Key Takeaways
- The global cryptocurrency market capitalization reached $4.21 trillion, up 1.9% this week from $4.13 trillion last week. As of press time, U.S. Bitcoin spot ETFs had seen a cumulative net inflow of approximately $57.7 billion, with a net inflow of $886 million for the week. U.S. Ethereum spot ETFs had seen a cumulative net inflow of approximately $13.92 billion, with a net inflow of $556 million for the week.
- The total market value of stablecoins is US$298.6 billion, of which USDT has a market value of US$172 billion, accounting for 57.6% of the total market value of stablecoins; followed by USDC with a market value of US$73.9 billion, accounting for 24.74% of the total market value of stablecoins; and DAI with a market value of US$5.36 billion, accounting for 1.79% of the total market value of stablecoins.
- According to DeFiLlama, the total DeFi TVL reached $160.9 billion this week, down approximately 0.74% from last week's $162.1 billion. Breaking down the TVL by public blockchain, the three chains with the highest TVL are Ethereum , with a 68.63% share; Solana , with a 9.01% share; and Bitcoin, with a 6.27% share.
- This week's public chain data showed significant divergence: only Solana (+21.84%) and BNB (+24.8%) saw increases in daily trading volume, while the rest declined. Ethereum saw a smaller drop (-7.08%), while TON (-17.2%), Sui (-38.98%), and Aptos (-35.5%) saw larger declines. Regarding transaction fees, BNB and TON remained flat, while Ethereum saw a 50% decrease, Solana and Sui saw decreases of 36.97% and 23.5%, respectively, while Aptos saw a 359% increase. Among daily active addresses, Ethereum (-1.97%) and Solana (-30.2%) saw decreases, while the rest saw increases, with Sui seeing the largest increase (+76.08%). BNB, TON, and Aptos saw increases of 4.27%, 13.31%, and 14.55%, respectively. In terms of TVL, only BNB saw the largest increase (+18.29%), while Solana saw a slight decrease (-4.44%). The rest did not fluctuate much (Ethereum -0.67%, TON -0.71%, Sui -0.63%, Aptos +0.13%).
- New Projects to Watch: Senpi is an AI-powered "Onchain GPT" platform, positioned as a mentor, advisor, and assistant for on-chain autonomous trading, helping users identify investment opportunities, execute automated trades, and enhance market insights. SHIFT is a trading platform that tokenizes the value of traditional stocks and ETFs, aiming to connect global capital markets with DeFi liquidity. Kvants is a decentralized asset management platform that leverages AI-driven quantitative trading strategies to provide institutional-grade investment opportunities for retail investors.
Table of contents
Key Takeaways
Table of contents
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 with the highest growth
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$4.21 trillion, up 1.9% this week from US$4.13 trillion last week.
Data source: CryptoRank
Data as of September 21, 2025
As of press time, Bitcoin ’s market capitalization is $2.28 trillion, representing 54.2% of the total cryptocurrency market capitalization. Meanwhile, stablecoins’ market capitalization is $289.6 billion, representing 6.88% of the total cryptocurrency market capitalization.
Data source: coingeck
Data as of September 21, 2025
2. Panic Index
The cryptocurrency fear index is at 44, indicating neutrality.
Data source: coinglass
Data as of September 21, 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$57.7 billion, with a net inflow of US$886 million this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$13.92 billion, with a net inflow of US$556 million this week.
Data source: sosovalue
Data as of September 21, 2025
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Current price: $4,348.70, historical high: $4,878.26, a decrease of approximately 12.34% from the highest price
ETHBTC: Currently at 0.037899, with a historical high of 0.1238
Data source: ratiogang
Data as of September 21, 2025
5.Decentralized Finance (DeFi)
According to data from DeFiLlama, the total TVL of DeFi this week was $160.9 billion, down about 0.74% from $162.1 billion last week.
Data source: defillama
Data as of September 21, 2025
Divided by public chains, the three public chains with the highest TVL are Ethereum, accounting for 68.63%; Solana, accounting for 9.01%; and Bitcoin, accounting for 6.27%.
Data source: CoinW Research Institute, defillama
Data as of September 21, 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 APTOS.
Data source: CoinW Research Institute, defillama, Nansen
Data as of September 21, 2025
- Daily Trading Volume and Fees: Daily trading volume and transaction fees are core metrics for measuring public chain activity and user experience. In terms of daily trading volume, only Solana (+21.84%) and BNB Chain (+24.8%) saw increases this week, while all other chains saw declines. Ethereum (-7.08%) saw a smaller decline; other chains, including TON (-17.2%), Sui (-38.98%), and Aptos (-35.5%), saw similar declines. Regarding transaction fees, BNB Chain and TON Chain remained flat this week compared to last week; Ethereum saw a 50% decrease, while Solana and Sui saw decreases of 36.97% and 23.5%, respectively; and Aptos saw a 359% 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. In terms of daily active addresses, only Ethereum (-1.97%) and Solana (-30.2%) saw declines this week, while all other chains saw increases. Sui saw the largest increase, at 76.08%, while other chains saw similar increases: Binance Coin (BNB) (4.27%), Ton (13.31%), and Aptos (14.55%). In terms of TVL, Solana fell 4.44% this week, while BNB saw an 18.29% increase last week. Other chains saw minimal changes: Ethereum (-0.67%), Ton (-0.71%), Sui (-0.63%), and Aptos (+0.13%).
Layer 2 related data
According to L2Beat data, the total TVL of Ethereum Layer 2 is US$46.04 billion, a 2.3% decrease from last week ($47.13 billion).
Data source: L2Beat
Data as of September 21, 2025
Base and Arbitrum occupy the top position with 38.26% and 35% market share respectively. The market share of Base chain has slightly decreased in the past week, while that of Arbitrum has increased.
Data source: footprint
Data as of September 21, 2025
7. Stablecoin Market Cap and Issuance
According to Coinglass data, the total market value of stablecoins is US$298.6 billion, of which USDT has a market value of US$172 billion, accounting for 57.6% of the total market value of stablecoins; followed by USDC with a market value of US$73.9 billion, accounting for 24.74% of the total market value of stablecoins; and DAI with a market value of US$5.36 billion, accounting for 1.79% of the total market value of stablecoins.
Data source: CoinW Research Institute, Coinglass
Data as of September 21, 2025
According to Whale Alert data, USDC Treasury issued a total of 2.71 billion USDC this week, and Tether Treasury issued a total of 3 billion USDT. The total stablecoin issuance this week was 5.71 billion, a 29.77% increase from last week's total of 4.4 billion.
Data source: Whale Alert
Data as of September 21, 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 September 21, 2025
Top 5 Meme Coins with the Most Gains in the Past Week
Data source: CoinW Research Institute, coinmarketcap
Data as of September 21, 2025
2. New Project Insights
- Senpi is an AI-powered "Onchain GPT" platform, positioned as a mentor, advisor, and assistant for on-chain autonomous trading, helping users identify investment opportunities, execute automated trades, and enhance market insights. The platform supports autonomous trading, limit orders, copy trading, real-time profit and loss tracking, market sentiment analysis, and risk control. Its non-custodial architecture ensures full user control of their assets. Senpi has also built an open plugin ecosystem, allowing developers to create and deploy custom strategies and tools through the Eliza Skills Framework.
- SHIFT is a trading platform that tokenizes the value of traditional stocks and ETFs, aiming to connect global capital markets with DeFi liquidity. Its Shift Stocks are on-chain tokens fully backed by real assets and can be freely traded or staked on decentralized exchanges, lending markets, and centralized exchanges. Platform assets are held and audited by a licensed European custodian and can be redeemed for cash, cryptocurrency, or the underlying asset.
- Kvants is a decentralized asset management platform that leverages AI-driven quantitative trading strategies to provide institutional-grade investment opportunities for retail investors. Users can diversify their investments through tokenized strategies, using KVAI tokens for fee payments, governance participation, and community incentives. The platform has completed multiple rounds of funding and aims to lower the barrier to entry for quantitative trading and enable broader investment participation.
3. New Industry Trends
1. Major industry events this week
- DeAgentAI, a leading AI project within the Sui ecosystem, officially launched its Genesis Airdrop on September 18th, with distribution expected to be completed within 48 hours. Simultaneously, its main staking system will launch at 15:00 UTC (23:00 Beijing Time) on September 22nd. It will comprise three modules: a current pool with multiple reward options, a regular Golden Spatula pool offering up to 15x returns for early adopters, and a community-exclusive arena based on Discord identities, designed to boost user engagement and ecosystem activity.
- The Lombard ($BARD) token was officially launched on September 18, 2025, and multiple airdrops and TGE (Token Generation Event) activities were launched simultaneously. The total amount included an airdrop reward of approximately 10 million BARD and an additional community incentive worth 15,000 USDT, aiming to drive early user participation and ecosystem activity.
- The Maiga.ai (MAIGA) token officially launched on September 17, 2025, and simultaneously launched multiple airdrops with a total value of approximately 50,000 USDT. These airdrops were targeted at early adopters and community members, aiming to incentivize active participation and promote the ecosystem.
- The Dill ($DL) token officially launched on September 19, 2025, concurrently with a community airdrop and TGE (Token Generation Event). The total airdrop amounted to approximately 180 million $DL, distributed in three phases: 50% on the day of the TGE, 40% after 30 days, and 10% after 90 days, to incentivize early user and community participation. Dill is a high-performance modular blockchain platform focused on solving the scalability challenges of decentralized networks, supporting high throughput and efficient data availability. It also promotes ecosystem activity and long-term development through a token incentive mechanism.
- 0G Labs (Zero Gravity Labs) completed its Token Generation Event (TGE) for its $0G token on September 18, 2025, and simultaneously launched an airdrop of approximately $88 million to users participating in testnet activities, validator contributions, and community engagement, aiming to incentivize the community and promote the development of the decentralized artificial intelligence operating system (DeAIOS) ecosystem.
2. Big events coming up next week
- Plasma (XPL) officially announced that it will hold its Token Generation Event (TGE) on September 25, 2025, at 8:00 AM EST, concurrently launching its mainnet beta. The mainnet launch will feature the native token $XPL, support fee-free USDT transfers, and integrate with over 100 DeFi protocols (such as Aave, Euler, Fluid, and Ethena). Plasma utilizes the PlasmaBFT consensus mechanism to optimize stablecoin liquidity and provide high throughput and low latency.
- Meteora (MET) plans to hold its Token Generation Event (TGE) in October 2025 and simultaneously airdrop $MET tokens, representing approximately 15% of the total supply, to users who provided liquidity or traded during Season 2. The project has launched an Airdrop Claim tool to facilitate direct token redemption. Following the TGE, Meteora will launch the $MET DAO to empower community governance and optimize liquidity pools and token flexibility through the Dynamic Bonding Curve (DBC) and DAMM V2.
- Kvants (KVAI) will hold a TGE on September 25, 2025, at 2:00 PM UTC. 5% of the tokens will be unlocked immediately, with the remainder vesting linearly over 10 months. Kvants is a decentralized asset management platform that utilizes AI-driven quantitative trading strategies to provide institutional-grade investment opportunities to retail investors. KVAI tokens are used to pay platform fees, participate in governance, and incentivize the community.
3. Important investment and financing last week
- Helius Medical Technologies (NASDAQ: HSDT), a US-listed company, announced the completion of a PIPE financing round exceeding $500 million, led by Pantera Capital and Summer Capital, with participation from Animoca Brands and HashKey Capital. If all warrants are exercised, the financing could exceed $1.25 billion. Helius, a medical device company specializing in neurotechnology, also announced the launch of its SOL Treasury strategy, planning to use Solana (SOL) as its primary reserve asset to explore on-chain DeFi returns. (September 15, 2025)
- Digital asset platform Stablecore announced the completion of a $20 million funding round led by Norwest, with participation from Coinbase Ventures, Curql, BankTech Ventures, and Bank of Utah, representing over 290 banks and credit unions. Stablecore provides stablecoin, tokenized deposit, and digital asset solutions to community and regional banks and credit unions in the United States, seamlessly integrating with existing banking systems. The funding will be used to expand its client base and team size, fostering the integration of stablecoin and tokenized financial services within traditional financial institutions. (September 16, 2025)
- Mavryk Network, a Layer 1 blockchain platform focused on tokenizing Reliable Authenticated Assets (RWAs), announced a $10 million strategic investment led by MultiBank Group. The funding will be used to expand its RWA tokenization initiatives. Mavryk offers non-custodial features, including an on-chain protocol treasury and liquidity mining. Mavryk has developed a new RWA token standard and multiple decentralized exchanges (DEXs) to support non-custodial trading and lending. Mavryk is also collaborating with MultiBank on a UAE real estate asset tokenization project and has secured custodial support from Fireblocks, enabling users to trade and stake asset-backed tokens without having to manage private keys. (September 17, 2025)
- African fintech company Kredete announced the completion of a $22 million Series A funding round led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicles (FIVE), with participation from Partech and Polymorphic Capital, bringing the company's total funding to $24.75 million. Kredete focuses on helping African immigrants build credit histories and reduce remittance costs through stablecoin payments and credit-building services. Transfer fees can be as low as $1, significantly lower than traditional remittance services. (September 17, 2025)
4. Reference Links
- Helius Medical Technologies: https://heliusmedical.com/
- Stablecore: https://stablecore.com/
- Mavryk Network: https://mavryk.org/
- Kredete: https://www.kredete.io/
- Senpi: https://senpi.ai/
- SHIFT: https://www.shiftrwa.xyz/
