CoinW Research Weekly Report (Issue: 2026.2.16 - 2026.2.22)

特邀专栏作者

2026-02-24 09:46

This article is about 8609 words, reading the full article takes about 13 minutes

The total global cryptocurrency market capitalization is $2.30 trillion, down approximately 4.95% from last week's $2.42 trillion.

AI Summary

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Core View: The cryptocurrency market overall showed a correction trend this week. Total market capitalization, mainstream ETF fund flows, and total value locked (TVL) in DeFi all declined, with market sentiment leaning towards extreme fear. However, user activity on some public chains grew against the trend, and infrastructure projects in emerging sectors like AI and prediction markets garnered attention.
Key Elements:
1. Overall Market Weakness: The global cryptocurrency market cap fell about 4.95% to $2.30 trillion. The market fear & greed index stood at 9 (Extreme Fear). Both US Bitcoin and Ethereum spot ETFs recorded net outflows this week.
2. DeFi and On-Chain Activity Contraction: Total DeFi TVL decreased by 4.32% to $91.88 billion. Daily DEX trading volume on major public chains (e.g., Solana, Ethereum) generally declined, with drops ranging from 6.55% to 23.30%.
3. Divergence in User Activity: Daily active addresses on Solana, BNB Chain, and Aptos saw slight increases (+1.53% to +7.97%), while daily active users on Ethereum, Sui, and TON declined.
4. Minor Adjustments in Stablecoin Landscape: The total stablecoin market cap slightly decreased by 0.97%. USDT maintained its dominance with a 60.2% share, while USDC's market cap rose 1.36% to $74.4 billion.
5. Emerging Projects Focus on Specific Sectors: New project attention is concentrated on AI agent economies (Unicity), prediction market data aggregation (Dome), and Ethereum-based trust infrastructure (Republic Technologies).

CoinW Research Institute

Key Takeaways

The total global cryptocurrency market capitalization is $2.30 trillion, down approximately 4.95% from $2.42 trillion last week. As of the time of writing, the cumulative total net inflow for U.S. Bitcoin spot ETFs is approximately $53.96 billion, with a net outflow of $315 million this week; the cumulative total net inflow for U.S. Ethereum spot ETFs is approximately $11.52 billion, with a net outflow of $123 million this week.

The total stablecoin market capitalization is $304.9 billion, down approximately 0.97% from $307.9 billion last week. Among them, USDT has a market cap of $183.57 billion, accounting for 60.2% of the total stablecoin market cap, down about 0.02% from $183.6 billion last week. Next is USDC with a market cap of $74.4 billion, accounting for 24.4% of the total stablecoin market cap, up about 1.36% from $73.4 billion last week. DAI has a market cap of $5.37 billion, accounting for 1.76% of the total stablecoin market cap, up about 0.18% from $5.36 billion last week.

According to data from DeFiLlama, the total DeFi TVL this week is $91.88 billion, down approximately 4.32% from $96.03 billion last week. Categorized by public chains, the three chains with the highest TVL are Ethereum, accounting for 57.54%; the Solana chain, accounting for 6.58%; and BNB Chain, accounting for 5.61%.

This week, core data across public chains generally weakened, with daily on-chain DEX trading volume declining across the board. Solana still leads with $2.209 billion but saw a week-over-week (WoW) decrease of 18.94%; Ethereum at $1.526 billion (-6.55%); BNB Chain at $721 million (-16.95%); Sui at $92 million (-12.61%); Aptos at $31 million (-15.14%); TON at $2.1 million (-23.30%). In terms of transaction fees, Ethereum, BNB Chain, and TON remained at $0.01, while Solana ($0.001, -43.98%), Sui ($0.001, -17.36%), and Aptos ($0.000001, -8.42%) saw decreases.

In terms of user activity, Solana (2.31 million, +3.59%), BNB Chain (2.65 million, +1.53%), and Aptos (1.44 million, +7.97%) saw slight increases in daily active addresses, while Ethereum (650k, -3.19%), Sui (318k, -12.51%), and TON (120k, -12.03%) declined. TVL saw an overall slight decline, with Ethereum still leading at $53.82 billion (-1.55%), Solana at $6.35 billion (-3.92%), BNB Chain at $5.62 billion (-3.02%), and other chains experiencing corrections ranging from 3% to 7%.

New Projects to Watch: Unicity is a decentralized infrastructure project for the autonomous AI agent economy, dedicated to building a peer-to-peer cryptographic architecture that does not require the full ledger of traditional blockchains, enabling AI agents to perform discovery, collaboration, and settlement with higher efficiency. Dome is a platform dedicated to providing unified developer infrastructure for prediction markets (such as Polymarket and Kalshi). Through its API, developers can access multi-platform real-time and historical market data, full order books, wallet analytics, and cross-platform market matching functions in a single interface, thereby simplifying trading strategy construction, data analysis, and product integration. Republic Technologies focuses on building Ethereum-based trust infrastructure, generating on-chain proofs by holding ETH and running validator nodes to provide immutable blockchain-based services for smart contracts, data verification, identity, compliance, etc., thereby promoting the adoption of digital trust and decentralized applications in industries such as finance, compliance, and supply chain.

Key Takeaways

I. 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 Ratios

5. Decentralized Finance (DeFi)

6. On-Chain Data

7. Stablecoin Market Cap and Issuance

II. Hot Money Trends This Week

1. Top 5 Weekly Gainers Among VC Coins and Meme Coins

2. New Project Insights

III. Industry News & Developments

1. Major Industry Events This Week

2. Upcoming Major Events Next Week

3. Important Fundraising Last Week

IV. Reference Links

I. Market Overview

1. Total Cryptocurrency Market Cap / Bitcoin Dominance

The global total cryptocurrency market cap is $2.30 trillion, down approximately 4.95% this week from $2.42 trillion last week.

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

Data as of February 22, 2026

As of the time of writing, Bitcoin's market capitalization is $1.28 trillion, accounting for 55.65% of the total cryptocurrency market cap. Meanwhile, the stablecoin market cap is $304.9 billion, accounting for 13.25% of the total cryptocurrency market cap.

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

Data as of February 22, 2026

2. Fear & Greed Index

The Crypto Fear & Greed Index is 9, indicating Extreme Fear.

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

Data as of February 22, 2026

3. ETF Inflow/Outflow Data

As of the time of writing, the cumulative total net inflow for U.S. Bitcoin spot ETFs is approximately $53.96 billion, with a net outflow of $315 million this week; the cumulative total net inflow for U.S. Ethereum spot ETFs is approximately $11.52 billion, with a net outflow of $123 million this week.

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

Data as of February 22, 2026

4. ETH/BTC and ETH/USD Exchange Ratios

ETHUSD: Current price $1,843.85, all-time high $4,946.05, down approximately 62.73% from the ATH.

ETHBTC: Currently 0.028730, all-time high 0.1238.

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

Data as of February 22, 2026

5. Decentralized Finance (DeFi)

According to data from DeFiLlama, the total DeFi TVL this week is $91.88 billion, down approximately 4.32% from $96.03 billion last week.

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

Data as of February 22, 2026

Categorized by public chains, the three chains with the highest TVL are the Ethereum chain, accounting for 57.54%; the Solana chain, accounting for 6.58%; and BNB Chain, accounting for 5.61%.

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

Data as of February 22, 2026

6. On-Chain Data

Layer 1 Related Data

This section analyzes current data for major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS, focusing on daily trading volume, daily active addresses, and transaction fees.

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

Data as of February 22, 2026

On-Chain DEX Daily Volume & Transaction Fees: On-chain DEX daily volume and transaction fees are core metrics for measuring public chain activity and user experience. In terms of on-chain DEX daily volume, all chains saw declines this week. Ethereum ($1.526B) saw a slight decrease of 6.55%; other chains were Solana ($2.209B, -18.94%), Ton ($0.0021B, -23.30%), BNB Chain ($0.721B, -16.95%), Sui ($0.092B, -12.61%), and Aptos ($0.031B, -15.14%). In terms of transaction fees, Ethereum ($0.01), BNB Chain ($0.01), and Ton ($0.01) remained flat compared to last week; Solana ($0.001), Sui ($0.001), and Aptos ($0.000001) decreased by 43.98%, 17.36%, and 8.42% respectively compared to last week.

Daily Active Addresses & TVL: Daily active addresses reflect the ecosystem participation and user stickiness of a public chain, while TVL reflects user trust in the platform. In terms of daily active addresses, Solana (2.31 million), BNB Chain (2.65 million), and Aptos (1.44 million) saw slight increases this week, with growth rates of 3.59%, 1.53%, and 7.97% respectively; other chains including Ethereum (650k), Sui (318k), and Ton (120k) saw decreases of 3.19%, 12.51%, and 12.03% respectively. TVL saw an overall slight decline this week: BNB Chain ($5.62B, -3.02%), Ethereum ($53.82B, -1.55%), Ton ($0.063B, -3.76%), Solana ($6.35B, -3.92%), Aptos ($0.271B, -5.08%), and Sui ($0.553B, -6.73%).

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $32.96 billion, with an overall decline of 3.29% this week compared to last week ($34.08 billion).