CoinW Research Weekly Report (Issue 2026.1.26 - 2026.2.1)

特邀专栏作者

2026-02-06 05:47

This article is about 8386 words, reading the full article takes about 12 minutes

The total global cryptocurrency market capitalization is $2.7 trillion, down approximately 11.5% from last week's $3.05 trillion.

AI Summary

Expand

Core View: This week, the overall cryptocurrency market exhibited capital outflow and heightened fear, yet on-chain transaction activity saw a significant surge, indicating a structural divergence within the market during this adjustment phase.
Key Elements:
1. Overall Market Pressure: The total global cryptocurrency market cap fell 11.5% to $2.7 trillion, with the Fear & Greed Index at 13 (Extreme Fear). Both Bitcoin and Ethereum spot ETFs experienced net outflows.
2. Counter-Trend Surge in On-Chain Activity: Daily DEX trading volume on major public chains saw widespread and substantial increases. Ethereum's volume grew 192.7% to $3.3 billion, while Solana's increased 49.4% to $4.71 billion.
3. Divergence in User Activity: Daily active addresses on Ethereum and Aptos grew by 78% and 63.3% respectively, while those on Solana and BNB Chain saw slight declines.
4. Mixed TVL Performance: Total DeFi TVL decreased by 9.6%, with Ethereum's TVL down 12.3%. However, Solana's TVL bucked the trend, growing by 6.9%.
5. Slight Decline in Stablecoin Market Cap: The total stablecoin market cap fell 0.26% to $310 billion, with both USDT and USDC experiencing minor decreases. The total issuance of stablecoins this week dropped 27.9% compared to the previous week.
6. New Projects Focus on DeFi Innovation: The report highlights Polaris, which aims to solve sustainable yield for stablecoins; Probable, a prediction market protocol on BNB Chain; and SectorOne, a high-performance DEX within the MegaETH ecosystem.

CoinW Research Institute

Key Takeaways

The global cryptocurrency market capitalization is $2.7 trillion, down approximately 11.5% this week from $3.05 trillion last week. As of press time, the cumulative total net inflow for U.S. Bitcoin spot ETFs is approximately $55.01 billion, with a net outflow of $1.49 billion this week; the cumulative total net inflow for U.S. Ethereum spot ETFs is approximately $11.97 billion, with a net outflow of $327 million this week.

The total stablecoin market capitalization is $310 billion, down approximately 0.26% from $310.8 billion last week. Among them, USDT's market cap is $185.1 billion, accounting for 59.7% of the total stablecoin market cap, down slightly by about 0.86% from $186.7 billion last week; followed by USDC with a market cap of $70.2 billion, accounting for 1.7% of the total stablecoin market cap, down about 3% from $72.4 billion last week; DAI's market cap is $5.36 billion, accounting for 1.7% of the total stablecoin market cap, remaining flat compared to last week.

According to data from DeFiLlama, the total DeFi TVL this week is $105.9 billion, down approximately 9.6% from $117.2 billion last week. Divided by public chain, the three chains with the highest TVL are Ethereum, accounting for 56.45%; Solana, accounting for 7.95%; and BNB Chain, accounting for 5.7%.

Regarding on-chain DEX daily trading volume this week, leading public chains showed significant divergence. Ethereum is at $3.3 billion, up approximately 192.7%; Solana is at $4.71 billion, up approximately 49.4%; BNB Chain is at $1.8 billion, up approximately 13.2%. Sui rebounded to $200 million, up approximately 65.3%; Aptos rose to $80 million, up approximately 14.7%; TON fell back to $5 million, down approximately 26.5%. In terms of transaction fees, Ethereum rose to $0.02, Solana rose to $0.003; Sui dropped to $0.002, Aptos dropped to $0.000001; BNB Chain and TON remained at $0.01 respectively.

Regarding daily active addresses this week, activity on some public chains showed significant recovery. Ethereum is at 1.19 million, up approximately 78%; Aptos rose to 1.5599 million, up approximately 63.3%. Meanwhile, Solana is at 2.64 million, down approximately 2.6%; BNB Chain is at 2.61 million, down approximately 3.3%; Sui is at 648,000, down approximately 2.5%; TON fell back to 120,000, down approximately 2.8%. TVL faced overall pressure: Ethereum is at $59.09 billion, down approximately 12.3%; Solana is at $8.41 billion, up approximately 6.9%; BNB Chain is at $6.03 billion, down approximately 9.2%; Sui is at $710 million, down approximately 16.5%; Aptos is at $360 million, down approximately 14.3%; TON is at $70 million, down approximately 11.4%.

New Projects to Watch: Polaris is a self-scaling stablecoin operating system for DeFi, with the core goal of solving the issues of stablecoins relying on external incentives and unsustainable yields; Probable is a prediction market protocol deployed on BNB Chain, aiming to allow users to price and trade around event outcomes in a decentralized manner, thereby converting market expectations into quantifiable price signals; SectorOne is a native decentralized exchange within the MegaETH ecosystem, enhancing capital efficiency and trading depth by finely allocating funds within price ranges through a dynamic liquidity market-making mechanism.

Key Takeaways

1. Market Overview

1. Total Cryptocurrency Market Cap / Bitcoin Dominance

2. Fear & Greed Index

3. ETF Inflow/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. This Week's Hot Money Trends

1. Top 5 Gaining VC Coins and Meme Coins This Week

2. New Project Insights

3. Industry News

1. Major Industry Events This Week

2. Upcoming Major Events Next Week

3. Important Fundraising from Last Week

4. Reference Links

1. Market Overview

1. Total Cryptocurrency Market Cap / Bitcoin Dominance

The global cryptocurrency market capitalization is $2.7 trillion, down approximately 11.5% this week from $3.05 trillion last week.

Data Source: Cryptorank,https://cryptorank.io/charts/btc-dominance

Data as of February 1, 2026

As of press time, Bitcoin's market capitalization is $1.56 trillion, accounting for 57.76% of the total cryptocurrency market cap. Meanwhile, the stablecoin market cap is $310 billion, accounting for 11.48% of the total cryptocurrency market cap.

Data Source: Coingecko,https://www.coingecko.com/en/charts

Data as of February 1, 2026

2. Fear & Greed Index

The Cryptocurrency Fear & Greed Index is at 13, indicating Extreme Fear.

Data Source: Coinglass,https://www.coinglass.com/pro/i/FearGreedIndex

Data as of February 1, 2026

3. ETF Inflow/Outflow Data

As of press time, the cumulative total net inflow for U.S. Bitcoin spot ETFs is approximately $55.01 billion, with a net outflow of $1.49 billion this week; the cumulative total net inflow for U.S. Ethereum spot ETFs is approximately $11.97 billion, with a net outflow of $327 million this week.

Data Source: Sosovalue,https://sosovalue.com/assets/etf

Data as of February 1, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $2,278, all-time high $4,946.05, down approximately 53.97% from ATH.

ETHBTC: Currently 0.029515, all-time high 0.1238.

Data Source: Ratiogang,https://ratiogang.com/

Data as of February 1, 2026

5. Decentralized Finance (DeFi)

According to data from DeFiLlama, the total DeFi TVL this week is $105.9 billion, down approximately 9.6% from $117.2 billion last week.

Data Source: Defillama,https://defillama.com

Data as of February 1, 2026

Divided by public chain, the three chains with the highest TVL are Ethereum, accounting for 56.45%; Solana, accounting for 7.95%; and BNB Chain, accounting for 5.7%.

Data Source: CoinW Research Institute, Defillama,https://defillama.com

Data as of February 1, 2026

6. On-Chain Data

Layer 1 Related Data

Primarily analyzes current data for major Layer 1s including ETH, SOL, BNB, TON, SUI, and APT, focusing on on-chain DEX daily trading volume, daily active addresses, and transaction fees.

Data Source: CoinW Research Institute, Defillama,https://defillama.com

Data as of February 1, 2026

On-Chain DEX Daily Trading Volume and Transaction Fees: On-chain DEX daily trading volume and transaction fees are core metrics for measuring public chain activity and user experience. This week, on-chain DEX daily trading volume strengthened overall, with significant divergence among leading public chains. Ethereum is at $3.3 billion, up approximately 192.7%; Solana is at $4.71 billion, up approximately 49.4%; BNB Chain is at $1.8 billion, up approximately 13.2%. Sui rebounded to $200 million, up approximately 65.3%; Aptos rose to $80 million, up approximately 14.7%; TON fell back to $5 million, down approximately 26.5%. In terms of transaction fees, Ethereum rose to $0.02, Solana rose to $0.003; Sui dropped to $0.002, Aptos dropped to $0.000001; BNB Chain and TON remained at $0.01 respectively this week, with overall limited change.

Daily Active Addresses and TVL: Daily active addresses reflect the ecosystem participation and user stickiness of a public chain, while TVL reflects user trust in the platform. Regarding daily active addresses, activity on some public chains showed significant recovery. Ethereum is at 1.19 million, up approximately 78%; Aptos rose to 1.5599 million, up approximately 63.3%. Meanwhile, Solana is at 2.64 million, down approximately 2.6%; BNB Chain is at 2.61 million, down approximately 3.3%; Sui is at 648,000, down approximately 2.5%; TON fell back to 120,000, down approximately 2.8%. TVL faced overall pressure: Ethereum is at $59.09 billion, down approximately 12.3%; Solana is at $8.41 billion, up approximately 6.9%; BNB Chain is at $6.03 billion, down approximately 9.2%; Sui is at $710 million, down approximately 16.5%; Aptos is at $360 million, down approximately 14.3%; TON is at $70 million, down approximately 11.4%.

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $33.68 billion, down approximately 8.1% this week from $36.64 billion last week.

Data Source: L2Beat,https://l2beat.com/scaling/tvs

Data as of February 1, 2026

Base and Arbitrum occupy the top positions with market shares of 36.26% and 34.81% respectively. This week, Base ranks first in TVL among Ethereum Layer 2s.

Data Source: Footprint,https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview

Data as of February 1, 2026

7. Stablecoin Market Cap and Issuance

According to Coinglass data, the total stablecoin market capitalization is $310 billion, down approximately 0.26% from $310.8 billion last week. Among them, USDT's market cap is $185.1 billion, accounting for 59.7% of the total stablecoin market cap, down slightly by about 0.86% from $186.7 billion last week; followed by USDC with a market cap of $70.2 billion, accounting for 1.7% of the total stablecoin market cap, down about 3% from $72.4 billion last week; DAI's market cap is $5.36 billion, accounting for 1.7% of the total stablecoin market cap, remaining flat compared to last week.

Data Source: CoinW Research Institute, Coinglass,https://www.coinglass.com/pro/stablecoin

Data as of February 1, 2026

According to Whale Alert data, the USDC Treasury issued a total of 1.688 billion USDC this week, while the Tether Treasury issued no USDT. The total stablecoin issuance this week is 1.688 billion, down approximately 27.9% from last week's total issuance of 2.34 billion.