CoinW Research Institute Weekly Report (October 13, 2025

CoinW Research Institute Weekly Report (October 13, 2025 - October 19, 2025)

CoinW研究院

特邀专栏作者

2025-10-21 05:55

This article is about 7095 words, reading the full article takes about 11 minutes

The total market value of global cryptocurrencies is US$3.89 trillion, down 2.9% from US$4.01 trillion last week.

Key Takeaways

The global cryptocurrency market capitalization is $3.89 trillion, down 2.9% from $4.01 trillion last week. As of press time, US Bitcoin spot ETFs have seen a cumulative net inflow of approximately $61.5 billion, with a net outflow of $1.23 billion. US Ethereum spot ETFs have seen a cumulative net inflow of approximately $14.6 billion, with a net outflow of $311 million.
The total market value of stablecoins is US$304.4 billion, of which USDT has a market value of US$181.9 billion, accounting for 59.75% of the total market value of stablecoins; followed by USDC with a market value of US$75.9 billion, accounting for 24.93% of the total market value of stablecoins; and DAI with a market value of US$5.37 billion, accounting for 1.76% of the total market value of stablecoins.
According to DeFiLlama data, the total TVL of DeFi this week reached $152.2 billion, down approximately 3.3% from $157.4 billion last week. Breaking down the TVL by public chain, the three chains with the highest TVL are Ethereum , with a 62.79% share; Solana , with an 8.16% share; and BNB, with a 6.18% share.
Public chain activity declined this week, with daily trading volumes generally declining. TON saw the largest drop (-63.14%), while Ethereum saw the smallest (-8.41%). BNB, Sui, Solana, and Aptos each saw declines of approximately 30–50%, respectively. Transaction fees remained stable overall, with ETH, BNB, and TON remaining flat. Other chains saw slight decreases, led by Solana (-27.06%) and Aptos (-18.37%). In terms of active addresses, Sui (+19.37%) and Aptos (+20.22%) performed particularly well, with Solana and BNB remaining roughly on par, while Ethereum (-12.71%) and TON (-15.73%) saw significant declines. TVL saw a slight decline across the board, with Aptos seeing the largest drop (-9.73%). Funding for mainstream chains remained generally stable, while user activity on emerging public chains increased, but funding was limited.
New projects to watch: Crown (brl.xyz), a fintech company headquartered in São Paulo, Brazil, is committed to modernizing the country's financial system by issuing the Brazilian Real-pegged stablecoin BRLV. Temple Digital Group, a New York-based financial infrastructure company, is building a privacy-first, compliance-driven digital asset and capital markets trading platform on the Canton Network. Legend Trade is a Web3-focused "decentralized marketplace + presale + launchpad" platform where users can trade or invest in tokens at various stages (project presale/IDO/pre-listing).

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. The top five VC and Meme coins with the highest growth this week

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$3.89 trillion, down 2.9% from US$4.01 trillion last week.

Data source: CryptoRank

Data as of October 19, 2025

As of press time, Bitcoin ’s market capitalization is $2.15 trillion, accounting for 55.3% of the total cryptocurrency market capitalization. Meanwhile, stablecoins’ market capitalization is $304.4 billion, accounting for 7.83% of the total cryptocurrency market capitalization.

Data source: coingeck

Data as of October 19, 2025

2. Panic Index

The cryptocurrency panic index is at 28, indicating panic.

Data source: coinglass

Data as of October 19, 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$61.5 billion, with a net outflow of US$1.23 billion this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$14.6 billion, with a net outflow of US$311 million this week.

Data source: sosovalue

Data as of October 19, 2025

4. ETH/BTC and ETH/USD exchange rates

ETHUSD: Current price: $3,931.80, historical high: $4,878.26, a drop of approximately 20.46% from the previous high.

ETHBTC: Currently at 0.036430, with a historical high of 0.1238

Data source: ratiogang

Data as of October 19, 2025

5.Decentralized Finance (DeFi)

According to data from DeFiLlama, the total TVL of DeFi this week was $152.2 billion, down about 3.3% from $157.4 billion last week.

Data source: defillama

Data as of October 19, 2025

Divided by public chains, the three public chains with the highest TVL are Ethereum Chain, accounting for 62.79%; Solana Chain, accounting for 8.16%; and BNB Chain, accounting for 6.18%.

Data source: CoinW Research Institute, defillama

Data as of October 19, 2025

6. On-chain data

Layer 1 related data

The main analysis is based on daily transaction volume, daily active addresses, and transaction fees to analyze the relevant data of the current major Layer 1, including ETH, SOL, BNB, TON, SUI, and APTOS.

Data source: CoinW Research Institute, defillama, Nansen

Data as of October 19, 2025

Daily Trading Volume and Fees: Daily trading volume and fees are core indicators of public chain activity and user experience. Daily trading volume decreased across all chains this week, with TON Chain experiencing the largest drop of 63.14%; Ethereum saw the smallest drop of 8.41%. Other chains saw declines, including BNB Chain (-50.61%), Sui (-44.13%), Solana (-39.15%), and Aptos (-33.33%). Regarding transaction fees, Ethereum, BNB Chain, and TON Chain all remained flat this week compared to last week; other chains saw some declines, including Solana (-27.06%), Aptos (-18.37%), and Sui (-7.09%).
Daily Active Addresses and TVL: Daily active addresses reflect the level of participation and user engagement in a public chain's ecosystem, while TVL reflects user trust in the platform. In terms of daily active addresses, BNB Chain remained almost unchanged this week, while Solana saw a slight increase of 1.95%. Sui Chain and Aptos saw increases of 19.37% and 20.22%, respectively. Ethereum and TON Chain saw decreases of 12.71% and 15.73%, respectively. TVL declined across all chains this week, with Aptos experiencing the largest drop of 9.73% and BNB Chain down 7.42%. The remaining chains saw relatively small declines: Sui Chain (-3.07%), Ethereum (-2.4%), TON (-1.82%), and Solana (-1.39%).

Layer 2 Data

According to L2Beat data, the total TVL of Ethereum Layer 2 is US$42.28 billion, a 6% overall drop this week from last week ($44.98 billion).

Data source: L2Beat

Data as of October 19, 2025

Base and Arbitrum occupy the top position with 38.26% and 35% market share respectively. Base chain's market share has slightly decreased in the past week, while Arbitrum's has slightly increased.

Data source: footprint

Data as of October 19, 2025

7. Stablecoin Market Cap and Issuance

According to Coinglass data, the total market value of stablecoins is US$304.4 billion, of which USDT has a market value of US$181.9 billion, accounting for 59.75% of the total market value of stablecoins; followed by USDC with a market value of US$75.9 billion, accounting for 24.93% of the total market value of stablecoins; and DAI with a market value of US$5.37 billion, accounting for 1.76% of the total market value of stablecoins.

Data source: CoinW Research Institute, Coinglass

Data as of October 19, 2025

According to Whale Alert data, USDC Treasury issued a total of 2.154 billion USDC this week, and Tether Treasury issued a total of 3 billion USDT this week. The total stablecoin issuance this week was 5.154 billion, a 41.2% increase from last week's total of 3.65 billion.

Data source: Whale Alert

Data as of October 19, 2025

2. Hot money trends this week

1. The top five VC and Meme coins with the highest growth this week

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

Data source: CoinW Research Institute, coinmarketcap

Data as of October 19, 2025

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

Data source: CoinW Research Institute, coinmarketcap

Data as of October 19, 2025

2. New Project Insights

Crown (brl.xyz), a fintech company headquartered in São Paulo, Brazil, is committed to modernizing the country's financial system by issuing a stablecoin pegged to the Brazilian Real (BRLV). Fully backed by Brazilian government bonds, BRLV aims to provide secure and compliant digital settlement and liquidity solutions for institutional users. Crown recently completed an $8.1 million seed round led by Framework Ventures, with participation from Coinbase Ventures, Valor Capital, and Paxos. The project utilizes a bankruptcy remote structure to safeguard assets and comply with Brazil's upcoming stablecoin regulations. The project aims to bridge the sovereign debt market with on-chain financial infrastructure.
Temple Digital Group is a New York-based financial infrastructure company dedicated to building a privacy-first, compliance-driven digital asset and capital markets trading platform on the Canton Network. Temple's products combine traditional electronic trading systems (e.g., centralized limit order books, automated order routing, and human liquidity for all) with blockchain technologies (e.g., instant settlement, asset tokenization, and non-custodial wallets) to enable institutions, businesses, and individuals to participate in global digital asset trading while maintaining privacy and compliance.
Legend Trade is a "decentralized market + pre-sale + launch pad" platform for Web3. Users can participate in trading or investing in tokens at various stages (project pre-sale/IDO/before official trading). Its features include: tradable reward points for tokens that have not yet been officially issued, an open and transparent mechanism in the pre-sale stage, a pricing mechanism based on bonding curves, decentralized OTC placements, etc., allowing early participants to participate in projects with less friction while reducing trust and security risks.

3. New Industry Trends

1. Major industry events this week

On October 14, 2025, Piggycell, South Korea's leading shared charging platform, officially completed the Token Generation Event (TGE) for its $PIGGY token on the BNB blockchain and launched trading on multiple major centralized exchanges (CEXs). Piggycell is South Korea's largest shared charging network, with over 14,000 stations, 100,000 devices, and 4 million paying users. Its business model combines real-world charging data with blockchain technology to create a transparent and verifiable on-chain economy.
On October 14, 2025, the Lab (LAB) project completed its Token Generation Event (TGE), releasing approximately 3% of the total LAB token supply. Lab is an ecosystem project focused on decentralized finance and on-chain experimental tools, aiming to provide developers and users with a secure and efficient smart contract and experimental environment.
On October 15, 2025, Lithos, the Plasma Chain decentralized exchange, held its Token Generation Event (TGE), distributing LITH and its governance token, veLITH, to the community through liquidity mining. This dual-token model supports platform governance and utility, and the TGE lays the foundation for building liquidity and developing DeFi products within the Plasma ecosystem.
On October 14, 2025, the cross-chain protocol Enso (ENSO) held its Token Generation Event (TGE) and concurrent airdrop, issuing approximately 20.59% of the total ENSO token supply. Enso is a Layer-0 network designed to connect multiple blockchains, simplify the development and deployment of decentralized applications, support multi-chain workflows, and promote the convergence of Web2 and Web3 applications.
On October 14, 2025, the Layer-1 blockchain project Monad officially launched its token airdrop. This airdrop is open to a broad range of crypto community members, including active on-chain users, developers, and community members. Approximately 230,000 wallets have qualified for MON tokens. Users can verify their eligibility and claim their tokens through claim.monad.xyz, with the claim window open until November 3, 2025. Regarding Monad's Token Generation Event (TGE), a specific launch date has not yet been announced. The TGE is expected to coincide with the mainnet launch, with the specific time to be announced separately.

2. Big events coming up next week

Meteora's Token Generation Event (TGE) will take place on October 23, 2025, on the Solana blockchain. The TGE will distribute 10% of the 48% allocated token supply. Initial liquidity will be built by the community through a liquidity allocator, allowing early participants to exchange USDC for $MET and earn rewards. Jupiter stakers will automatically receive 3%, with the remaining 7% allocated on a first-come, first-served basis. This entire mechanism is designed to incentivize users to provide liquidity, reduce selling pressure, and promote the healthy development of the Meteora ecosystem.
On October 13, 2025, Aria, an IPRWA protocol project within the Story ecosystem, announced the establishment of the Aria Foundation and the upcoming Token Generation Event (TGE) for its platform token, $ARIAIP. Details will be announced later. Aria, dedicated to providing on-chain governance and liquidity solutions for intellectual property assets, has already supported the on-chain transfer of song royalties for renowned artists including Justin Bieber, BLACKPINK, and BTS, and issued the IP physical asset token, $APL.
Novastro has postponed its Token Generation Event (TGE), originally scheduled for October 15th, in response to last week's market volatility. The TGE will still take place this month. Novastro is a RWAfi-layer protocol that provides on-chain yield and liquidity for real-world assets through intelligent SPV tokenization and AI-optimized asset strategies. It also supports the on-chain transfer of IP from renowned artists and the tokenization of physical assets.

3. Important investment and financing last week

a16z Crypto (the crypto division of Andreessen Horowitz) announced a $50 million investment in Jito Labs, a liquid staking protocol for the Solana ecosystem. Jito is the leading liquid staking platform on Solana, allowing users to stake SOL and earn JitoSOL, a derivative token usable in DeFi. Jito also optimizes MEV revenue distribution and transaction ordering through its innovative Block Assembly Marketplace (BAM) mechanism, improving network efficiency and fairness. (October 16, 2025)
Daylight Energy, a decentralized energy company, announced the completion of a $75 million funding round (including $15 million in equity and $60 million in project development funding), led by Framework Ventures, with participation from a16z Crypto, Lerer Hippeau, M13, and Coinbase Ventures, and led by Turtle Hill Capital. The company is committed to building a decentralized energy network that integrates blockchain and physical energy infrastructure. Through its DeFi protocol, Daylight will assetize electricity, allowing investors to participate in the benefits of power infrastructure and enabling homeowners to subscribe to solar and energy storage services, share in network revenue, and support the grid. (October 16, 2025)
Kraken announced that it has acquired Small Exchange, a designated contract market (DCM) regulated by the US CFTC, from IG Group for $100 million, laying the regulatory foundation for its upcoming full-service derivatives business in the US. Through this transaction, Kraken will design and build futures and options products under the CFTC's regulatory framework, integrating its spot, margin, and clearing systems to create a high-performance, unified onshore crypto asset trading platform. As a licensed DCM, Small Exchange provides Kraken with direct access to the regulated US derivatives market. (October 16, 2025)
Tria (tria.so) has completed a $12 million pre-seed and strategic funding round, with participation from P2Ventures, Aptos, its own community, and teams or executives from Polygon, the Ethereum Foundation, Wintermute, Sentient, 0G, Concrete, and Eigen. Polychain and Polygon served as advisors. Tria aims to create a self-custodial digital bank for humans and AI agents, enabling users to trade, spend, and earn from a single balance without bridging, gas fees, or custodians. (October 14, 2025)