CoinW Research Institute Weekly Report (October 20-26, 2025)

Key Takeaways

The global cryptocurrency market capitalization reached $3.97 trillion, up 2.06% from $3.89 trillion last week. As of press time, US Bitcoin spot ETFs had seen a cumulative net inflow of approximately $61.98 billion, with a weekly net inflow of $446 million. US Ethereum spot ETFs had seen a cumulative net inflow of approximately $14.35 billion, with a weekly net outflow of $244 million.
The total market value of stablecoins is US$312 billion, of which USDT has a market value of US$182.9 billion, accounting for 58.6% of the total market value of stablecoins; followed by USDC with a market value of US$76.3 billion, accounting for 24.5% of the total market value of stablecoins; and DAI with a market value of US$5.36 billion, accounting for 1.7% of the total market value of stablecoins.
According to DeFiLlama, the total DeFi TVL reached $157.5 billion this week, up 3.48% from $152.2 billion last week. Breaking down the TVL by public chain, the three chains with the highest TVL are Ethereum (63.59%), Solana (8.37%), and BNBChain (6.18%).
On-chain data shows an overall downward trend in daily trading volume this week, with only Toncoin seeing a 16.3% increase. Sui saw the most significant drop, down 41.5% from last week, followed by Ethereum (-27.8%), Solana (-19.7%), BNBChain (-7.2%), and Aptos, which remained unchanged from last week. Transaction fees remained stable across the board, with Solana seeing a 200% increase compared to last week. Aptos saw the strongest performance in terms of daily active addresses, up 44.4% from last week, followed by Solana (-1.9%), Ethereum (-3.5%), BNBChain (-5.2%), Toncoin (-7.4%), and Sui (-13%). TVL saw growth across the board this week, with Toncoin showing significant growth, up 11.1% from last week. Most other public chains saw increases of approximately 3%–8%.
Innovative projects to watch: Compose is a composable layer based on Ethereum, designed to address the liquidity and fragmentation issues of the multi-Rollup ecosystem; Streme uses a native streaming token mechanism and streaming staking rewards to provide users with real-time revenue distribution; Clip enables creators to tokenize and trade creative content, AI-generated works, or digital assets, thereby achieving continuous circulation and financing of creative value.

Key point 1.

Market Overview

1. Total cryptocurrency market capitalization/Bitcoin market capitalization ratio

2. Panic Index

3.ETF inflow and outflow data

4. ETH/BTC and ETH/USD exchange rates

5. Decentralized Finance (DeFi)

6. On-chain data

7. Stablecoin Market Cap and Issuance

2. Hot money trends this week

1. This week's top five VC and Meme coins

2. New Project Insights

3. New Industry Trends

1. Major industry events this week

2. Big events coming up next week

3. Important Investment and Financing Last Week 4. Reference Links

1. Market Overview

1. Total cryptocurrency market capitalization/Bitcoin market capitalization ratio

The total market value of global cryptocurrencies is US$3.97 trillion, up 2.06% from US$3.89 trillion last week.

 Data source: CryptoRank

 Data as of October 26, 2025

As of press time, Bitcoin's market capitalization is $2.29 trillion, accounting for 57.62% of the total cryptocurrency market capitalization. Meanwhile, stablecoins have a market capitalization of $312 billion, accounting for 7.87% of the total cryptocurrency market capitalization.

 Data source: coingeck

 Data as of October 26, 2025

2. Panic Index

The cryptocurrency panic index is at 39, indicating panic.

 Data source: coinglass

 Data as of October 26, 2025

3.ETF inflow and outflow data

As of press time, the U.S. Bitcoin spot ETF has accumulated a total net inflow of approximately US$61.98 billion, with a net inflow of US$446 million this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$14.35 billion, with a net outflow of US$244 million this week.

 Data source: sosovalue

 Data as of October 26, 2025

4. ETH/BTC and ETH/USD exchange rates

ETHUSD: Current price is $4,170, historical high is $4,946, down about 15.63% from the high.

ETHBTC: Currently at 0.036298, the historical high is 0.1238.

 Data source: ratiogang

 Data as of October 26, 2025

5. Decentralized Finance (DeFi)

According to data from DeFiLlama, the total TVL of DeFi this week was US$157.5 billion, up 3.48% from US$152.2 billion last week.

 Data source: defillama

 Data as of October 26, 2025

Divided by public chains, the three public chains with the highest TVL are Ethereum chain accounting for 63.59%; Solana chain accounting for 8.37%; and BNBChain accounting for 6.18%.

 Data source: CoinW Research Institute, defillama

 Data as of October 26, 2025

6. On-chain data

Layer 1 related data

The main analysis is based on daily transaction volume, daily active addresses, and transaction fees. The current Layer 1 data includes ETH, SOL, BNB, TON, SUI, and APT.

 Data source: CoinW Research Institute, defillama, Nansen

 Data as of October 26, 2025

● Daily Trading Volume and Fees: Daily trading volume and fees are core indicators of public chain activity and user experience. Daily trading volume showed an overall downward trend this week, with only Toncoin seeing a 16.3% increase. Sui saw the most significant decline, down 41.5% from last week. Ethereum fell 27.8%, Solana dropped 19.7%, BNBChain dropped 7.2%, and Aptos remained flat. Regarding transaction fees, overall network costs remained stable, with Ethereum, BNBChain, Toncoin, Sui, and Aptos all remaining flat from last week, while Solana saw a 200% increase.

● Daily Active Addresses and TVL: Daily active addresses reflect the level of participation and user stickiness in a public chain's ecosystem, while TVL reflects user trust in the platform. Aptos performed the strongest this week in terms of daily active addresses, up 44.4% from last week. Solana rose 1.9%, Ethereum rose 3.5%, BNB Chain fell 5.2%, Toncoin fell 7.4%, and Sui saw the largest drop, at 13%. TVL showed growth across the board this week. Toncoin saw significant growth, up 11.1% from last week. Ethereum rose 4.7%, Solana rose 5.9%, BNB Chain rose 3.3%, Sui rose 8.0%, and Aptos remained stable.

Layer 2 related data

● According to L2Beat data, the total TVL of Ethereum Layer2 is US$43.73 billion, an overall increase of 5.40% this week compared to US$42.28 billion last week.

 Data source: L2Beat

 Data as of October 26, 2025

Base and Arbitrum occupy the top position with 38.26% and 35% market share respectively. This week, Base still ranks first in the TVL of Ethereum Layer2.

 Data source: footprint

 Data as of October 26, 2025

7. Stablecoin Market Cap and Issuance

According to Coinglass data, the total stablecoin market capitalization is $312 billion. USDT's market capitalization is $182.9 billion, accounting for 58.6% of the total stablecoin market capitalization. USDC is second at $76.3 billion, accounting for 24.5% of the total stablecoin market capitalization. DAI's market capitalization is $5.36 billion, accounting for 1.7% of the total stablecoin market capitalization.

 Data source: CoinW Research Institute, Coinglass

 Data as of October 26, 2025

According to Whale Alert data, USDC Treasury issued a total of 952 million USDC this week, and Tether Treasury issued a total of 1 billion USDT. The total amount of stablecoins issued this week was 1.952 billion, a decrease of about 62.15% from the total amount of stablecoins issued last week of 5.154 billion.

 Data source: Whale Alert

 Data as of October 26, 2025

2. Hot money trends this week

1. This week’s top five VC and Meme coins with the highest growth

Top five VC coins with the highest growth in the past week

 Data source: CoinW Research Institute, coinmarketcap

 Data as of October 26, 2025

Top 5 Meme Coins with the Most Gains in the Past Week

 Data source: CoinW Research Institute, coinmarketcap

 Data as of October 26, 2025

2. New Project Insights

Compose is a composability layer built on Ethereum, designed to address liquidity and fragmentation issues in the multi-Rollup ecosystem. It eliminates the need for developers to repeatedly deploy dApps across multiple chains, and allows users to trade on any chain using a single wallet, eliminating the need for multiple deposits.
Streme is an AI agent that integrates artificial intelligence and DeFi. It uses a native streaming token mechanism and streaming staking rewards to provide users with real-time profit distribution. It also integrates Uniswap v3 liquidity to improve capital utilization efficiency and transaction depth.
Clip is an AI-powered Web3 creative finance platform dedicated to assetizing creators' works and data, enabling value confirmation and revenue distribution through blockchain and smart contracts. Clip enables creators to tokenize and trade creative content, AI-generated works, or digital assets, enabling the sustainable circulation and financing of creative value.

3. New Industry Trends

1. Major industry events this week

Opinion, a BNB Chain prediction market service, has launched its mainnet and is inviting a select group of core community members to trade. The Opinion mainnet has also opened invitation channels and access rights to a select group of whitelisted users. A rebate and points system has also been launched.
Infinex has officially entered the critical phase of its TGE. The team has decided to voluntarily lock up 20% of the total token supply for another 12 months, with a linear release over 12 months after the lockup. The token code has yet to be determined. The initial TGE will be divided into three phases. The current phase includes finalizing the core product and incentive program, including the rollout of the Infinex extension and wallet import functionality for all users. The second phase of the TGE process will determine whether the product launch and incentive program have generated sufficient traction to justify the TGE. The final phase will involve the launch of pre-IPO perpetual contracts and maximized distribution.
ShareX launched Deshare 2.0, upgrading its RWA and DePIN architecture. Meanwhile, ShareX launched the second phase of recruitment for the Deshare Alliance. The first phase has already covered 22 countries, 540,000 devices, and over 8 million users.

2. Big events coming up next week

Registration for the MegaETH token sale will be open from October 15th to 27th. Payment will be made in USDT on the Ethereum mainnet and an auction with a fixed upper price may be used. Those who choose to lock up their tokens for one year will receive a 10% discount on the final token price.
The crypto wallet project Vultisig launched its TGE on October 27th and will go live 24 hours later. Vultisig offers a multi-chain MPC wallet, which is already live and features no mnemonics and no single point of failure. Over the past year, it has generated $400,000 in fees through cross-chain swaps.
The Solana Foundation's 12th Cypherpunk International Hackathon runs until October 30th. The Cypherpunk online hackathon focuses on six key areas: DeFi hosted by Arcium, Reliable Web Apps hosted by Forward Industries, Consumer Applications hosted by Raydium, Stablecoins hosted by Reflect, Infrastructure hosted by Triton, and the Freedom Track hosted by the Solana Foundation.

3. Important investment and financing last week

Greenlane (NASDAQ: GNLN) has completed a $110 million post-IPO strategic financing round led by Polychain Capital, with participation from Blockchain.com, dao5, Kraken, and other institutions. Greenlane, a brand group focused on consumer experience, specializes in the development and distribution of packaging, e-cigarettes, and lifestyle products. (October 20, 2025)
Crypto investment platform Echo has been acquired by Coinbase for approximately $375 million. Founded in 2024, Echo is a platform focused on crypto angel investing and collective fundraising, enabling crypto investors to co-invest, collaborate on decision-making, and collectively invest in early-stage crypto projects as a group. (October 21, 2025)
Beam, founded by Ansible Labs in 2022 and headquartered in the United States, has been acquired by Modern Treasury for approximately $40 million. Beam, founded in 2022 by Ansible Labs, is a company focused on stablecoin payment infrastructure, committed to enabling faster, cheaper, and smarter global money flows. Beam supports cross-border settlement and liquidity management through an efficient payment network, providing compliant fiat-to-cryptocurrency conversion services for fintech companies, banks, and consumer platforms. (October 22, 2025)