CoinW Research Institute Weekly Report (March 2, 2026 - March 8, 2026)

Key Points

The total market capitalization of cryptocurrencies worldwide is $2.37 trillion, compared to $2.35 trillion last week, representing an increase of approximately 0.85% this week. As of the time of writing, the total net inflow of the Bitcoin spot ETF in the U.S. is approximately $55.37 billion, with a net inflow of $568 million this week; the total net inflow of the Ethereum spot ETF in the U.S. is approximately $11.63 billion, with a net inflow of $23.56 million this week.

The total market capitalization of stablecoins is $306.6 billion, down from $312 billion last week, a decrease of about 1.73%; among these, USDT has a market cap of $183.89 billion, accounting for 59.9% of the total market capitalization of stablecoins, which remains virtually the same as last week; next is USDC, with a market cap of $77.2 billion, accounting for 25.1%, up from $75.2 billion last week, an increase of about 2.65%; DAI has a market cap of $5.37 billion, accounting for 1.75% of the total market capitalization of stablecoins, unchanged from last week.

According to DeFiLlama, the total TVL of DeFi this week is $95.505 billion, an increase of about 2.53% from $93.143 billion last week. By blockchain classification, the three blockchains with the highest TVL are Ethereum, accounting for 56.92%; Solana, accounting for 6.84%; and BNB Chain, accounting for 6.02%.

This week, the on-chain activity of major public chains has generally weakened. Daily trading volumes on DEX have decreased across the board, with notable declines in Solana ($0.969B, -68.33%), BNB Chain ($0.645B, -51.87%), and Sui ($0.049B, -51.33%), while Ethereum ($0.862B, -36.62%), Ton ($0.0024B, -18.67%), and Aptos ($0.033B, -16.50%) have also seen varying degrees of decline. In terms of transaction fees, the overall changes remain minimal, with Ethereum, BNB Chain, and Ton around $0.01, while Solana ($0.003) and Aptos ($0.000001) saw slight increases of 8.30% and 4.81%, respectively, while Sui ($0.00144, -12.94%) saw a decline. Regarding user activity, Sui (179,000, +29.11%) and Ton (117,000, +4.84%) showed increases in daily active addresses, while other chains declined, with Aptos (928,000, -14.76%), BNB Chain (2.31 million, -13.48%), Ethereum (525,000, -9.29%), and Solana (1.91 million, -6.37%). Overall, TVL showed a slight upward trend, with Ethereum's TVL reaching $54.19B (+2.24%), continuing to maintain its absolute lead, followed by Solana ($6.54B) and BNB Chain ($5.75B), with other chains showing relatively limited increases.

New project focus: Probable Markets is an on-chain prediction market platform built on BNB Chain that allows users to trade probabilities around real-world events such as politics, sports, finance, and cryptocurrencies. Cyclops is a stablecoin and crypto payment infrastructure platform designed for the payment industry, aiming to help payment service providers (PSPs), acquirers, and merchants quickly integrate digital asset capabilities. QFEX is a 24/7 global trading platform for traditional financial asset transactions, introducing the common perpetual contract model found in crypto markets to traditional financial assets, allowing users to trade U.S. stocks, commodities, and foreign exchange around the clock with leverage of approximately 50–100 times.

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 Capitalization and Issuance Status

II. Hot Money Trends this Week

1. Top Five VC Coins and Meme Coins by Growth this Week

2. New Project Insights

III. Industry News

1. Major Industry Events this Week

2. Upcoming Major Events Next Week

3. Important Funding and Investments Last Week

IV. Reference Links

I. Market Overview

1. Total Market Capitalization of Cryptocurrencies/Bitcoin Market Capitalization Ratio

The global Total Market Capitalization of Cryptocurrencies is $2.37 trillion, up from $2.35 trillion last week, and the total market capitalization of cryptocurrencies has risen by about 0.85% this week.

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

Data as of March 8, 2026

As of writing, the market cap of Bitcoin is $1.32 trillion, accounting for 55.69% of the total cryptocurrency market capitalization. Meanwhile, the market cap of stablecoins is $306.6 billion, accounting for 12.94% of the total cryptocurrency market capitalization.

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

Data as of March 8, 2026

2. Fear Index

The cryptocurrency fear index is 9, indicating extreme fear.

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

Data as of March 8, 2026

3. ETF Inflow and Outflow Data

As of writing, the total net inflow of Bitcoin spot ETFs in the U.S. is approximately $55.37 billion, with a net inflow of $568 million this week; the total net inflow of Ethereum spot ETFs in the U.S. is approximately $11.63 billion, with a net inflow of $2.356 million this week.

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

Data as of March 8, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $1,956.59, highest historical price $4,946.05, approximately 60.57% decrease from the highest price.

ETHBTC: Current rate is 0.029377, highest historical rate is 0.1238.

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

Data as of March 8, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $95.505 billion, an increase of approximately 2.53% from $93.143 billion last week.

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

Data as of March 8, 2026

By blockchain classification, the three blockchains with the highest TVL are Ethereum, accounting for 56.92%; Solana, accounting for 6.84%; and BNB Chain, accounting for 6.02%.

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

Data as of March 8, 2026

6. On-chain Data

Layer 1 Related Data

This data is primarily analyzed from daily trade volume, daily active addresses, and transaction fees, focusing on the current major Layer 1 blockchains, including ETH, SOL, BNB, TON, SUI, and APTOS.

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

Data as of March 8, 2026

On-chain DEX Daily Trading Volume and Transaction Fees: The daily trading volume and transaction fees of on-chain DEX are core indicators for measuring the activity level and user experience of public chains. This week, daily trading volumes on chains have generally decreased. Among them, Solana ($0.969B, -68.33%), BNB Chain ($0.645B, -51.87%), and Sui ($0.049B, -51.33%) experienced significant declines; the remaining chains saw more moderate declines, namely Ethereum ($0.862B, -36.62%), Ton ($0.0024B, -18.67%), and Aptos ($0.033B, -16.50%). In terms of transaction fees, this week, Ethereum ($0.01), BNB Chain ($0.01), and Ton ($0.01) remained stable compared to last week; Solana ($0.003) and Aptos ($0.000001) increased by 8.30% and 4.81%, respectively, while Sui ($0.00144) decreased by 12.94%.

Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user engagement of public chains, while TVL reflects user trust in the platform. This week, Sui (179,000, +29.11%) and Ton (117,000, +4.84%) saw increases in daily active addresses; other chains saw declines as follows: Aptos (928,000, -14.76%), BNB Chain (2.31 million, -13.48%), Ethereum (525,000, -9.29%), and Solana (1.91 million, -6.37%). This week, TVL overall showed a slight increase, with BNB Chain ($5.75B, +4.13%), Ethereum ($54.19B, +2.24%), Sui ($0.561B, +1.96%), Aptos ($0.316B, +1.94%), Solana ($6.54B, +0.51%), and Ton ($0.060B, +0.07%).

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $31.90 billion, an increase of 0.28% from $31.81 billion last week.

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

Data as of March 8, 2026

This week, Base and Arbitrum's market shares were 32.68% and 16.46%, ranking first and second, respectively.

Data Source: CoinGecko, https://www.coingecko.com/en/chains/layer-2

Data as of March 8, 2026

7. Stablecoin Market Capitalization and Issuance Status

According to Coinglass data, the total market capitalization of stablecoins is $306.6 billion, down from $312 billion last week, a decrease of about 1.73%; USDT has a market cap of $183.89 billion, accounting for 59.9% of the total market capitalization of stablecoins, up from $183.67 billion last week, approximately 0.11%; next is USDC with a market cap of $77.2 billion, accounting for 25.1%, up from $75.2 billion last week by about 2.65%; DAI has a market cap of $5.37 billion, accounting for 1.75%, unchanged from last week.

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

Data as of March 8, 2026

According to Whale Alert data, this week, USDC Treasury has issued a total of 3.333 billion USDC, while Tether Treasury has issued no USDT. The total issuance of stablecoins this week is 3.333 billion, an increase of 23.9% compared to last week's total issuance of stablecoins (2.69 billion).

Data Source: Whale Alert, https://x.com/whale_alert

Data as of March 8, 2026

II. Hot Money Trends this Week

1. Top Five VC Coins and Meme Coins by Growth this Week

Top Five VC Coins by Growth in the Past Week

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

Data as of March 8, 2026

Top Five Meme Coins by Growth in the Past Week

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

Data as of March 8, 2026

2. New Project Insights

Probable Markets is an on-chain prediction market platform built on BNB Chain that allows users to trade probabilities around real-world events such as politics, sports, finance, and cryptocurrencies. The platform splits event outcomes into tradable "result shares," which fluctuate between $0–1, corresponding to the market's judgment on the probability of an event occurring; if the event ultimately occurs, the share settles at $1, otherwise it becomes zero. Probable uses a Central Limit Order Book (CLOB) trading model, forming prices through real buy and sell orders, and employs UMA Optimistic Oracle for event result adjudication, achieving on-chain transparent settlement and verifiable records. The platform emphasizes low-friction trading experiences, such as zero trading fees, gas sponsorships, and flexible capital deposit and withdrawal mechanisms, aiming to convert users' judgments about future events into tradable probability assets.

Cyclops is a stablecoin and crypto payment infrastructure platform designed for the payment industry, committed to helping payment service providers (PSPs), acquirers, and merchants quickly integrate digital asset capabilities. The platform provides crypto payment access, stablecoin settlements, cross-border payments, capital conversion (fiat/stablecoin/crypto assets), and crypto fund reception and payment functionalities, allowing traditional payment companies to support digital asset business without building their own blockchain infrastructure. Cyclops was founded by a team with experience building crypto products in payment companies, aiming to address the fragmentation of the crypto payment ecosystem by providing a unified tech stack and offering a one-stop stablecoin and crypto payment solution, accelerating the application of stablecoins in the global payment system.

QFEX is a 24/7 global trading platform focused on traditional financial asset transactions, introducing the common perpetual futures model found in crypto markets to traditional financial assets, allowing users to trade U.S. stocks, commodities, and foreign exchange around the clock and providing leverage of approximately 50–100 times. QFEX adopts a Central Limit Order Book (CLOB) architecture, supporting deposits in fiat and crypto assets, allowing users to participate in market trading directly without brokers, aiming to build a more efficient, low-cost, and always-on global trading infrastructure.

III. Industry News

1. Major Industry Events this Week

On March 5, 2026, the prediction market protocol Opinion completed its OPN token TGE (Token Generation Event), with an initial circulating supply of about 198.5 million (about 19.85%), out of a total token supply of 1 billion. The overall airdrop plan for OPN accounts for about 23.5% of the token supply, with 3.5% released at TGE, while the remainder will be distributed gradually through subsequent stages. The project previously launched an airdrop inquiry platform on March 2, 2026, and required users to register their airdrop addresses before March 1 to determine the token receipt addresses.

On March 5, 2026, the perpetual contract DEX Paradex based on the Starknet ecosystem launched its DIME token Genesis Airdrop through its foundation. The airdrop was open for claim on March 5 at 15:00 Beijing time, and eligible users can claim tokens through the Paradex platform interface within two weeks; the initial trading time for DIME is set for March 5 at 22:00 Beijing time and will be available only on Paradex initially, with plans to be listed on more trading platforms in the future. Additionally, the project updated its token economic model: the community airdrop ratio was increased from 20% to 25%, with the foundation acquiring 4.4% of the token supply through XP purchases, thereby reducing the initial circulating supply at TGE to about 24.5% (excluding foundation treasury) to strengthen community distribution and optimize early circulation structure.

On March 4, 2026, CJ, the founder of the decentralized prediction market platform Limitless on the Base chain announced that to attract users from Opinion, the platform will launch a double points event for users who traded on Opinion before February 28, 2026. This event runs from March 2 to April 5, 2026, and eligible users trading on Limitless can earn double points, which will enhance their weight in future airdrop allocation. The official also stated that after the third season activities of Limitless end on May 25, 2026, the platform will conduct a fair, transparent, and timely airdrop distribution.

Avantis (AVNT) launched the second season airdrop claim on March 5, 2026, allowing users to claim their airdrop in batches over 4 days, unlocking 25% each day. Furthermore, Avantis continues to incentivize traders and liquidity providers through the XP points (Avantis XP) campaign, providing a basis for future ecological distribution and potential further airdrops. The project is a chain-based derivatives trading protocol built on the Base ecosystem, supporting synthetic perpetual trading of crypto assets, foreign exchange, and commodities while allowing users to provide liquidity to the market.

2. Upcoming Major Events Next Week

EarnPark plans to launch its Token Sale Tier 5 on April 13, 2026, issuing 15 million PARK tokens (approximately 1.5% of the total supply) at a price of $0.018. The project also plans to advance the PARK token TGE and exchange listing after completing the final phase of public fundraising. The official has adjusted the TGE and listing dates to a window in the first quarter of 2026, but specific dates are yet to be announced; additionally, the platform will provide approximately $1 million worth of PARK airdrop rewards to community users through the PARK Lounge point system, aimed at incentivizing early participants and increasing community engagement. EarnPark is a crypto asset management platform that combines CeFi and DeFi yield strategies, providing yield products for assets such as BTC, ETH, and USDT through algorithmic strategies.

USD.AI (CHIP) is expected to conduct a TGE (Token Generation Event) in March 2026, during which tokens will be 100% unlocked and distributed to participants, with trading markets potentially launching simultaneously. The project opened airdrop KYC and community qualification screening activities before the public offering, mainly targeting users who previously participated in Allo Game ecological activities to determine part of the early token distribution eligibility. From February 22 to February 27, 2026, USD.AI conducted an ICO public offering on CoinList, issuing tokens at a price of $0.03 per CHIP, selling approximately 647 million tokens (about 6–7% of the total supply), raising approximately $19.4 million in the public offering. This project is a DeFi protocol that integrates AI computing power financing and stablecoin issuance, providing financing for AI infrastructure through GPU asset collateral loans.

EarnBIT (EBT) is a crypto ecosystem combining cryptocurrency exchanges (CEX) and real-time livestreaming platforms, allowing users to watch trading livestreams, learn strategies, and participate in community interactions directly from the trading interface. The EBT token IEO launched on September 15, 2025, at an issuance price of $0.05 per token, with plans to raise up to $10.2 million through multiple rounds of sales, concluding the current round of ICO / IEO on March 15, 2026. According to the issuance schedule, the project TGE (Token Generation Event) is expected to occur in the second quarter of 2026, at which point the tokens will be formally generated and enter market circulation. EBT is the core functional token of the platform, usable for trading fee discounts, priority participation in Launchpad projects, staking rewards, and livestream content incentives and advertising systems.

3. Important Funding and Investments Last Week

Latin American stablecoin financial application ARQ completed a $70 million financing round, with participation from Sequoia Capital and Founders Fund. ARQ, previously known as DolarApp, is a stablecoin financial application aimed at Latin American users, providing multi-currency accounts, digital wallets, foreign exchange, and debit cards, helping users achieve cross-border funds storage and transfer. The project built an infrastructure connecting traditional banking networks and stablecoin payment systems, enabling users to hold foreign currencies and conduct transactions. (March 4, 2026)

The digital asset trading firm Crossover Markets Group completed a $31 million Series B financing round led by Tradeweb Markets, with participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute, XTX Markets, and Illuminate Financial, bringing the company's valuation to approximately $200 million. Crossover was established in 2022 by seasoned forex market professionals from Jefferies and Euronext FX, committed to providing digital asset trading infrastructure for institutional clients. Its core product, CROSSx, uses an ECN (Electronic Communication Network) model, separating trade execution from custody and credit services. As part of this financing, Tradeweb plans to use its algorithmic trading technology to route crypto asset orders for institutional clients through this platform, providing them direct access to the digital asset market. (March 5, 2026)

The perpetual contract trading platform QFEX announced the completion of a $9.5 million seed round of financing led by Yuri Sagalov (General Catalyst), with participation from Paul Graham and Y Combinator, along with other investors including Nexus Venture Partners, Moonfire Ventures, Goodwater Capital, Liquid2 Ventures, 468 Capital, and Ritual Ventures, among others. QFEX is a hybrid perpetual contract trading platform that allows for 24/7 trading of traditional financial assets such as U.S. stocks, indices, foreign exchange, and commodities in a crypto-styled perpetual trading model, offering leverage of approximately 50 times. (March 5, 2026)