CoinW Research Institute Weekly Report (November 3, 2025 - November 9, 2025)

特邀专栏作者

2025-11-10 10:22

This article is about 6974 words, reading the full article takes about 10 minutes

The global cryptocurrency market capitalization totaled $3.63 trillion, down approximately 7.16% from $3.91 trillion last week. As of press time, US Bitcoin spot ETFs saw a cumulative net inflow of approximately $59.97 billion, with a net outflow of $1.22 billion this week; US Ethereum spot ETFs saw a cumulative net inflow of approximately $13.86 billion, with a net outflow of $508 million this week.

Key points

The global cryptocurrency market capitalization totaled $3.63 trillion, down approximately 7.16% from $3.91 trillion last week. As of press time, the US Bitcoin spot ETF saw a cumulative net inflow of approximately $59.97 billion, with a net outflow of $1.22 billion this week; the US Ethereum spot ETF saw a cumulative net inflow of approximately $13.86 billion, with a net outflow of $508 million this week.

The total market capitalization of stablecoins is $311 billion, of which USDT has a market capitalization of $183.5 billion, accounting for 59% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $75.8 billion, accounting for 24.37% of the total stablecoin market capitalization; and DAI with a market capitalization of $5.37 billion, accounting for 1.73% of the total stablecoin market capitalization.

According to DeFiLlama data, the total TVL (TVL) of DeFi this week was $134.4 billion, a decrease of approximately 10.16% from $149.6 billion last week. Breaking it down by public blockchain, the three blockchains with the highest TVL were Ethereum (67.11%), Solana (8.99%), and BNB Chain (6.89%).

This week, public blockchains showed divergent performance, with overall activity slightly declining. Sui performed the strongest, with daily trading volume increasing by 68.1% and TVL growing by 20.4%. Although active addresses decreased by 5.8%, significant capital inflows were observed. Ethereum performed the weakest, with daily trading volume decreasing by 37.5% and TVL falling by 11.1%. Although active addresses increased by 5.4%, capital outflows continued. Ton saw the largest increase in daily trading volume, rising by 77.5%, but active addresses decreased by 26.2%, and TVL declined slightly by 2.7%. BNB Chain saw a 45.0% increase in daily trading volume, a 5.5% decrease in active addresses, and a 7.0% decrease in TVL. Solana saw an 18.6% increase in daily trading volume, a 2.5% decrease in active addresses, and a 9.3% decrease in TVL. Aptos saw a 13.0% decrease in daily trading volume, a 0.7% decrease in active addresses, and a 6.2% decrease in TVL. Regarding transaction fees, Ethereum increased by 100%, Sui decreased by 25%, and the remaining public blockchains remained stable. Overall, apart from Sui, which performed exceptionally well in terms of transactions, the other public chains generally entered a period of adjustment.

New projects to watch: Cypher aims to restore the decentralized nature of financing, token issuance, and trading markets by creating a community-owned, open, and transparent capital and liquidity infrastructure; duel.trade attempts to create a user-centric decentralized public opinion and market game platform by combining on-chain prediction mechanisms with social incentives, making prediction no longer just a speculative activity, but a process of community consensus and information discovery; PolyScalping is a data and analysis tool designed specifically for Polymarket traders, aiming to improve trading efficiency and strategy execution in prediction markets.

Key points

I. Market Overview

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

2. Fear 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 Status

II. Hot Money Flows This Week

1. The top five gainers this week: VC Coin and Meme Coin

2. New Project Insights

III. New Industry Trends

1. Major Industry Events This Week

2. Major events that will happen next week

3. Key Investment and Financing Activities Last Week

IV. Reference Links

I. Market Overview

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

The global cryptocurrency market capitalization is $3.63 trillion, down from $3.91 trillion last week, representing a decrease of approximately 7.16% this week.

Data source: cryptorank

Data as of November 9, 2025

As of press time, Bitcoin 's market capitalization was $2.12 trillion, accounting for 57.76% of the total cryptocurrency market capitalization. Meanwhile, stablecoins had a market capitalization of $311 billion, representing 8.48% of the total cryptocurrency market capitalization.

Data source: coingeck

Data as of November 0, 2025

2. Fear Index

The cryptocurrency fear index is 23, indicating a state of fear.

Data source: coinglass

Data as of November 9, 2025

3. ETF Inflow and Outflow Data

As of press time, the total net inflow into the US Bitcoin spot ETF was approximately $59.97 billion, with a net outflow of $1.22 billion this week; the total net inflow into the US Ethereum spot ETF was approximately $13.86 billion, with a net outflow of $508 million this week.

Data source: sosovalue

Data as of November 9, 2025

4. ETH/BTC and ETH/USD exchange rates

ETHUSD: Current price $3,615, all-time high $4,946.05, down approximately 27.52% from the high.

ETHBTC: Currently at 0.034144, with an all-time high of 0.1238.

Data source: ratiogang

Data as of November 9, 2025

5.Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week was $134.4 billion, a decrease of approximately 10.16% from $149.6 billion last week.

Data source: defillama

Data as of November 9, 2025

Based on public blockchains, the three public blockchains with the highest TVL are Ethereum (67.11%), Solana (8.99%), and BNB Chain (6.89%).

Data source: CoinW Research Institute, defillama

Data as of November 9, 2025

6. On-chain data

Layer 1 related data

The analysis primarily focuses on daily transaction volume, daily active addresses, and transaction fees, covering the main Layer 1 cryptocurrencies including ETH, SOL, BNB, TON, SUI, and APTOS.

Data source: CoinW Research Institute, defillama, Nansen

Data as of November 9, 2025

Daily trading volume and transaction fees : Daily trading volume and transaction fees are core metrics for measuring public chain activity and user experience. In terms of daily trading volume, the largest increase this week was seen in the Ton chain, rising 77.5%; Sui rose 68.1%; BNB Chain rose 45.0%; Solana rose 18.6%; while Ethereum decreased by 37.5% and Aptos decreased by 13.0%. Regarding transaction fees, Ethereum increased by 100%, Sui decreased by 25%, and the remaining chains remained unchanged from last week.

Daily Active Addresses (DAU) and Total Value Linked (TVL): DAU reflects a public blockchain's ecosystem participation and user engagement, while TVL reflects users' trust in the platform. In terms of DAU, Ton Chain saw the largest drop, declining by 26.2%; Sui declined by 5.8%; BNB Chain declined by 5.5%; Solana declined by 2.5%; Aptos declined by 0.7%; only Ethereum increased by 5.4%. Regarding TVL, Sui saw the largest increase, rising by 20.4%; Ethereum declined by 11.1%; Solana declined by 9.3%; BNB Chain declined by 7.0%; Aptos declined by 6.2%; and Ton Chain declined by 2.7%.

Layer 2 related data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $40.14 billion, down 3.06% from $41.7 billion last week.

Data source: L2Beat

Data as of November 9, 2025

Base and Arbitrum lead the pack with market shares of 38.26% and 35% respectively, with Arbitrum ranking first in TVL for Ethereum Layer 2 this week.

Data source: footprint

Data as of November 9, 2025

7. Stablecoin Market Cap and Issuance Status

According to Coinglass data, the total market capitalization of stablecoins is $311 billion, of which USDT has a market capitalization of $183.5 billion, accounting for 59% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $75.8 billion, accounting for 24.37% of the total stablecoin market capitalization; and DAI with a market capitalization of $5.37 billion, accounting for 1.73% of the total stablecoin market capitalization.

Data source: CoinW Research Institute, Coinglass

Data as of November 9, 2025

According to Whale Alert data, the USDC Treasury issued a total of 2.077 billion USDC this week, while the Tether Treasury did not issue any USDT. The total issuance of stablecoins this week was 2.077 billion, a decrease of approximately 1.8% compared to the 2.115 billion stablecoins issued last week.

Data source: Whale Alert

Data as of November 9, 2025

II. Hot Money Flows This Week

1. The top five gainers this week: VC Coin and Meme Coin

The top five performing VC coins in the past week

Data source: CoinW Research Institute, coinmarketcap

Data as of November 9, 2025

The top five gainers in the past week for Meme coins

Data source: CoinW Research Institute, coinmarketcap

Data as of November 9, 2025

2. New Project Insights

Cypher is a decentralized capital formation and trading platform designed specifically for Ethereum Layer 1, aiming to reshape the foundation of Ethereum's liquidity. Cypher believes that liquidity is the lifeline of any blockchain, and that current Ethereum trading volume is still mainly concentrated in fragmented, venture-driven protocols. It aims to restore the decentralized nature of fundraising, token issuance, and trading markets by creating a community-owned, open, and transparent capital and liquidity infrastructure.

duel.trade is a prediction market social layer built on the Base and Kalshi protocols. By combining on-chain prediction mechanisms with social incentives, duel.trade aims to create a user-centric decentralized platform for public opinion and market competition, transforming prediction from mere speculation into a process of community consensus and information discovery.

PolyScalping is a data and analytics tool designed specifically for Polymarket traders, aiming to improve trading efficiency and strategy execution in prediction markets. By aggregating real-time market data and arbitrage opportunities, and supporting custom price alerts and yield calculations, PolyScalping helps users capture short-term profit opportunities in rapidly changing markets. Launched in 2025, PolyScalping is positioned as an intelligent support layer within the Polymarket ecosystem, providing professional traders and data-driven investors with precise and actionable decision support tools, further enhancing the infrastructure of decentralized prediction markets.

III. New Industry Trends

1. Major Industry Events This Week

On November 5th, Intuition officially announced the launch of its token TRUST airdrop. Eligibility for the first quarter's airdrop is determined by two metrics: IQ Points and Orbit Roles, which respectively measure user activity and community contribution during the testing phase. IQ Points include Protocol Points, Launchpad Points, Portal Points, Community Points, Referral Points, and Relic Points, rewarding users for their multi-dimensional participation in product use, promotion, and interaction. Orbit Roles symbolize community members' leadership and sense of mission, with 7 levels; higher levels have greater airdrop weight. This design reflects Intuition's deep commitment to the "contribution equals value" philosophy, driving ecosystem growth by incentivizing multi-level participation.

Capx AI, an AI proxy project, completed its TGE on November 4th and announced an airdrop update. However, a temporary delay in claiming the airdrop occurred due to a Uniswap front-end technical glitch. The team emphasized that this issue was unrelated to contract or token security, and all funds remain 100% safe. It has been confirmed that the glitch stemmed from an indexing limitation issue with Arbitrum's native USDC. Currently, Capx AI has reopened the airdrop claim window, from November 7th to November 20th, providing users with ample time to claim their airdrops.

Decentralized project Aster announced that its second phase of airdrop distribution officially ended on November 14th. This phase primarily targeted early ecosystem participants and test users, rewarding their support in product development and community building. With the airdrop concluded, Aster anticipates moving on to the next phase of mainnet incentives and governance deployment, further expanding community activity and driving the application of its token within the ecosystem.

Kamino, the lending protocol within the Solana ecosystem, has officially launched its Season 5 incentive program. This three-month program will distribute a total of 100 million KMNO tokens. Rewards from the previous season (Season 4) will be gradually unlocked starting November 12th, over a period of six months. Kamino continues to attract liquidity and user participation through its quarterly incentive mechanism, creating a stable cycle of ecosystem growth. This new season's activities are expected to further strengthen the protocol's dominant position in the Solana lending market.

On November 8th, Hourglass officially announced the closing of the second phase of its Stable Vault deposit window. This phase attracted approximately 26,000 wallets, with total deposits reaching $1.8 billion, demonstrating strong market confidence and demand for its yield products. Hourglass stated that it will further optimize the vault's yield structure and distribution mechanism in subsequent phases to ensure capital efficiency and long-term sustainable growth.

2. Major events that will happen next week

Solana has officially announced that the submission deadline for the x402 Hackathon is November 11th. The event features five tracks: Trustless Proxy, x402 API Integration, MCP Server, x402 Development Tools, and x402 Proxy Applications, with a top prize of $10,000 in each track. The x402 Hackathon aims to promote developer innovation within the Solana ecosystem, encouraging more teams to explore the integration of underlying infrastructure and intelligent proxy applications, further expanding the application boundaries and development ecosystem depth of Solana.

Reddit has announced the termination of its Avatar Creator Program, ceasing all new submissions. The Avatar Shop will remain open until November 11th. Users can still use their purchased avatars, but profile display and NFT transfer functionality will be removed. Reddit emphasizes that avatars remain an important form of self-expression and promises to return 100% of all secondary market royalties to creators, renewing contracts within the next three weeks to automatically distribute earnings. Furthermore, Reddit will remove the in-app Vault wallet feature; users must export their mnemonic phrases to preserve their assets by January 1, 2026.

Codatta, an AI data ecosystem project, announced the upcoming launch of its second airdrop, featuring new task types and an optimized incentive mechanism to further encourage active participation from data contributors and model evaluators. The project team also revealed that the Codatta mobile application will be released within the next three months, providing users with a smoother experience for data uploading, annotation, and model interaction. As an important part of the KITE AI ecosystem, Codatta aims to build a community-centric decentralized data marketplace, promoting the openness and trustworthiness of AI model training.

Layer 1 blockchain Monad and its native token MON will officially launch on November 24th. The Monad Foundation opened a token redemption portal from mid-October to November 3rd, allowing eligible users to check and claim their tokens. Initially, Monad will integrate with mainstream decentralized applications such as Uniswap, Magic Eden, and OpenSea, and fully support mainstream wallets such as OKX, Backpack, MetaMask, and Rabby. Monad aims to create a next-generation Ethereum alternative public chain compatible with the EVM through its high-performance architecture and modular design.

Solana restaking platform Solayer announced that its self-developed InfiniSVM development network will launch its mainnet Alpha version in the fourth quarter of 2025, after 11 months of secret development. InfiniSVM aims to achieve cross-protocol verification layer abstraction and a shared security mechanism for restaking, introducing more efficient verification computation and decentralized governance capabilities to the Solana ecosystem. This release marks Solayer's transition from the experimental phase to the infrastructure deployment phase, and also opens up new technological possibilities for the expansion of the Solana restaking ecosystem.

3. Key Investment and Financing Activities Last Week

Lava has completed a new $200 million funding round, with participation from renowned angel investors Anthony Pompliano and Eric Jackson, among others. Founded in 2022, Lava is a fintech platform focused on Bitcoin-secured loans, aiming to allow users to obtain dollar liquidity without selling their Bitcoin. Lava ensures collateral security and loan process transparency through cryptographic proofs and automated liquidation mechanisms, helping users earn interest on their Bitcoin and freely lend and borrow in a self-custodied environment. (November 4, 2025)

Tharimmune announced the completion of a $540 million funding round, with participation from Liberty City Ventures, DRW Venture Capital, Polychain, and Kraken, among others. This round is Tharimmune's post-IPO private placement. Tharimmune is a clinical-stage biotechnology company focused on developing innovative therapies for inflammatory and immune diseases. The company is also exploring the convergence of traditional life sciences and digital assets, aiming to build a new research and financing model driven by crypto assets. (November 4, 2025)

Ripple has raised $500 million in funding, valuing the company at $40 billion. The round was led by top firms including Pantera Capital, Galaxy Digital, BH Digital, Citadel Securities, Marshall Wace, and Fortress Investment Group. Founded in 2012, Ripple is a U.S.-based provider of international money transfer and settlement solutions. (November 5, 2025)