Author: CoinW Research Institute
Key points
The global cryptocurrency market capitalization totaled $2.35 trillion, up approximately 2.17% from $2.30 trillion last week. As of press time, the cumulative net inflow into US Bitcoin spot ETFs was approximately $54.8 billion, with a net inflow of $787 million this week; the cumulative net inflow into US Ethereum spot ETFs was approximately $11.6 billion, with a net inflow of $80.46 million this week.
This week, the total issuance of stablecoins was 2.69 billion, and the total amount burned was 10.14 billion. The total market capitalization of stablecoins was $312 billion, a decrease of approximately 2.33% from $304.9 billion last week. Among them, USDT's market capitalization was $183.67 billion, accounting for 58.87% of the total stablecoin market capitalization, an increase of approximately 0.05% from $183.57 billion last week; followed by USDC with a market capitalization of $75.2 billion, accounting for 24.1% of the total stablecoin market capitalization, an increase of approximately 1.08% from $74.4 billion last week; DAI's market capitalization was $5.37 billion, accounting for 1.72% of the total stablecoin market capitalization, unchanged from last week.
According to DeFiLlama data, the total TVL of DeFi this week was $93.143 billion, an increase of approximately 1.37% from $91.88 billion last week. Breaking it down by public blockchain, the three blockchains with the highest TVL were Ethereum (56.90%), Solana (6.98%), and BNB Chain (5.93%).
This week, the overall daily trading volume on on-chain DEXs showed increased divergence, with some public chains experiencing significant increases in volume. Ethereum's daily trading volume was $1.36 billion, a decrease of approximately 10.9%; Solana's was $3.06 billion, an increase of approximately 38.5%; and BNB Chain's was $1.34 billion, an increase of approximately 85.9%. Sui rose to $100 million, an increase of approximately 8.7%; Aptos rose to $40 million, an increase of approximately 29%; and TON rose to $3 million, an increase of approximately 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.
Regarding active addresses this Sunday, overall activity declined. Ethereum had 579,300, down approximately 10.8%; Aptos had 1,089,400, down approximately 24.8%. Meanwhile, Solana had 2,040,000, down approximately 11.7%; BNB Chain had 2,670,000, up approximately 0.8%; Sui had 139,000, down approximately 56.3%; and TON fell to 111,600, down approximately 7.8%. TVL (TVL) also saw slight pressure: Ethereum had $53 billion, down approximately 1.5%; Solana had $6.51 billion, up approximately 2.5%; BNB Chain had $5.52 billion, down approximately 1.8%; Sui had $550 million, down approximately 0.5%; Aptos had $310 million, up approximately 14.4%; and TON had $60 million, down approximately 4.8%.
New projects to watch: Cash City is a degen-style blockchain game built on the Solana ecosystem, positioned as a highly volatile and highly participatory speculative game, emphasizing community-driven development 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 and verifiable quality assessment and economic signal system for the Agent ecosystem; NUVA Finance is an RWA-related DeFi protocol jointly developed by Animoca Brands and NUVA Labs, dedicated to introducing institutional-grade asset investment opportunities onto the chain in a decentralized, composable, and transparent manner.
Table of contents
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 Cap and Issuance Status
II. Hot Money Flows This Week
1. The top five gainers this week: VC coin and Meme coin
2. New Project Insights
III. New Industry Trends
1. Major Industry Events This Week
2. Major events that will happen next week
3. Key Investment and Financing Activities Last Week
IV. Reference Links
I. Market Overview
1. Total market capitalization of cryptocurrencies / Bitcoin market capitalization ratio
The global cryptocurrency market capitalization is $2.35 trillion, up approximately 2.17% 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 was $1.32 trillion, accounting for 56.09% of the total cryptocurrency market capitalization. Meanwhile, stablecoins had a market capitalization of $312 billion, representing 13.31% of the total cryptocurrency market capitalization.
Data source: Coingeck, https://www.coingecko.com/en/charts
Data as of March 1, 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 1, 2026
3. ETF Inflow and Outflow Data
As of press time, the total net inflow into U.S. Bitcoin spot ETFs is approximately $54.8 billion, with a net inflow of $787 million this week; the total net inflow into U.S. Ethereum spot ETFs is approximately $11.6 billion, with a net inflow of $80.46 million this week.
Data source: Sosovalue, https://sosovalue.com/assets/etf
Data as of March 1, 2026
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Current price $1,949, all-time high $4,946.05, down approximately 60.62% from the high.
ETHBTC: Currently at 0.029488, with an all-time high of 0.1238.
Data source: Ratiogang, https://ratiogang.com/
Data as of March 1, 2026
5.Decentralized Finance (DeFi)
According to DeFiLlama data, the total TVL of DeFi this week was $93.143 billion, up about 1.37% from $91.88 billion last week.
Data source: Defillama, https://defillama.com
Data as of March 1, 2026
Based on public blockchains, the three public blockchains with the highest TVL are Ethereum (56.90%), Solana (6.98%), and BNB Chain (5.93%).
Data source: CoinW Research Institute, Defillama, https://defillama.com
Data as of March 1, 2026
6. On-chain data
Layer 1 related data
The analysis primarily focuses on daily trading volume, daily active addresses, and transaction fees of on-chain DEXs, currently covering Layer 1 cryptocurrencies including ETH, SOL, BNB, TON, SUI, and APT.
Data source: CoinW Research Institute, 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 indicators for measuring public chain activity and user experience. The overall daily trading volume of on-chain DEXs is showing increasing divergence, with some public chains experiencing significant increases in volume. Ethereum's daily trading volume was $1.36 billion, a decrease of approximately 10.9%; Solana's daily trading volume was $3.06 billion, an increase of approximately 38.5%; and BNB Chain's daily trading volume was $1.34 billion, an increase of approximately 85.9%. Sui's daily trading volume rose to $100 million, an increase of approximately 8.7%; Aptos's daily trading volume rose to $40 million, an increase of approximately 29%; and TON's daily trading volume rose to $3 million, an increase of approximately 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 the previous week.
Daily Active Addresses and TVL: Daily active addresses reflect a public blockchain's ecosystem participation and user stickiness, while TVL reflects users' trust in the platform. Regarding daily active addresses, overall activity has declined. Ethereum had 579,300, a decrease of approximately 10.8%; Aptos had 1,089,400, a decrease of approximately 24.8%. Meanwhile, Solana had 2,040,000, a decrease of approximately 11.7%; BNB Chain had 2,670,000, an increase of approximately 0.8%; Sui had 139,000, a decrease of approximately 56.3%; and TON fell back to 111,600, a decrease of approximately 7.8%. TVL (TVL) saw slight overall pressure: Ethereum was $53 billion, down about 1.5%; Solana was $6.51 billion, up about 2.5%; BNB Chain was $5.52 billion, down about 1.8%; Sui was $550 million, down about 0.5%; Aptos was $310 million, up about 14.4%; and TON was $60 million, down about 4.8%.
Layer 2 related data
According to L2Beat data, the total TVL of Ethereum Layer 2 is $31.81 billion, down about 3.49% from $32.96 billion last week.
Data source: L2Beat, https://l2beat.com/scaling/tvs
Data as of March 1, 2026
Base and Arbitrum hold the top positions with market shares of 36.51% and 33.94% respectively. This week, Base ranked first in the TVL of Ethereum Layer 2.
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 Status
According to Coinglass data, the total market capitalization of stablecoins is $312 billion, a decrease of approximately 2.33% from $304.9 billion last week. Among them, USDT's market capitalization is $183.67 billion, accounting for 58.87% of the total stablecoin market capitalization, an increase of approximately 0.05% from $183.57 billion last week. Next is USDC, with a market capitalization of $75.2 billion, accounting for 24.1% of the total stablecoin market capitalization, an increase of approximately 1.08% from $74.4 billion last week. DAI's market capitalization is $5.37 billion, accounting for 1.72% of the total stablecoin market capitalization, unchanged from last week.
Data source: CoinW Research Institute, 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 did not issue any USDT. The total issuance of stablecoins this week was 2.69 billion, an increase of approximately 28.83% compared to the 2.088 billion stablecoins issued last week. A total of 10.14 billion stablecoins were burned this week.
Data source: Whale Alert, https://x.com/whale_alert
Data as of March 1, 2026
II. Hot Money Flows This Week
1. The top five gainers this week: VC coin and Meme coin
The top five performing VC coins in the past week
Data source: CoinW Research Institute, Coinmarketcap, https://coinmarketcap.com/
Data as of March 1, 2026
The top five gainers in the past week: Meme coins
Data source: CoinW Research Institute, Coinmarketcap, https://coinmarketcap.com/
Data as of March 1, 2026
2. New Project Insights
Cash City is a degen-style blockchain game built on the Solana ecosystem. Positioned as a highly volatile, highly participatory speculative game, it emphasizes community-driven development and on-chain asset interaction. Currently, its token is not yet listed and it is in its early stages of development. From a sector perspective, it belongs to the lightweight on-chain entertainment application within the Solana ecosystem, and its core competitiveness will depend on gameplay design, token economic model, and community activity.
Spirit Protocol is an on-chain autonomous agent economy infrastructure protocol deployed on the Base mainnet, dedicated to establishing a quantifiable and verifiable quality assessment and economic signaling system for the Agent ecosystem. Its core product is the Spirit Index, which provides a rating and benchmark index-like reference framework for the agent economy by continuously scoring and structurally tracking selected agents, emphasizing long-term performance and real economic output.
NUVA Finance is a DeFi protocol related to Real-World Assets (RWA) jointly developed by Animoca Brands and NUVA Labs. Positioned as a platform for global users to on-chain and access liquidity for real-world assets, it aims to introduce institutional-grade asset investment opportunities onto the blockchain in a decentralized, composable, and transparent manner. NUVA Finance emphasizes transforming real-world assets into on-chain assets that can be circulated and combined within DeFi, improving liquidity and efficiency. It plans to use a token model to allow holders to share in protocol revenue and participate in governance, building a new RWA financial model that combines revenue distribution and community building.
III. New Industry Trends
1. Major Industry Events This Week
Huma Finance has announced that the third quarter airdrop of HUMA tokens is open for application, ending on March 26th, with a snapshot date of February 24th. The fourth quarter airdrop has already begun. Users can claim the entire allocation at once during the third quarter. After claiming, users can stake HUMA to earn a 4% annualized yield. Withdrawing locked PST or mPST during the claiming period will affect the allocation for the next quarter.
MetaMask announced that the first quarter LINEA token rewards are now available for collection. From February 24th to the following two weeks, users can collect their rewards through the MetaMask mobile app.
The Fabric Foundation announced that the ROBO token claim page is now open to eligible users who have signed the terms. Users can claim their ROBO tokens before March 13th. The Fabric Protocol is a global open network supported by the Fabric Foundation that enables the building, governance, and collaboration of general-purpose robots through verifiable computation and agent-native infrastructure. The protocol coordinates data, computation, and oversight based on a public ledger, combined with modular infrastructure to enable safe collaboration between humans and machines. ROBO serves as the native token driving governance and economic incentives, allowing contributors to earn rewards through resource participation.
Arbitrum has announced the launch of its Arbitrum Mentorship Program, scheduled to begin on April 13th. The program is currently recruiting early-stage teams at the MVP, Pre-seed, or Seed stage, and applications are now open. The 15 selected early-stage startups will receive: full-process support from idea to product launch; one-on-one mentorship from top teams and developers in the Arbitrum ecosystem; and opportunities to meet and be introduced to venture capital firms. In addition, the program includes a Demo Day, where the top three teams will compete for a $100,000 prize pool.
CoinList has opened a USD.AI whitelist sale, exclusively for Allo Game participants, and offers full refunds and discounts. Participants will receive a guaranteed allocation based on their Allo Game points and can subscribe additionally beyond their guaranteed allocation. If the sale is not fully subscribed, the excess subscription will be converted into additional CHIP tokens proportionally. CHIP tokens will be 100% unlocked at TGE (expected March 2026), and the sale period ended on February 27th.
2. Major events that will happen next week
Rayls will launch its RLS pre-staking lock-up on March 3rd to prepare for the mainnet launch in Q3 2026. Users participating in the pre-staking will receive up to 50% APY bonuses for the first three months after mainnet launch, after which the yield is expected to remain around 20%. Yields will be settled monthly. The total lock-up amount is capped at 100 million RLS, with a minimum participation of 100,000 RLS, and is awarded on a first-come, first-served basis. Locked tokens will remain locked until mainnet launch and cannot be withdrawn early. After mainnet launch, users must complete three steps to activate their rewards: withdrawal, cross-chain transfer to the Rayls mainnet, and delegation on the dashboard.
The 8004 Launch Day will be held on March 4th to celebrate the launch of the ERC-8004 mainnet and the end of Genesis Month. The event will highlight the developers and contributors building some of Ethereum's first native proxy systems, covering areas such as proxy services, games, transactions, and infrastructure. Teams will showcase their released achievements, ongoing learning experiences, and future development directions.
Imperial College London is hosting the AI Agent Hackathon EP4 from March 1st to 7th. FLock.io, an AI model training and infrastructure platform, will participate as a Gold Sponsor in the event, in partnership with the Blockchain for Good Alliance, providing comprehensive technical support. Peter Steinberger, founder of OpenClaw, has also confirmed his attendance and will engage in in-depth discussions with participating teams. This year's hackathon focuses on the development of practically deployable AI agent systems and automated task workflows, emphasizing the transition from prototype to real-world application deployment. Throughout the event, the FLock API Platform will be open to participants, providing developers with a unified and secure interface that supports access to various mainstream large-scale models.
Decentralized exchange Grvt has released its 2026 roadmap, with core plans including the launch of a unified margin system, allowing BTC, ETH, and RWA tokens to earn yields while serving as collateral; integrating Layer 1 liquidity such as Aave through ZKsync Atlas starting in March; introducing TradeFi perpetual contracts for global stocks, forex, and commodities on the trading platform; and launching a community-driven spot market. Furthermore, Grvt will build an investment layer with AI agents and a payment layer supporting P2P payments and bank card deposits and withdrawals. Additionally, the GRVT token plans to release its full tokenomics in March, offering holders trading fee discounts, enhanced yields, protocol revenue sharing, and priority access to new products.
DoubleZero, a decentralized network infrastructure layer, announced that the second phase of its delegation program will launch on March 9th. The core objective is to significantly expand the Solana validator network beyond Europe and officially launch the Multicast feature. Regarding delegation incentives, the total delegation pool for DZDP has already increased from 3 million SOL to 13 million SOL. The second phase will allocate 2.4 million SOL specifically to incentivize validators in four strategic peripheral regions: São Paulo, Singapore, Hong Kong, and Tokyo. Each region can receive up to 600,000 SOL in additional delegation rewards, distributed proportionally to each validator's staking weight.
3. Key Investment and Financing Activities Last Week
Based has completed its Series A funding round, raising $11.5 million, bringing its total funding to $18.2 million. Investors include Pantera Capital, Coinbase Ventures, and Wintermute. Based is a Singapore-based omnichannel crypto trading and consumption platform that supports spot and perpetual contract trading within the Hyperliquid ecosystem and integrates with applications such as Crypto Card, positioning itself as a DeFi platform that combines trading infrastructure and consumption functionality. (February 23, 2026)
STS Digital has raised $30 million in funding, with investors including CMT Digital, Kraken, and Arrington Capital. STS Digital is a CeFi trading company focused on OTC trading and market making for digital assets. Its core team has backgrounds in traditional derivatives markets and risk management, and its business emphasizes institutional-grade liquidity provision, quote optimization, and cross-market risk hedging. (February 26, 2026)
JPYC has completed its Series B funding round, raising approximately $11.478 million (1.78 billion yen). Investors include bitFlyer and Asteria, and it has previously received support from Headline and Circle. JPYC is a compliant stablecoin protocol pegged to the Japanese yen, supporting NFT payments and the exchange of crypto assets for real-world goods. It emphasizes operating its stablecoin under Japanese regulatory frameworks and is currently deployed on public blockchains such as Ethereum, Polygon, and Avalanche. (February 28, 2026)
