CoinW Research Institute Weekly Report (2025.7.7-2025.7.13)

Key Points

• The total market capitalization of cryptocurrencies worldwide is $3.89 trillion, up from $3.45 trillion last week, an increase of 12.75% this week. As of the time of writing, the cumulative net inflow of Bitcoin spot ETFs in the U.S. is approximately $52.36 billion, with a net inflow of $2.72 billion this week; the cumulative net inflow of Ethereum spot ETFs in the U.S. is approximately $5.31 billion, with a net inflow of $907 million this week.
• The total market capitalization of stablecoins is $253.4 billion, with USDT having a market cap of $159.5 billion, accounting for 62.94% of the total stablecoin market cap; followed by USDC with a market cap of $63.6 billion, accounting for 25.09% of the total stablecoin market cap; and DAI with a market cap of $5.36 billion, accounting for 2.12% of the total stablecoin market cap.
• According to data from DeFiLlama, the total TVL of DeFi this week is $127.2 billion, up from $116.4 billion last week, an increase of approximately 9.28%. When classified by public chains, the top three chains with the highest TVL are Ethereum, accounting for 57.23%; Solana, accounting for 7.21%; and Bitcoin, accounting for 5.56%.
• From on-chain data, the overall activity of mainstream public chains increased this week, with Ton chain’s daily trading volume soaring by 210%, showing the most remarkable performance; Ethereum, Solana, and Sui increased by 74.78%, 76.51%, and 80% respectively, while Aptos and BNB had relatively limited gains. In terms of transaction fees, Sui rose by 50%, and Ethereum doubled, while other chains had little change. In daily active addresses, Ethereum and Aptos grew by 9.61% and 11.47% respectively, while Sui dropped by 31.14%; in terms of TVL, only Aptos slightly declined (-3.47%), while the other chains saw slight increases, with Ethereum and Sui growing by 11.19% and 12.24% respectively.
• New Project Focus: KOR Protocol is an IP infrastructure protocol focused on entertainment content, aimed at helping creators manage, distribute, and monetize their intellectual property on the chain. BridgePort is a middleware infrastructure designed for institutional-level crypto trading, focusing on the on-chain and automation of credit allocation and settlement processes. NEXBRIDGE is a project based on the Salvadoran compliance framework, issuing regulated digital assets on Bitcoin Layer 2 (Liquid Network), dedicated to connecting traditional finance with on-chain markets.

Table of Contents

Key Points

Catalog

1. Market Overview

1. Total cryptocurrency market capitalization / Bitcoin market capitalization ratio

2. Fear Index

3. ETF Inflow and Outflow Data

4. The exchange rate of ETH/BTC and ETH/USD

5. Decentralized Finance ( DeFi )

6. On-chain data

7. Market Value and Issuance of Stablecoins

2. Hot Money Trends This Week

1. The top five VC coins and Meme coins by growth this week

2. New Project Insights

3. New Industry Trends

1. Major events in the industry this week

2. Major events happening next week

3. Important Investments and Financing Last Week

4. Reference Links

1. Market Overview

1. Total market capitalization of cryptocurrencies / Market capitalization of Bitcoin ratio

The total market capitalization of cryptocurrencies globally is $3.89 trillion, up from $3.45 trillion last week, an increase of 12.75% this week.

Data source: cryptorank

Data as of July 13, 2025

As of the time of writing, the market capitalization of Bitcoin is $2.36 trillion, accounting for 60.6% of the total cryptocurrency market cap. Meanwhile, the market capitalization of stablecoins is $253.4 billion, accounting for 6.51% of the total cryptocurrency market cap.

Data source: coingeck

Data as of July 13, 2025

2. Panic Index

The cryptocurrency Fear and Greed Index is at 75, indicating greed.

Data source: coinglass

Data as of July 13, 2025

3. Inflow and Outflow Data

As of the time of writing, the total net inflow of Bitcoin spot ETFs in the United States has reached approximately $52.36 billion, with a net inflow of $2.72 billion this week; the total net inflow of Ethereum spot ETFs in the United States has reached approximately $5.31 billion, with a net inflow of $907 million this week.

Data source: sosovalue

Data as of July 13, 2025

4. ETH/BTC and ETH/USD exchange rate

ETHUSD: Current price $2,969.58, historical highest price $4,878.26, approximately 39.08% drop from the highest price.

ETHBTC: Currently at 0.024950, historical high at 0.1238

Data source: ratiogang

Data as of July 13, 2025

5. Decentralized Finance (DeFi)

According to data from DeFiLlama, the total TVL of DeFi this week is $127.2 billion, up from $116.4 billion last week, an increase of about 9.28%.

Data source: defillama

Data as of July 13, 2025

According to the classification by public chains, the three public chains with the highest TVL are Ethereum, accounting for 57.23%; Solana, accounting for 7.21%; and Bitcoin, accounting for 5.56%.

Data source: CoinW Research Institute, defillama

Data as of July 13, 2025

6. On-chain Data

Layer 1 Related Data

Mainly analyze the current Layer 1 data including ETH, SOL, BNB, TON, SUI, and APT based on daily trading volume, daily active addresses, and transaction fees.

Data Source: CoinW Research Institute, defillama, Nansen

Data as of July 13, 2025

• Daily Transaction Volume and Trading Fees: Daily transaction volume and trading fees are core indicators for measuring the activity of public chains and user experience. This week, the daily transaction volume of all public chains has increased, with the Ton chain showing the most impressive performance, soaring by 210%. Ethereum, Solana, and Sui grew by 74.78%, 76.51%, and 80%, respectively, while Aptos (+7.06%) and BNB chain (+18.55%) saw relatively limited increases. In terms of trading fees, BNB and TON remained basically the same as last week, while Aptos (+2.81%) and Solana (+6.04%) saw slight increases. Sui’s increase was significant at 50%, while Ethereum’s trading fees doubled, rising by 100%.
• Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of the public chain, while TVL reflects the level of trust users have in the platform. This week, the daily active addresses of Ethereum and Aptos increased by 9.61% and 11.47% respectively; Ton remained basically flat; Sui saw a significant decline, dropping by 31.14%; Solana and BNB experienced slight decreases, dropping by 6.63% and 3.27% respectively. In terms of TVL, only Aptos saw a slight decrease (-3.47%), while the other public chains achieved an increase. Among them, Ethereum and Sui increased by 11.19% and 12.24% respectively, while Solana, BNB, and Ton had smaller increases of 4.98%, 3.84%, and 5.71% respectively.

Layer 2 Related Data

According to L2B eat data, the total TVL of Ethereum Layer 2 is $36.67 billion, reflecting an overall increase of 9.46% this week compared to last week’s $33.5 billion.

Data source: L 2B eat

Data as of July 13, 2025

Base and Arbitrum occupy the top positions with market shares of 36.78% and 33.78% respectively, showing an overall increase.

Data source: footprint Data as of July 13, 2025

7. Market Value and Issuance of Stablecoins

According to Coinglass data, the total market capitalization of stablecoins is $253.4 billion, with USDT having a market cap of $159.5 billion, accounting for 62.94% of the total market capitalization of stablecoins; followed by USDC with a market cap of $63.6 billion, accounting for 25.09% of the total market capitalization of stablecoins; and DAI with a market cap of $5.36 billion, accounting for 2.12% of the total market capitalization of stablecoins.

Data source: CoinW Research Institute, Coinglass

Data as of July 13, 2025

According to Whale Alert data, this week the USDC Treasury issued a total of 1.373 billion USDC, while the Tether Treasury issued a total of 1 billion USDT this week. The total amount of stablecoins issued this week is 2.373 billion, an increase of 16.32% compared to last week’s total issuance of stablecoins ( 2.04 billion ).

Data source: Whale Alert

Data as of July 13, 2025

2. Hot Money Trends This Week

The top five VC coins and Meme coins by growth this week

The top five VC coins with the highest increase in the past week

Data source: CoinW Research Institute, coinmarketcap

Data as of July 13, 2025

The top five Meme coins with the highest gains in the past week

Data source: CoinW Research Institute, coinmarketcap

Data as of July 13, 2025

2. New Project Insights

• KOR Protocol is an IP infrastructure protocol focused on entertainment content, designed to help creators manage, distribute, and monetize their intellectual property on-chain. By combining AI tools with decentralized applications, KOR Protocol creates a comprehensive on-chain entertainment ecosystem, promoting the deep integration of IP and Web3, and is committed to building the largest on-chain IP economy in the world.
• BridgePort is a middleware infrastructure designed for institutional-grade crypto trading, focusing on the on-chain and automated processes of credit allocation and settlement. By connecting custodial institutions with exchanges, BridgePort has created an efficient interoperable trading network that supports the secure and real-time circulation of assets within the ecosystem, thereby achieving seamless integration and liquidity consolidation for institutional trading.
• NEXBRIDGE is a project based on the compliance framework of El Salvador, issuing regulated digital assets on Bitcoin Layer 2 (Liquid Network), dedicated to connecting traditional finance with on-chain markets. Its first product is the USTBL stable asset, backed by U.S. Treasury bonds, which features custodianship, auditing, and redeemable mechanisms. NEXBRIDGE aims to create a secure and transparent Bitcoin-native financial market, promoting compliant entry of institutional capital.

3. New Industry Dynamics

1. Major industry events this week

• BOOM will launch its TGE and airdrop event on July 8 from 16:00 to 18:00 (UTC+8). The qualification snapshot was completed on July 6, and eligible users can participate during this period. The planned total airdrop amount is 5% of the total supply (i.e., 50 million BOOM), with 40% distributed on the day of TGE and the remaining 60% released 30 days later.
• Space Nation (OIK) officially launched its TGE and airdrop event on July 8th, allowing eligible users to receive 750 OIK tokens each. In addition, the official team will host a trading competition where participants have a chance to share a reward pool of 5 million OIK tokens. Space Nation is a AAA space exploration MMORPG game, and the OIK token, as the governance token within the game, will be used for various activities and transactions in the game.
• Bedrock has officially confirmed: On July 9, there was a severe imbalance in liquidity for the BR/USDT trading pair, causing some traders to experience significant slippage between UTC 10:30 – 12:00. To compensate affected users, the official announcement was made on July 10, stating that a special one-time airdrop compensation will be given to users who participated in trading during this period and indeed experienced slippage, with each wallet eligible for a maximum compensation of 200 USDT equivalent. Users who meet the criteria can claim the compensation through the Bedrock airdrop page.
• On July 9th, Hyperion, the largest DEX in the Aptos ecosystem, officially launched the Genesis airdrop plan, rewarding 5% of the total supply in the form of RION tokens to users who made genuine contributions early in the ecosystem, including swap traders, liquidity providers, community task participants, and early Aptos airdrop users. The distribution will adopt a multi-phase model to ensure long-term alignment of incentives and contributions.
• RCADE will launch its TGE on July 9, 2025, simultaneously initiating an airdrop plan to reward early interaction users and point participants. This airdrop will be distributed in phases, supporting multiple platforms for claims, and will be based on user interaction data for allocation, further promoting the activity and growth of the ecological community. The project completed its token presale at the beginning of July, with a total issuance of 40 billion tokens and a presale price of approximately 0.00075 USDT.
• On July 12, 2025, Pump.fun officially launched the TGE (Token Generation Event) of its native token $PUMP, with a total of 150 billion tokens publicly sold, accounting for 15% of the total supply. The issuance price is $0.004, with a target fundraising of $600 million and a valuation of up to $4 billion. All public and private placement shares will be 100% unlocked on the day of the TGE, making it one of the most highly anticipated meme issuance platform token events recently.

2. Major events happening next week

• Sonic announced that the first season airdrop will open at a random time between July 15 and 22, and eligible users can claim airdrop tokens on the official platform. This airdrop will be distributed in two phases, with 25% of the tokens available for immediate trading, and the remaining 75% will be gradually released over 270 days through lock-up and NFT formats, aimed at rewarding early supporters of the community and promoting ecological development.
• Catex (CATX) will hold its TGE event on July 16 at 15:00 UTC, with a total token supply of 100 million. 25% will be unlocked on the day of the TGE, and the remaining portion will be released in installments as veCATX over 6, 12, and 24 months. The project is currently conducting an IDO through Spores Network (July 11 to 13) and Fount Launchpad (July 14 to 16), with an issuance price of $0.10. The project also plans to reserve a large proportion of tokens for community airdrops and incentive programs, focusing on governance participation and user incentives, strengthening community-oriented ecological development.
• t 3 rn (TRN) will launch its IDO from July 14 to 16, 2025, with an issuance price of $0.50 and a total fundraising of approximately $1.35 million. The tokens sold will be 100% unlocked on the day of TGE. The TGE will take place shortly after the IDO ends, with specific timing to be announced later. Previously, t 3 rn launched the “BRN Airdrop Program” to encourage users to acquire BRN tokens through cross-chain transactions and community tasks on the testnet and mainnet, which can be proportionally exchanged for TRN during TGE, with a cap of 5% of the total token supply. Users can verify their airdrop eligibility and check for Sybil risks using the official Airdrop Checker tool.
• Linea project leader Declan Fox stated on social media on July 12 that the team is ready to fulfill the Linea plan previously announced in Bangkok, and a detailed announcement will be made later this month. When community members inquired whether the plan is related to the Token Generation Event (TGE), Declan explicitly replied “Yes,” confirming that the TGE is about to start, marking the transition of Linea from the technical infrastructure phase to the token economy and ecological incentive phase, with specific details expected to be announced soon.

3. Important investment and financing last week

• Kuru Labs announced the completion of a $11.5 million Series A funding round, led by Paradigm, with participation from angel investors including 0x Designer, Viktor Bunin, Zagabond, Tristan Yver, Kevin Pang, Will Price, Alex Watts, Jordan Hagan, 3 nes, Shreyas Hariharan, Auri, and Joe Takayama. Kuru Labs is a decentralized trading platform deployed on the high-performance Layer 1 blockchain Monad, dedicated to building a full-chain trading infrastructure that integrates order books and automated market-making mechanisms (AMM). (July 7, 2025)
• Swedish health and longevity company H100 Group announced the completion of a total of $10.5 million (approximately 101 million Swedish kronor) in financing to expand its Bitcoin reserve strategy. This round of financing was participated by Blockstream CEO Adam Back, UTXO Management, and several family offices, with a funding structure including 69.65 million kronor in equity financing and 31.35 million kronor in interest-free convertible bonds, which can be converted into shares at 1.75 kronor per share. Since first purchasing Bitcoin on May 22, the stock price of H100 has increased nearly 400%. ( July 9, 2025 )
• Stablecoin startup Agora has completed a $50 million Series A funding round, led by Paradigm with participation from Dragonfly. Agora is launching the AUSD stablecoin, backed by cash, government bonds, and overnight repurchase agreements, and is offering white-label services that allow other institutions to issue their own branded versions of AUSD while sharing its liquidity and interoperability, promoting the standardization and expansion of the stablecoin ecosystem. (July 10, 2025)
• U.S. publicly traded company Upexi Inc. (NASDAQ: UPXI) announced the completion of a $200 million financing, including $50 million in common stock and $150 million in convertible notes, led by Big Brain Holdings, with A.G.P. serving as the exclusive private placement agent. Part of this financing will be used to expand existing operations, while more funds will be invested in its Web3 strategic layout, focusing on increasing its Solana assets. The notes are supported by investors staking SOL, and after the financing is completed, Upexi’s Solana holdings will increase from 736,000 to approximately 1.65 million, with plans to continue increasing in the future. (July 11, 2025)

4. Reference Links

1. KOR Protocol:

2. BridgePort:

3. Agora:

4. H100:

5. NEXBRIDGE:

6. Upexi: