CoinW Research Institute
Key Points
The total market capitalization of cryptocurrencies is $4.01 trillion, down from $4.46 trillion last week, representing a decline of 10.09% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $62.77 billion, with a net inflow of $2.71 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $14.91 billion, with a net inflow of $4.88 million this week.
The total market capitalization of stablecoins is $310 billion, with USDT having a market capitalization of $179.4 billion, accounting for 57.87% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $75.4 billion, accounting for 24.35%; and DAI with a market capitalization of $5.36 billion, accounting for 1.73%.
According to DeFiLlama data, the total TVL of DeFi this week is $157.4 billion, down from $169.1 billion last week, representing a decline of 6.92%. By public chain, the top three chains by TVL are Ethereum with a share of 67.53%; Solana with a share of 8.6%; and BNBChain with a share of 6.9%.
From on-chain data, in terms of daily trading volume, all public chains except Aptos, which decreased by 27.2%, showed an upward trend this week. Among them, Ethereum increased by 91.15%, Solana by 58.27%, BNBChain by 58.12%, Toncoin by 28.2%, and Sui by 23.2%. In terms of transaction fees, Ethereum and Solana both decreased by 50%, while BNBChain, Toncoin, and Sui remained stable, and Aptos decreased by 33.3%; in terms of daily active addresses, Solana increased by 13.9%, BNBChain by 23.2%, Toncoin by 21.4%, and Aptos by 30.4%; conversely, Ethereum decreased by 6.4% and Sui by 16.7%. In terms of TVL, the overall trend this week is downward, with only BNBChain increasing by 1.9%, while Ethereum decreased by 8.55%, Solana by 12.52%, Toncoin by 17.3%, Sui by 19.6%, and Aptos by 9.6%.
Innovative projects to watch: Aborean is a DeFi protocol designed specifically for Abstract, aimed at enhancing capital efficiency; XSY is a DeFi protocol focused on building the digital synthetic dollar $UTY, aiming to unlock value potential in the blockchain ecosystem in a structured and scalable manner; Punk.auction is a decentralized protocol built on Ethereum, aimed at purchasing and auctioning CryptoPunks through automated mechanisms.
Table of Contents
Key Points
I. Market Overview
Total cryptocurrency market capitalization / Bitcoin market capitalization share
Fear Index
ETF inflow and outflow data
ETH/BTC and ETH/USD exchange rates
Decentralized Finance (DeFi)
On-chain data
Stablecoin market capitalization and issuance status
II. This Week's Hot Money Trends
Top five VC coins and Meme coins by increase this week
New project insights
III. Industry News
Major industry events this week
Important financing from last week
IV. Reference Links
I. Market Overview
1. Total cryptocurrency market capitalization / Bitcoin market capitalization share
The total market capitalization of cryptocurrencies is $4.01 trillion, down from $4.46 trillion last week, representing a decline of 10.09% this week.
_Data Source: cryptorank_
Data as of October 12, 2025
As of the time of writing, the market capitalization of Bitcoin is $2.29 trillion, accounting for 57.2% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $310 billion, accounting for 7.73% of the total cryptocurrency market capitalization.
Data Source: coingeck
Data as of October 12, 2025
2. Fear Index
The cryptocurrency fear index is 37, indicating fear.
Data Source: coinglass
Data as of October 12, 2025
3. ETF inflow and outflow data
As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $62.77 billion, with a net inflow of $2.71 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $14.91 billion, with a net inflow of $4.88 million this week.
Data Source: sosovalue
Data as of October 12, 2025
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Current price $3,456, historical highest price $4,946, down approximately 16.38% from the highest price.
ETHBTC: Currently at 0.035882, historical highest at 0.1238.
Data Source: ratiogang
Data as of October 12, 2025
5. Decentralized Finance (DeFi)
According to DeFiLlama data, the total TVL of DeFi this week is $157.4 billion, down from $169.1 billion last week, representing a decline of 6.92%.
Data Source: defillama
Data as of October 12, 2025
By public chain, the top three chains by TVL are Ethereum with a share of 67.53%; Solana with a share of 8.6%; and BNBChain with a share of 6.9%.
Data Source: CoinW Research Institute, defillama
Data as of October 12, 2025
6. On-chain data
Layer 1 related data
Mainly analyzing the current data of major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APT based on daily trading volume, daily active addresses, and transaction fees.
Data Source: CoinW Research Institute, defillama, Nansen
Data as of October 12, 2025
● Daily trading volume and transaction fees: Daily trading volume and transaction fees are core indicators of public chain activity and user experience. In terms of daily trading volume, all public chains except Aptos, which decreased by 27.2%, showed an upward trend this week. Among them, Ethereum had the most significant increase, rising by approximately 91.15%, Solana by 58.27%, BNBChain by 58.12%, Toncoin by 28.2%, and Sui by 23.2%. In terms of transaction fees, Ethereum and Solana both decreased by 50%, while BNBChain, Toncoin, and Sui remained stable, and Aptos decreased by 33.3%.
● Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects the level of user trust in the platform. In terms of daily active addresses, there were significant changes this week. Solana increased by 13.9%, BNBChain by 23.2%, Toncoin by 21.4%, and Aptos by 30.4%; conversely, Ethereum decreased by 6.4% and Sui by 16.7%. In terms of TVL, the overall trend this week is downward, with only BNBChain increasing by 1.9%, while Ethereum decreased by 8.55%, Solana by 12.52%, Toncoin by 17.3%, Sui by 19.6%, and Aptos by 9.6%.
Layer 2 related data
● According to L2Beat data, the total TVL of Ethereum Layer 2 is $44.98 billion, down from $47.88 billion last week, with an overall decline of 7.36%.
Data Source: L2Beat
Data as of October 12, 2025
- Base and Arbitrum occupy the top positions with market shares of 38.26% and 35%, respectively, with Base still ranking first in Ethereum Layer 2 TVL this week.
Data Source: footprint
Data as of October 12, 2025
7. Stablecoin Market Capitalization and Issuance Status
According to Coinglass data, the total market capitalization of stablecoins is $310 billion. Among them, USDT has a market capitalization of $179.4 billion, accounting for 57.87% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $75.4 billion, accounting for 24.35%; and DAI with a market capitalization of $5.36 billion, accounting for 1.73%.
Data Source: CoinW Research Institute, Coinglass
Data as of October 12, 2025
According to Whale Alert data, this week, USDC Treasury issued a total of 2.65 billion USDC, and Tether Treasury issued a total of 1 billion USDT, with a total issuance of stablecoins this week amounting to 3.65 billion, down from 4.04 billion last week, representing a decline of approximately 9.65% in stablecoin issuance.
Data Source: Whale Alert
Data as of October 12, 2025
II. This Week's Hot Money Trends
1. Top Five VC Coins and Meme Coins by Increase This Week
The top five VC coins by increase over the past week
Data Source: CoinW Research Institute, coinmarketcap
Data as of October 12, 2025
The top five Meme coins by increase over the past week
Data Source: CoinW Research Institute, coinmarketcap
Data as of October 12, 2025
2. New Project Insights
Aborean is a DeFi protocol designed specifically for Abstract, aimed at enhancing capital efficiency. Aborean integrates liquidity provision, governance mechanisms, and incentive structures to build a flexible and robust liquidity infrastructure for the Abstract ecosystem.
XSY is a DeFi protocol focused on building the digital synthetic dollar $UTY, aiming to unlock the dormant value potential in the blockchain ecosystem in a structured and scalable manner. XSY focuses on innovative designs for synthetic assets and stablecoin protocols, providing more efficient on-chain liquidity and capital utilization.
Punk.auction is a decentralized protocol built on Ethereum, aimed at purchasing and auctioning CryptoPunks through automated mechanisms. Its uniqueness lies in the fact that a portion of the token supply is burned during each transaction, creating a deflationary economic model.
III. Industry News
- Major Industry Events This Week
GitFish V2, a platform focused on tokenizing and trading GitHub code repositories, has launched on Solana. GitFish supports open source and states that each GitHub project can be converted into a coin, with popular projects requiring more coins to launch.
The9 Limited has launched The9Bit, a next-generation Web3.5 gaming platform, with the ultimate BitBox treasure chest event, featuring a total prize pool of 1,000 SOL. Participants can receive instant rewards by opening virtual treasure chests, with the highest prize being 900 SOL. This event is an upgrade based on the previous beta version, aimed at improving community incentive mechanisms. Existing users will automatically qualify for participation, while new users can earn points by completing tasks to participate.
The Easy Residency incubation program by YZi Labs has launched its second season on October 6, covering the fields of Web3, AI, and biotechnology.
- Major Upcoming Events Next Week
The Solana ecosystem liquidity protocol Meteora has stated that it will not delay the TGE date due to market changes, and the TGE will proceed as planned on October 23.
Aster has announced that the new Aster Phase 2 airdrop query is now live, allowing users to choose between receiving the airdrop or a full refund of S2 transaction fees. The deadline for selecting the airdrop option is October 13, with the ASTER airdrop opening on October 14, and refund applications for transaction fees open until October 16.
The AI agent and virtual influencer platform Fleek will conduct its TGE on October 14. Fleek is referred to as the Shopify of AI, supporting developers, creators, and brands to build and monetize AI agents and virtual beings on its platform.
Intuition will conduct its TGE on October 15. Intuition is a decentralized identity infrastructure that allows users to create proofs on any topic, storing information in a way that is easy to navigate, query, and utilize for other applications.
The AI-driven RWA Layer2 network Novastro will conduct its TGE on October 15. Novastro.xyz is the online portal for the Novastro blockchain platform, dedicated to the digital management of real-world assets such as stocks and commodities.
- Important Financing from Last Week
Polymarket completed a $2 billion strategic financing round, with a latest valuation of approximately $9 billion, led by Intercontinental Exchange. Founded in 2018, Polymarket is a decentralized prediction market platform that allows users to trade based on real-world events and profit from prediction outcomes. The platform reflects market consensus probabilities for future events through trading prices and utilizes Chainlink oracles to ensure the reliability of price results, becoming one of the world's leading real-time prediction and information markets. (October 7, 2025)
Kalshi completed a $300 million financing round, with a latest valuation of approximately $5 billion, co-invested by Andreessen Horowitz, Paradigm, Coinbase Ventures, Sequoia Capital, and others. Founded in 2019, Kalshi is a federally approved prediction market platform in the U.S. that allows users to trade contracts based on real-world events. Recently, it has added native support for Solana and on-chain USDC and partnered with Robinhood to launch a sports event prediction market. (October 10, 2025)
Galaxy Digital completed a $460 million financing round, with funds primarily used to expand its global presence in digital asset trading, asset management, and investment banking. Galaxy Digital was founded by Mike Novogratz and trades under the NASDAQ ticker GLXY, covering trading, asset management, principal investments, investment banking, and mining, dedicated to providing comprehensive financial solutions across the entire digital asset ecosystem for institutional and high-net-worth clients. (October 10, 2025)
IV. Reference Links
Aborean, https://x.com/AboreanFi
XSY, https://x.com/xsy_fi
Polymarket, https://x.com/Polymarket
Kalshi, https://x.com/Kalshi
Galaxy Digital, https://x.com/GalaxyHQ
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