Key points
The global cryptocurrency market capitalization totaled $2.7 trillion, down from $3.05 trillion last week, representing a decrease of approximately 11.5% this week. As of press time, the cumulative net inflow of Bitcoin spot trading in the US was approximately $55.01 billion, with a net outflow of $1.49 billion this week; the cumulative net inflow of Ethereum spot trading in the US was approximately $11.97 billion, with a net outflow of $327 million this week.
The total market capitalization of stablecoins was $310 billion, down approximately 0.26% from $310.8 billion last week. USDT's market capitalization was $185.1 billion, accounting for 59.7% of the total stablecoin market capitalization, a slight decrease of approximately 0.86% from $186.7 billion last week. USDC's market capitalization was $70.2 billion, accounting for 1.7% of the total stablecoin market capitalization, down approximately 3% from $72.4 billion last week. DAI's market capitalization was $5.36 billion, accounting for 1.7% of the total stablecoin market capitalization, unchanged from last week.
According to DeFiLlama data, the total TVL of DeFi this week was $105.9 billion, a decrease of approximately 9.6% from $117.2 billion last week. Breaking it down by public blockchain, the three blockchains with the highest TVL were Ethereum (56.45%), Solana (7.95%), and BNB Chain (5.7%).
This week, the daily trading volume of on-chain DEXs showed significant divergence among leading public chains. Ethereum reached $3.3 billion, up approximately 192.7%; Solana reached $4.71 billion, up approximately 49.4%; and BNB Chain reached $1.8 billion, up approximately 13.2%. Sui rebounded to $200 million, up approximately 65.3%; Aptos rose to $80 million, up approximately 14.7%; and TON fell to $5 million, down approximately 26.5%. Regarding transaction fees, Ethereum rose to $0.02, Solana rose to $0.003; Sui fell to $0.002, Aptos fell to $0.000001; and BNB Chain and TON remained at $0.01 each.
Regarding active addresses this Sunday, some public chains saw a significant recovery in activity. Ethereum reached 1.19 million, an increase of approximately 78%; Aptos rose to 1.5599 million, an increase of approximately 63.3%. Meanwhile, Solana reached 2.64 million, a decrease of approximately 2.6%; BNB Chain reached 2.61 million, a decrease of approximately 3.3%; Sui reached 648,000, a decrease of approximately 2.5%; and TON fell back to 120,000, a decrease of approximately 2.8%. TVL (TVL) remained under pressure overall. Ethereum reached $59.09 billion, a decrease of approximately 12.3%; Solana reached $8.41 billion, an increase of approximately 6.9%; BNB Chain reached $6.03 billion, a decrease of approximately 9.2%; Sui reached $710 million, a decrease of approximately 16.5%; Aptos reached $360 million, a decrease of approximately 14.3%; and TON reached $70 million, a decrease of approximately 11.4%.
New projects to watch: Polaris is a self-scaling stablecoin operating system for DeFi, with the core goal of solving the problems of stablecoins relying on external incentives and unsustainable returns; Probable is a prediction market protocol deployed on the BNB Chain, aiming to allow users to price and trade around event outcomes in a decentralized manner, thereby transforming market expectations into quantifiable price signals; SectorOne is a native decentralized exchange within the MegaETH ecosystem, which uses a dynamic liquidity market-making mechanism to finely allocate funds within price ranges, improving capital efficiency and trading depth.
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 $2.7 trillion, down from $3.05 trillion last week, representing a decrease of approximately 11.5% this week.
Data source: Cryptorank, https://cryptorank.io/charts/btc-dominance
Data as of February 1, 2026
As of press time, Bitcoin 's market capitalization was $1.56 trillion, accounting for 57.76% of the total cryptocurrency market capitalization. Meanwhile, stablecoins had a market capitalization of $310 billion, representing 11.48% of the total cryptocurrency market capitalization.
Data source: Coingeck, https://www.coingecko.com/en/charts
Data as of February 1, 2026
2. Fear Index
The cryptocurrency fear index is 13, indicating extreme fear.
Data source: Coinglass, https://www.coinglass.com/pro/i/FearGreedIndex
Data as of February 1, 2026
3. ETF Inflow and Outflow Data
As of press time, the total net inflow into U.S. Bitcoin spot ETFs was approximately $55.01 billion, with a net outflow of $1.49 billion this week; the total net inflow into U.S. Ethereum spot ETFs was approximately $11.97 billion, with a net outflow of $327 million this week.
Data source: Sosovalue, https://sosovalue.com/assets/etf
Data as of February 1, 2026
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Current price $2,278, all-time high $4,946.05, down approximately 53.97% from the high.
ETHBTC: Currently at 0.029515, with an all-time high of 0.1238.
Data source: Ratiogang, https://ratiogang.com/
Data as of February 1, 2026
5.Decentralized Finance (DeFi)
According to DeFiLlama data, the total TVL of DeFi this week was $105.9 billion, a decrease of approximately 9.6% from $117.2 billion last week.
Data source: Defillama, https://defillama.com
Data as of February 1, 2026
Based on public blockchains, the three public blockchains with the highest TVL are Ethereum (56.45%), Solana (7.95%), and BNB Chain (5.7%).
Data source: CoinW Research Institute, Defillama, https://defillama.com
Data as of February 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 February 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. This week, on-chain DEX daily trading volume generally strengthened, with significant divergence among leading public chains. Ethereum reached $3.3 billion, up approximately 192.7%; Solana reached $4.71 billion, up approximately 49.4%; and BNB Chain reached $1.8 billion, up approximately 13.2%. Sui rebounded to $200 million, up approximately 65.3%; Aptos rose to $80 million, up approximately 14.7%; and TON fell to $5 million, down approximately 26.5%. Regarding transaction fees, Ethereum rose to $0.02, Solana rose to $0.003; Sui fell to $0.002, Aptos fell to $0.000001; BNB Chain and TON remained at $0.01 each this week, with limited overall change.
Daily Active Addresses and TVL: Daily active addresses reflect a public chain's ecosystem participation and user stickiness, while TVL reflects users' trust in the platform. Regarding daily active addresses, some public chains saw a significant recovery in activity. Ethereum reached 1.19 million, an increase of approximately 78%; Aptos rose to 1.5599 million, an increase of approximately 63.3%. Meanwhile, Solana reached 2.64 million, a decrease of approximately 2.6%; BNB Chain reached 2.61 million, a decrease of approximately 3.3%; Sui reached 648,000, a decrease of approximately 2.5%; and TON fell back to 120,000, a decrease of approximately 2.8%. TVL (TVL) was under pressure overall. Ethereum was $59.09 billion, down about 12.3%; Solana was $8.41 billion, up about 6.9%; BNB Chain was $6.03 billion, down about 9.2%; Sui was $710 million, down about 16.5%; Aptos was $360 million, down about 14.3%; and TON was $70 million, down about 11.4%.
Layer 2 related data
According to L2Beat data, the total TVL of Ethereum Layer 2 is $33.68 billion, down about 8.1% from $36.64 billion last week.
Data source: L2Beat, https://l2beat.com/scaling/tvs
Data as of February 1, 2026
Base and Arbitrum hold the top positions with market shares of 36.26% and 34.81% 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 February 1, 2026
7. Stablecoin Market Cap and Issuance Status
According to Coinglass data, the total market capitalization of stablecoins is $310 billion, a decrease of approximately 0.26% from $310.8 billion last week. Among them, USDT's market capitalization is $185.1 billion, accounting for 59.7% of the total stablecoin market capitalization, a slight decrease of approximately 0.86% from $186.7 billion last week. Next is USDC, with a market capitalization of $70.2 billion, accounting for 1.7% of the total stablecoin market capitalization, a decrease of approximately 3% from $72.4 billion last week. DAI's market capitalization is $5.36 billion, accounting for 1.7% 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 February 1, 2026
According to Whale Alert data, the USDC Treasury issued a total of 1.688 billion USDC this week, while the Tether Treasury did not issue any USDT. The total issuance of stablecoins this week was 1.688 billion, a decrease of approximately 27.9% compared to the 2.34 billion stablecoins issued last week.
Data source: Whale Alert, https://x.com/whale_alert
Data as of February 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 February 1, 2026
The top five gainers in the past week: Meme coins
Data source: CoinW Research Institute, Coinmarketcap, https://coinmarketcap.com/
Data as of February 1, 2026
2. New Project Insights
Polaris is a self-scaling stablecoin operating system for DeFi, with the core objective of solving the problems of stablecoins relying on external incentives and having unsustainable returns. Through a triple-engine design consisting of a binding curve, a conversion mechanism, and a CDP (Converted Platform Deposit) mechanism, it endogenizes the price fluctuations of pETH into protocol revenue. This allows the system to automatically generate and amplify returns as usage scales up without incurring counterparty or credit risk, thus providing a more sustainable and systemic source of returns for stablecoins.
Probable is a prediction market protocol deployed on the BNB Chain, designed to enable users to price and trade based on event outcomes in a decentralized manner, thereby transforming market expectations into quantifiable price signals. Supported by the PancakeSwap ecosystem and endorsed by YZi Labs, Probable positions itself as a native prediction market infrastructure within the BNB Chain ecosystem, primarily serving the needs of high-frequency, low-barrier event trading, and promoting the practical application and liquidity accumulation of prediction markets within the public chain ecosystem.
SectorOne is a native decentralized exchange within the MegaETH ecosystem. It utilizes a dynamic liquidity market-making mechanism to precisely allocate funds within price ranges, improving capital efficiency and trading depth. With a high-performance liquidity layer at its core, SectorOne caters to traders' needs for low slippage and high execution efficiency, while also addressing liquidity providers' objectives of risk control and return optimization. It aims to become a foundational DEX within the MegaETH ecosystem, facilitating spot trading and liquidity distribution.
III. New Industry Trends
1. Major Industry Events This Week
Mezo, the Bitcoin financial network, has launched an airdrop allocation query portal, allowing users to connect and check the results of the first phase of MEZO token distribution. The total supply of MEZO tokens is 1 billion, with 40% allocated to the community, 30% to investors and partners, 20% to the team, and 10% to the foundation. All tokens will be unlocked within 36 months after the TGE. Investors and the team have a 1-year lock-up period starting from the TGE, followed by a 2-year linear unlocking period.
Flying Tulip has launched its public offering, priced at $0.10 per token. There is no minimum purchase requirement, and payment is via ERC-20 USDT. All tokens will be 100% unlocked upon TGE, and investors can apply for partial or full refunds at any time; refunded tokens will be burned. No tokens have been reserved by the team. The public offering ends on February 5th.
NFT project Moonbirds announced its BIRB token economic model, with 65% of the total supply allocated to the community, specifically as follows: 27% for NFT holder rewards, 12% for ecosystem partner expansion, 10% for value chain incentives, 8% for liquidity, 8% for innovation, 10% for the team, and 25% for investors and advisors. In addition, Moonbirds announced the launch of the Nesting 2.0 mechanism. Moonbirds, Mythics, and Oddities NFT holders can acquire BIRB tokens through this mechanism.
HyperLend, the lending protocol on HyperEVM, announced that after an initial allocation of 300 million credits, it will allocate an additional 150 million credits to active users who maintain continuous participation. Furthermore, participants who stake on the hypur.co validator node and remain active on HyperLend will receive a percentage-based credit bonus.
Prediction market Limitless has announced that it has opened applications for the LMTS Q2 airdrop. Traders who participated in the second quarter of its points program may be eligible to apply for the airdrop; traders can visit the official application page to view and apply.
2. Major events that will happen next week
The ZAMA Pre-TGE subscription will begin on February 2nd, providing participants who did not win the auction with the opportunity to purchase ZAMA tokens at the auction settlement price. The participation limit is $10,000, and the token claim date is set for February 2nd.
On February 2nd, the cryptocurrency wallet Rainbow launched the CCA (Continuous Clearing Auction) on Uniswap, and officially conducted TGE (Transaction Execution) on February 5th. CCA achieves smoother and fairer price discovery by continuously aggregating buy and sell orders within a set period and clearing them at a unified price. This helps reduce the risks of front-running and short-term volatility, and improves the distribution efficiency and market stability in the early stages of token issuance.
Flying Tulip, the unified on-chain financial system founded by Andre Cronje, founder of Sonic Labs, will launch a token sale on CoinList. This public sale aims to raise $200 million, representing 20% of the total FT token supply, with a token price of $0.10 and a corresponding FDV of $1 billion. The public sale will run from February 3rd to February 7th, with a minimum purchase of $100. Tokens sold in this sale will be protected by a Perpetual PUT structure; participants will receive FT NFTs with redemption rights, allowing them to choose to hold, burn the tokens to redeem their funds at the original price, or unlock the tokens for free trading.
Stablecoin protocol Usual has announced that the USUALx unstaking window is open until February 3rd. According to the UIP-11 proposal, users can submit unlocking requests during this period to reassess their positions. USD0 rewards will accumulate normally until February 1st; from February 2nd onwards, reward accumulation for upcoming unlocking positions will cease. After the unlocking window closes, all submitted unlocking requests will be processed uniformly on February 3rd.
MegaETH will launch its public mainnet on February 9, 2026. Simultaneously, the MegaETH founder announced the introduction of a KPI reward mechanism to address the low circulation and high FDV (Fund of Deposit) dilemma. Over 50% of the MEGA token supply will be gradually unlocked to high-conviction lock-up holders based on significant protocol milestones. Supply release is linked to four KPIs: ecosystem growth, MegaETH decentralization, MegaETH performance, and Ethereum decentralization. Upon achieving a KPI, all rewards will be distributed to MEGA lock-up holders, weighted by lock-up duration. The foundation will internalize unclaimed and locked-up rewards to expand the treasury and maintain the lock-up period.
3. Key Investment and Financing Activities Last Week
Mesh has completed its Series C funding round, raising $75 million and valuing the company at approximately $1 billion post-money. The round was led by leading investors including Dragonfly, Paradigm, and Coinbase Ventures, with participation from Liberty City Ventures and SBI Investment. Founded in 2020, Mesh is a global crypto payment network that connects exchanges, wallets, and various financial service platforms to build a unified digital asset payment and conversion network. It aims to create an open, interconnected, and secure digital financial infrastructure layer, reducing friction in cross-platform crypto asset circulation and payments. (January 27, 2026)
Talos has completed its Series B funding round, raising $45 million and valuing the company at approximately $1.5 billion post-money. The round was led by Andreessen Horowitz (a16z), with participation from QCP Capital, IMC Trading, Fidelity Investments, Robinhood, and other institutions. Founded in 2018, Talos is a digital asset technology infrastructure provider for institutions, covering the entire trading lifecycle from liquidity acquisition, price discovery, trade execution to clearing and settlement and lending. It connects institutional investors, prime brokers, OTC market makers, and other market participants through a unified platform, becoming a crucial hub in the institutional crypto trading ecosystem. (January 29, 2026)
Flying Tulip has completed its Series A funding round, raising $25.5 million and valuing the company at approximately $1 billion post-money. Participants included Amber Group and Paper Ventures. Flying Tulip is building an on-chain financial market that integrates spot trading, derivatives, credit, native stablecoins, and on-chain insurance into a unified cross-margin system, improving capital efficiency while achieving more transparent and composable risk management. (January 29, 2026)
