CoinW Research Institute Weekly Report (December 15, 2025 - December 21, 2025)

Key points

The global cryptocurrency market capitalization totaled $3.09 trillion, down 4.03% from $3.22 trillion last week. As of press time, the cumulative net inflow into US Bitcoin spot ETFs was approximately $57.41 billion, with a net outflow of $497 million this week; the cumulative net inflow into US Ethereum spot ETFs was approximately $12.44 billion, with a net outflow of $643 million this week.

The total market capitalization of stablecoins is $307.9 billion, of which USDT has a market capitalization of $186.7 billion, accounting for 60.92% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $77 billion, accounting for 25.01% of the total stablecoin market capitalization; and DAI with a market capitalization of $5.36 billion, accounting for 1.74% of the total stablecoin market capitalization.

According to DeFiLlama data, the total TVL of DeFi this week was $119.6 billion, a decrease of approximately 1.48% from $121.4 billion last week. Breaking it down by public blockchain, the three blockchains with the highest TVL were Ethereum (68.25%), Solana (8.35%), and Bitcoin (6.75%).

Regarding the performance of various public chains, in terms of daily trading volume on on-chain DEXs, only BNB Chain (+27.11%) and Sui (+12.93%) achieved growth, while Ton (-28.00%) and Ethereum (-26.74%) both experienced some decline, and Solana (-4.11%) and Aptos (-0.58%) saw slight decreases. Transaction fees were generally stable, with Ethereum, BNB Chain, and Ton remaining largely unchanged from the previous week, Sui (-13.92%) and Aptos (-8.16%) showing decreases, while Solana increased by 64.22%. In terms of users and funds, daily active addresses saw growth for all chains except Solana (-6.74%) and Sui (-0.27%), which experienced slight declines: Ethereum (+28.12%), Aptos (+21.83%), Ton (+5.58%), and BNB Chain (+2.52%). TVL (Total Value Link) remained under pressure, with only Sui showing a slight increase of 4.14%, while other public chains experienced mild pullbacks of 1%–3%.

New projects to watch: Strata is a perpetual yield tiering protocol built on Ethena's risk-free, neutral synthetic stablecoin USDe, aiming to provide users with structured yield exposure. HolmesAI is dedicated to helping users replicate their own thinking patterns and experiences through Personas (personalized knowledge and mental models), building truly "thinking like users and acting on their behalf," thereby freeing up human creativity and time. Worm is a decentralized prediction market platform built on Solana, where users can connect wallets to create and trade various prediction markets (such as sports, crypto, etc.), expressing their probabilistic judgments about event outcomes by buying and selling "yes/no" shares, and earning rewards from transaction fees.

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 $3.09 trillion, down 4.03% from $3.22 trillion last week.

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

 Data as of December 21, 2025

As of press time, Bitcoin 's market capitalization was $1.77 trillion, accounting for 57.3% of the total cryptocurrency market capitalization. Meanwhile, stablecoins had a market capitalization of $307.9 billion, representing 9.96% of the total cryptocurrency market capitalization.

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

 Data as of December 21, 2025

2. Fear Index

The cryptocurrency fear index is 24, indicating a state of fear.

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

 Data as of December 21, 2025

3. ETF Inflow and Outflow Data

As of press time, the total net inflow into U.S. Bitcoin spot ETFs was approximately $57.41 billion, with a net outflow of $497 million this week; the total net inflow into U.S. Ethereum spot ETFs was approximately $12.44 billion, with a net outflow of $643 million this week.

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

 Data as of December 21, 2025

4. ETH/BTC and ETH/USD exchange rates

ETHUSD: Current price $2,994.09, all-time high $4,878.26, down approximately 38.93% from the high.

ETHBTC: Currently at 0.033949, with an all-time high of 0.1238.

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

 Data as of December 21, 2025

5.Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week was $119.6 billion, a decrease of approximately 1.48% from $121.4 billion last week.

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

 Data as of December 21, 2025

Based on public blockchains, the three public blockchains with the highest TVL are Ethereum (68.25%), Solana (8.35%), and Bitcoin (6.75%).

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

 Data as of December 21, 2025

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 tokens including ETH, SOL, BNB, TON, SUI, and APTOS.

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

Data as of December 21, 2025

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. Regarding daily trading volume, only BNB Chain and Sui saw increases this week, with increases of 27.11% and 12.93% respectively; Ton and Ethereum decreased by 28.00% and 26.74% respectively; Solana and Aptos saw slight decreases of 4.11% and 0.58% respectively. In terms of transaction fees, Ethereum, BNB Chain, and Ton Chain remained unchanged this week compared to last week; Sui and Aptos decreased by 13.92% and 8.16% respectively; Solana increased by 64.22%.

Daily Active Addresses (DAU) and TVL : DAU reflects a public chain's ecosystem participation and user stickiness, while TVL reflects users' trust in the platform. Regarding DAU, only Solana and Sui saw declines this week (6.74% and 0.27% respectively), while all other chains saw increases. Ethereum and Aptos rose by 28.12% and 21.83% respectively; Ton and BNB Chain saw slight increases of 5.58% and 2.52% respectively. As for TVL, only the Sui chain saw a slight increase this week (4.14%); all other chains saw slight declines: BNB Chain (-3.36%), Ton (-2.38%), Aptos (-2.00%), Solana (-1.81%), and Ethereum (-1.53%).

Layer 2 related data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $36.24 billion, a decrease of 3.74% this week compared to last week ($37.65 billion).

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

 Data as of December 21, 2025

Base and Arbitrum occupy the top positions with market shares of 36.85% and 34.77% respectively. Base's market share has declined in the past week, while Arbitrum's has risen slightly.

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

 Data as of December 21, 2025

7. Stablecoin Market Cap and Issuance Status

According to Coinglass data, the total market capitalization of stablecoins is $307.9 billion, of which USDT has a market capitalization of $186.7 billion, accounting for 60.92% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $77 billion, accounting for 25.01% of the total stablecoin market capitalization; and DAI with a market capitalization of $5.36 billion, accounting for 1.74% of the total stablecoin market capitalization.

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

 Data as of December 21, 2025

According to Whale Alert data, the USDC Treasury issued a total of 1.007 billion USDC this week, while the Tether Treasury issued no USDT. The total stablecoin issuance this week was 1.007 billion, a 72.53% decrease compared to last week's total stablecoin issuance (3.667 billion).

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

 Data as of December 21, 2025

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 December 21, 2025

The top five gainers in the past week: Meme coins

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

 Data as of December 21, 2025

2. New Project Insights

Strata is a perpetual yield tranching protocol built on Ethena's risk-neutral synthetic stablecoin USDe, designed to provide users with structured yield exposure. By splitting yields into Senior and Junior risk-reward tiers, Strata allows investors to participate in Ethena carry trades based on their risk appetite, achieving more granular yield allocation at different risk levels.

HolmesAI is dedicated to helping users replicate their own thinking patterns and experiences through Personas (personalized knowledge and mental models), building AI agents that truly "think like the user and act on their behalf," thereby freeing up human creativity and time. By condensing users' knowledge, cognition, and decision-making logic into Personas, HolmesAI endows its AI agents with highly human-like capabilities, overcoming the traditional AI's lack of personalization and long-term memory, making it suitable for various industries and use cases.

Worm is a decentralized prediction market platform built on Solana. Users can connect their wallets to create and trade various prediction markets (such as sports and crypto), expressing their probabilistic judgments about event outcomes by buying and selling "yes/no" shares, and earning revenue from transaction fees. The platform employs a permissionless mechanism, allowing market creators to receive a share of transaction fees. It also introduces pre-sales and curved curve mechanisms to incentivize early liquidity and utilizes the UMA decentralized oracle to ensure objective settlement of market results.

III. New Industry Trends

1. Major Industry Events This Week

Infrared (IR) completed its Time-Govern Execution (TGE) on December 17, 2025 (UTC), officially generating and releasing its tokens into circulation. The project distributed tokens to early supporters via airdrop, primarily covering users who participated in the Boyco pre-deposit program, testnet experience, and community building. The airdrop was available for collection on the TGE day and continued to be distributed over a period thereafter. Regarding initial token distribution, Infrared achieved early circulation through token generation and community allocation, without employing a multi-round IDO structure. The IR token is now used for protocol governance, staking, and participation in protocol reward mechanisms, forming a core asset of the Infrared ecosystem. Infrared is a liquidity staking protocol within the Berachain ecosystem.

On December 17th, the decentralized prediction market platform predict.fun officially launched on BNB Chain and initiated an initial airdrop of points for prediction market participants and active BNB Chain users. The airdrop query page is now open. This new market is incubated and supported by YZi Labs, and the founding team includes developers who previously worked at Binance. It received advance announcement and attention from Binance founder CZ on social media on December 4th. predict.fun's core feature is that it allows users to generate returns on their funds while making predictions, aiming to leverage BNB Chain's low fees and high performance to provide users with a prediction market experience that maximizes capital utilization.

On December 16th, Football.Fun, an on-chain sports prediction application based on the Base blockchain, announced the tokenomics of its native token, FUN. The total supply is 1 billion tokens, with 25% allocated to the community (including a 4% genesis airdrop), 25% to the team, 24.8% to investors, 17.7% to the treasury, and 7.5% for a public sale. The FUN token public sale officially began at 21:00 (UTC+8) on the same day, lasting approximately 48 hours, with a fundraising target of $3 million. The aim is to support ecosystem development and incentivize early user participation. The genesis airdrop portion is used to reward early community supporters, increasing user engagement and initial liquidity, while the token public sale lays the foundation for the project's market expansion and future gameplay.

On December 16th, Perp DEX aggregator vooi announced that its native token airdrop will begin at 20:00 Beijing time on December 18th, 2025, with a 30-day claim window. A snapshot was taken on December 8th at 08:00 (Beijing time). The airdrop is open to trading credit holders, V1 users, and winners of the Cookie activity. vooi's token economic model shows a total supply of 1 billion tokens, with airdrops and community sales accounting for 10.53%, community development and marketing (including the second quarter airdrop) accounting for 27.82%, community contributors accounting for 17%, private placements and strategic investors accounting for 13.65%, and the project foundation accounting for 31%.

The decentralized health economy network DNAi launched its $DNAi token generation event (TGE) on December 19th at 00:00 UTC, with registration opening simultaneously on the official website at 01:58 UTC. The total supply of $DNAi is fixed at 8,255,093,950 tokens, inspired by the global population size in 2025. The project employs a "fair launch" mechanism: 70% (approximately 577.8 million tokens) are allocated to verified individual data providers through health data mining, with no pre-mining; the remaining 30% are allocated to early investors, core contributors, and the DNAi Foundation, all of which are locked up long-term and not immediately circulated. $DNAi serves as both a governance and interaction token within the ecosystem. Individual users can earn rewards by contributing verified health data, while institutions can obtain liquidity support based on $DNAi by staking real-world assets (such as R&D pipelines, patents, or equity). The overall distribution design emphasizes fair participation and long-term value alignment.

2. Major events that will happen next week

On December 18th, Aster officially announced that its fifth airdrop, "Stage 5: Crystal," will launch on December 22nd, 2025, and continue until February 1st, 2026, for a total of 6 weeks. This airdrop will account for 1.2% of the total ASTER supply (approximately 96 million ASTER), divided into two parts: a 0.6% base share that can be claimed immediately, and a 0.6% lock-up reward that will unlock after a 3-month lock-up period. Users can choose to claim immediately but forgo the lock-up reward, or wait until the lock-up period is complete to claim the full share. This design balances liquidity and long-term holding incentives, while also increasing token deflation by burning rewards upon early claiming.

FOXRPFUN will hold its IDO from December 21st to 22nd, with a public sale price of approximately $0.006. Tokens will be sold through Launchpad platforms such as KingdomStarter, raising approximately $100,000. After the sale, the tokens will begin circulating at TGE, with approximately 30% unlocked at TGE and the remaining 70% released as planned over the following 6 months. FOXRPFUN is a meme token and decentralized exchange ecosystem project based on XRP Ledger (XRPL), with a total supply of 500 million FRP tokens. FRP is designed to combine a viral meme community with the low-fee, high-speed transaction characteristics of XRPL to promote a decentralized trading experience.

Rainbow has announced that its native token, RNBW, will launch its TGE on February 5, 2026. The token issuance will be led by the Rainbow Foundation, which will become the largest single shareholder of Rainbow, holding 20% of the equity. A mechanism will be established to share profits between token holders and company shareholders. In the event of a future acquisition, the foundation will be gradually dissolved, and its net assets, including equity gains, will be distributed to token holders. According to the published token economics, the total supply of RNBW is 1 billion tokens. The allocation is as follows: 15% will be allocated to the TGE airdrop, approximately 3% to the CoinList community pre-sale, 47% to the treasury, 12.2% to the team, 7.8% to investors, and 15% to the community. The initial circulating supply of TGE is expected to be approximately 20%.

3. Key Investment and Financing Activities Last Week

ETHGas announced the completion of a $12 million token funding round, led by Polychain Capital, with participation from Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT, and Amber Group. In addition to the funding, ETHGas secured commitments of approximately $800 million in block space liquidity from Ethereum validators, block builders, and relayers. This liquidity will be used for market and product development. ETHGas has built a futures market that allows for the early buying and selling of block space, improving the efficiency of Ethereum block space trading. This system interfaces with Ethereum's existing Proposer-Builder Separation (PBS) process, optimizing but not replacing the current block production mechanism. (December 17, 2025)

Hong Kong-based fintech company RedotPay has completed a $107 million Series B funding round, led by Goodwater Capital, with participation from Pantera Capital, Blockchain Capital, and Circle Ventures. The funds will primarily be used for product development, compliance licensing, and strategic acquisitions. RedotPay is a blockchain technology company focused on crypto wallets and payment solutions, dedicated to driving a global paradigm shift in payment methods and accelerating the adoption of cryptocurrencies in everyday transactions and payments. The company boasts over 6 million registered users and operates in more than 100 markets. (December 16, 2025)

Decentralized wireless network protocol DAWN announced the completion of a $13 million Series B funding round, led by Polychain Capital. Built on Solana, DAWN aims to reshape internet access through a "protocol + hardware" approach, allowing individuals and organizations to deploy wireless nodes, own and operate local broadband infrastructure, and receive incentives based on coverage quality and actual demand. Its network enables trustless bandwidth transactions through encrypted verification mechanisms for backhaul capabilities, geolocation, and spectrum usage. This round of funding will be used to expand network coverage in the United States and advance international deployment (including an early deployment in Accra, Ghana), while also launching the Black Box terminal device supporting multiple blockchain ecosystems. (December 18, 2025)

Fuse Energy, a Solana-based decentralized physical infrastructure network (DePIN), announced the completion of a $70 million Series B funding round led by Lowercarbon Capital and Balderton Capital, valuing the company at approximately $5 billion. Fuse Energy builds a decentralized renewable energy network covering distributed energy resource (DER) installations, electricity trading, and retail services, and uses token incentives to drive decentralized trading and participation in energy production and consumption. In addition, the project has launched Project Zero, which aims to create a global decentralized energy infrastructure network, incentivizing the deployment and use of clean energy through blockchain technology, and promoting the democratization and sustainable development of the energy system. (December 18, 2025)