CoinW Research Weekly Report (Issue: Feb 23, 2026 - Mar 1, 2026)

特邀专栏作者

2026-03-02 04:02

This article is about 8725 words, reading the full article takes about 13 minutes

The total global cryptocurrency market capitalization reached $2.35 trillion, up approximately 2.17% from last week's $2.30 trillion.

AI Summary

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Core View: The cryptocurrency market showed a moderate upward trend overall this week. However, on-chain activity diverged, with some public chains demonstrating strong transaction volume, while user activity generally declined. Market sentiment indicators point to extreme fear.
Key Elements:
1. The total global cryptocurrency market cap rose 2.17% to $2.35 trillion. U.S. spot Bitcoin and Ethereum ETFs saw net inflows of $787 million and $80.46 million, respectively, this week.
2. Daily on-chain DEX trading volume divergence intensified. Solana and BNB Chain saw significant increases of 38.5% and 85.9%, respectively, while Ethereum declined by 10.9%.
3. Daily active addresses on major public chains generally declined, with Sui dropping by 56.3%. Only BNB Chain saw a slight increase of 0.8%, indicating an overall pullback in user participation.
4. Total DeFi TVL increased slightly by 1.37% to $93.14 billion, while the total TVL on Ethereum Layer 2 decreased by 3.49% to $31.81 billion.
5. The market sentiment indicator "Fear & Greed Index" stands at 9, indicating "Extreme Fear," contrasting with the rising market cap.
6. The total stablecoin market cap decreased by 2.33%. However, approximately 2.69 billion USDC were issued this week, suggesting potential capital inflow preparation.

Key Takeaways

The global cryptocurrency market capitalization is $2.35 trillion, up approximately 2.17% this week from $2.30 trillion last week. As of press time, the cumulative total net inflow for U.S. Bitcoin spot ETFs is approximately $54.8 billion, with a weekly net inflow of $787 million; the cumulative total net inflow for U.S. Ethereum spot ETFs is approximately $11.6 billion, with a weekly net inflow of $80.46 million.
The total stablecoin market capitalization is $312 billion, down approximately 2.33% from $304.9 billion last week. Among them, USDT's market cap is $183.67 billion, accounting for 58.87% of the total stablecoin market cap, up about 0.05% from $183.57 billion last week; followed by USDC with a market cap of $75.2 billion, accounting for 24.1% of the total stablecoin market cap, up about 1.08% from $74.4 billion last week; DAI's market cap is $5.37 billion, accounting for 1.72% of the total stablecoin market cap, unchanged from last week.
According to DeFiLlama data, the total DeFi TVL this week is $93.143 billion, up approximately 1.37% from $91.88 billion last week. By public chain, the three chains with the highest TVL are Ethereum, accounting for 56.90%; Solana, accounting for 6.98%; and BNB Chain, accounting for 5.93%.
This week, the daily on-chain DEX trading volume showed increased divergence, with significant volume growth on some public chains. Ethereum is at $1.36 billion, down about 10.9%; Solana is at $3.06 billion, up about 38.5%; BNB Chain is at $1.34 billion, up about 85.9%. Sui rose to $100 million, up about 8.7%; Aptos rose to $40 million, up about 29%; TON rose to $3 million, up about 42.9%. Regarding transaction fees, Ethereum remained at $0.01, Solana rose to $0.002; Sui rose to $0.002, while Aptos, BNB Chain, and TON remained unchanged from last week.
In terms of daily active addresses this week, overall activity declined. Ethereum is at 579.3k, down about 10.8%; Aptos is at 1.0894 million, down about 24.8%. Meanwhile, Solana is at 2.04 million, down about 11.7%; BNB Chain is at 2.67 million, up about 0.8%; Sui is at 139k, down about 56.3%; TON fell back to 111.6k, down about 7.8%. TVL faced slight overall pressure: Ethereum is at $53 billion, down about 1.5%; Solana is at $6.51 billion, up about 2.5%; BNB Chain is at $5.52 billion, down about 1.8%; Sui is at $550 million, down about 0.5%; Aptos is at $310 million, up about 14.4%; TON is at $60 million, down about 4.8%.
New Projects to Watch: Cash City is a degen-style on-chain game built on the Solana ecosystem, positioned as a high-volatility, high-engagement speculative game emphasizing community-driven and on-chain asset interaction; Spirit Protocol is an on-chain autonomous agent economic infrastructure protocol deployed on the Base mainnet, dedicated to establishing a quantifiable, verifiable quality assessment and economic signaling system for the Agent ecosystem; NUVA Finance is an RWA-related DeFi protocol jointly developed by Animoca Brands and NUVA Labs, dedicated to bringing institutional-grade asset investment opportunities on-chain in a decentralized, composable, and transparent manner.

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. This Week's Hot Money Trends

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

2. New Project Insights

III. Industry News

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 cryptocurrency market capitalization is $2.35 trillion, up approximately 2.17% this week from $2.30 trillion last week.

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

Data as of March 1, 2026

As of press time, Bitcoin's market capitalization is $1.32 trillion, accounting for 56.09% of the total cryptocurrency market cap. Meanwhile, the stablecoin market cap is $312 billion, accounting for 13.31% of the total cryptocurrency market cap.

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

Data as of March 1, 2026

2. Fear & Greed Index

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

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

Data as of March 1, 2026

3. ETF Inflow/Outflow Data

As of press time, the cumulative total net inflow for U.S. Bitcoin spot ETFs is approximately $54.8 billion, with a weekly net inflow of $787 million; the cumulative total net inflow for U.S. Ethereum spot ETFs is approximately $11.6 billion, with a weekly net inflow of $80.46 million.

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

Data as of March 1, 2026

4. ETH/BTC and ETH/USD Exchange Ratios

ETHUSD: Current price $1,949, all-time high $4,946.05, down approximately 60.62% from the high.

ETHBTC: Currently 0.029488, all-time high 0.1238.

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

Data as of March 1, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total DeFi TVL this week is $93.143 billion, up approximately 1.37% from $91.88 billion last week.

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

Data as of March 1, 2026

By public chain, the three chains with the highest TVL are Ethereum, accounting for 56.90%; Solana, accounting for 6.98%; and BNB Chain, accounting for 5.93%.

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

Data as of March 1, 2026

6. On-Chain Data

Layer 1 Related Data

This section analyzes data for major Layer 1 chains 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, Defillama,https://defillama.com

Data as of March 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. The overall on-chain DEX daily trading volume showed increased divergence, with significant volume growth on some public chains. Ethereum is at $1.36 billion, down about 10.9%; Solana is at $3.06 billion, up about 38.5%; BNB Chain is at $1.34 billion, up about 85.9%. Sui rose to $100 million, up about 8.7%; Aptos rose to $40 million, up about 29%; TON rose to $3 million, up about 42.9%. Regarding transaction fees, Ethereum remained at $0.01, Solana rose to $0.002; Sui rose to $0.002, while Aptos, BNB Chain, and TON remained unchanged from last week.

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. In terms of daily active addresses, overall activity declined. Ethereum is at 579.3k, down about 10.8%; Aptos is at 1.0894 million, down about 24.8%. Meanwhile, Solana is at 2.04 million, down about 11.7%; BNB Chain is at 2.67 million, up about 0.8%; Sui is at 139k, down about 56.3%; TON fell back to 111.6k, down about 7.8%. TVL faced slight overall pressure: Ethereum is at $53 billion, down about 1.5%; Solana is at $6.51 billion, up about 2.5%; BNB Chain is at $5.52 billion, down about 1.8%; Sui is at $550 million, down about 0.5%; Aptos is at $310 million, up about 14.4%; TON is at $60 million, down about 4.8%.

Layer 2 Related Data

According to L2Beat data, the total Ethereum Layer 2 TVL is $31.81 billion, down approximately 3.49% this week from $32.96 billion last week.

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

Data as of March 1, 2026

Base and Arbitrum occupy the top positions with market shares of 36.51% and 33.94% respectively, with Base ranking first in Ethereum Layer 2 TVL this week.

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

Data as of March 1, 2026

7. Stablecoin Market Cap and Issuance

According to Coinglass data, the total stablecoin market capitalization is $312 billion, down approximately 2.33% from $304.9 billion last week. Among them, USDT's market cap is $183.67 billion, accounting for 58.87% of the total stablecoin market cap, up about 0.05% from $183.57 billion last week; followed by USDC with a market cap of $75.2 billion, accounting for 24.1% of the total stablecoin market cap, up about 1.08% from $74.4 billion last week; DAI's market cap is $5.37 billion, accounting for 1.72% of the total stablecoin market cap, unchanged from last week.

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

Data as of March 1, 2026

According to Whale Alert data, the USDC Treasury issued a total of 2.69 billion USDC this week, while the Tether Treasury issued no USDT. The total stablecoin issuance this week is 2.69 billion, up approximately 28.83% from last week's total issuance of 2.088 billion.