure, user-friendly digital asset wallet and blockchain tool platform that helps individuals and businesses manage digital assets, tokenize assets (RWA), and integrate multi-chain applications, building a bridge between mainstream finance and the Web3 ecosystem. (February 19, 2026)

Novig announced the completion of $75 million in Series B financing, led by Pantera Capital, with participation from institutions such as Multicoin Capital, Makers Fund, Forerunner Ventures, Perceptive Ventures, and NFX. This round of financing brings the total amount raised by the company since its inception to over $105 million, with a post-financing valuation of approximately $500 million. Novig is a U.S. sports prediction market platform focused on creating a commission-free, peer-to-peer (P2P) sports trading and prediction market, allowing users to trade sports event outcomes directly with each other rather than betting against traditional bookmakers, thereby providing fairer pricing and higher user win rates. (February 18, 2026)