CoinW Research Institute Weekly Report (November 24 - December 1): Crypto Market Sees Slight Rebound, Aptos Daily Trading Volume Surges

Author: CoinW Research Institute

Key points

The global cryptocurrency market capitalization reached $3.14 trillion, up approximately 3.6% from $3.03 trillion last week. As of press time, the total net inflow into US Bitcoin ETFs was approximately $57.71 billion, with a net inflow of $70.05 million this week; the total net inflow into US Ethereum ETFs was approximately $12.94 billion, with a net inflow of $312 million this week.

The total market capitalization of stablecoins is $305 billion, of which USDT has a market capitalization of $184.6 billion, accounting for 60.52% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $76.6 billion, accounting for 25.11% of the total stablecoin market capitalization; and DAI with a market capitalization of $5.36 billion, accounting for 1.75% of the total stablecoin market capitalization.

According to DeFiLlama data, the total TVL of DeFi this week was $119.9 billion, an increase of approximately 4.8% from $114.4 billion last week. Breaking it down by public blockchain, the three blockchains with the highest TVL are Ethereum (67.57%), Solana (8.79%), and BNB Chain (6.95%).

This week, several public chains showed divergent performance across key metrics: Aptos , Ton , and Solana saw daily trading volumes increase by 68.33%, 20.33%, and 18.34%, respectively; while Sui , Ethereum, and BNB Chain experienced declines of 40.38%, 33.95%, and 7.22%, respectively. Regarding transaction fees, Solana and Sui saw increases of 49.02% and 28.31%, respectively; Aptos decreased by 6.07%; and the remaining chains remained stable. In terms of on-chain activity, all public chains except Ton recorded growth, with Sui leading the way at 54.08%, followed by Ethereum, Aptos, and BNB Chain with increases ranging from 17% to 23%, and Solana showing a slight increase of 8.29%. TVL performance was generally stable, with only Sui declining by 8.25%, Aptos remaining basically flat, and the remaining chains maintaining a moderate growth of 0.96%–4.33%.

New projects to watch: LootGO is a Web3 "walk-to-earn + treasure hunt" app that converts everyday activities, especially walking, into cryptocurrency rewards. CreatorFi is a funding platform launched by Insomnia Labs, focusing on providing "future revenue-based" funding support for digital content creators, musicians, UGC game studios, and others. Pruv Finance is an infrastructure platform focused on putting Real-World Assets (RWAs) on-chain and integrating them with the DeFi ecosystem.

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 $3.14 trillion, up 3.6% from $3.03 trillion last week.

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

Data as of November 30, 2025

As of press time, Bitcoin 's market capitalization was $1.74 trillion, accounting for 55.4% of the total cryptocurrency market capitalization. Meanwhile, stablecoins had a market capitalization of $305 billion, representing 9.71% of the total cryptocurrency market capitalization.

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

Data as of November 30, 2025

2. Fear Index

The cryptocurrency fear index is 23, indicating a state of fear.

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

Data as of November 30, 2025

3. ETF Inflow and Outflow Data

As of press time, the total net inflow into U.S. Bitcoin spot ETFs was approximately $57.71 billion, with a net inflow of $70.05 million this week; the total net inflow into U.S. Ethereum spot ETFs was approximately $12.94 billion, with a net inflow of $312 million this week.

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

Data as of November 30, 2025

4. ETH/BTC and ETH/USD exchange rates

ETHUSD: Current price $2,863.27, all-time high $4,878.26, down approximately 42.32% from the high.

ETHBTC: Currently at 0.032822, with an all-time high of 0.1238.

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

Data as of November 30, 2025

5.Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week was $119.9 billion, up about 4.8% from $114.4 billion last week.

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

Data as of November 30, 2025

Based on public blockchains, the three public blockchains with the highest TVL are Ethereum (67.57%), Solana (8.79%), and BNB Chain (6.95%).

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

Data as of November 30, 2025

6. On-chain data

Layer 1 related data

The analysis primarily focuses on daily transaction volume, daily active addresses, and transaction fees, covering data related to Layer 1 tokens including ETH, SOL, BNB, TON, SUI, and APTOS.

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

Data as of November 30, 2025

Daily trading volume and transaction fees : Daily trading volume and transaction fees are core metrics for measuring public chain activity and user experience. In terms of daily trading volume, Aptos, Ton, and Solana saw increases of 68.33%, 20.33%, and 18.34% respectively this week; all other chains experienced declines, with decreases of -40.38% for Sui, -33.95% for Ethereum, and -7.22% for BNB Chain. Regarding transaction fees, Ethereum, BNB Chain, and Ton Chain remained unchanged this week compared to last week; Solana and Sui Chain increased by 49.02% and 28.31% respectively; Aptos decreased by 6.07%.

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 the Ton chain saw a decrease of 22.05% this week, while all other chains saw increases. The Sui chain saw the largest increase at 54.08%; Ethereum, Aptos, and BNB Chain increased by 22.87%, 20.27%, and 17.04% respectively; the Solana chain saw a slight increase of 8.29%. Regarding TVL, only the Sui chain saw a decrease of 8.25% this week; Aptos remained almost unchanged from last week; the remaining public chains achieved moderate growth, namely Solana (+4.33%), Ethereum (+4.06%), Ton (+2.73%), and BNB Chain (+0.96%).

Layer 2 related data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $36.21 billion, a 3.8% increase this week compared to last week ($34.86 billion).

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

Data as of November 30, 2025

Base and Arbitrum occupy the top positions with market shares of 36.85% and 34.77% respectively. Base's market share decreased by 13.82% in the past week, while Arbitrum's increased slightly by 1.95%.

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

Data as of November 30, 2025

7. Stablecoin Market Cap and Issuance Status

According to Coinglass data, the total market capitalization of stablecoins is $305 billion, of which USDT has a market capitalization of $184.6 billion, accounting for 60.52% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $76.6 billion, accounting for 25.11% of the total stablecoin market capitalization; and DAI with a market capitalization of $5.36 billion, accounting for 1.75% of the total stablecoin market capitalization.

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

Data as of November 30, 2025

According to Whale Alert data, the USDC Treasury issued a total of 4.493 billion USDC this week, while the Tether Treasury issued no USDT. The total stablecoin issuance this week was 4.493 billion, a 21.11% increase compared to last week's total stablecoin issuance (3.71 billion).

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

Data as of November 30, 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 November 30, 2025

The top five gainers in the past week: Meme coins

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

Data as of November 30, 2025

2. New Project Insights

LootGO is a Web3 "walk-to-earn + treasure hunt" app that converts everyday activities, especially walking, into cryptocurrency rewards. Users can earn "loot boxes" by walking, reaching step goals, or visiting specific locations; opening these boxes offers a chance to win various rewards such as meme coins, tokens, NFTs, whitelist coupons, and merchant discount coupons. By combining everyday walking and real-world actions with on-chain incentives, LootGO lowers the barrier to entry for new Web3 cryptocurrency users, merging "fitness/walking," "gamified experience," and "token economic incentives" into a lightweight and entertaining experience—users don't need complicated operations; just a mobile phone and walking can potentially earn crypto rewards.

CreatorFi, launched by Insomnia Labs, is a funding platform focused on providing "future revenue-based" financing support for digital content creators, musicians, and UGC game studios. On CreatorFi, creators can use expected revenue from YouTube advertising, music copyrights, game development, or other digital IPs as collateral to obtain upfront funding in stablecoins (such as USDC) or fiat currency, without relinquishing ownership of their work. Through its credit risk engine and on-chain infrastructure, the platform has already built over $100 million in institutional funding channels, providing creators and the content industry with transparent, flexible, and scalable financing and monetization solutions.

Pruv Finance is an infrastructure platform focused on putting real-world assets (RWAs) on-chain and integrating them with the DeFi ecosystem. Through a compliant asset tokenization process, it converts real-world assets such as real estate, private equity, private lending, and publicly traded securities into on-chain tokens; and supports multi-chain cross-chain distribution, allowing these assets to be freely traded, lent, and yielded on in the DeFi market, just like crypto assets.

III. New Industry Trends

1. Major Industry Events This Week

On November 25th, Irys (IRYS) completed its TGE (Test Execution Event). Prior to this, airdrop registration was open to early testnet users, Genesis NFT holders, Kaito leaderboard users, and community contributors from November 20th to 24th. The snapshot date was November 11th, and the claiming window lasted until December 25th. This distribution comes from 8% of its airdrop and ecosystem incentive allocation. Irys is a programmable data chain that integrates low-cost on-chain storage, data availability, and the EVM execution layer, providing high-performance data infrastructure for AI, data-intensive applications, and DePIN projects. IRYS is used for network incentives, governance, and ecosystem building.

On November 27th, SUPERFORTUNE (GUA) completed its TGE (total supply of 1 billion tokens) and simultaneously airdropped them to community users. SUPERFORTUNE is a Web3 application that combines Chinese metaphysics (Bazi, Five Elements, I Ching) with AI and on-chain interaction. It offers features such as daily horoscopes, token "fortune" analysis, virtual amulets, spam coin cleanup, and on-chain rituals, creating a unique product experience combining "metaphysics + psychology + InfoFi".

On November 29th, GaiAI (GAIX) completed its TestNetwork Execution (TGE). Prior to this, during the testnet phase, it launched multiple rounds of "contribution-as-reward" airdrops, distributing incentives to early users who contributed by submitting prompts, uploading models, and participating in image optimization. As a decentralized AI platform for generative content creation, GaiAI allows users to independently create, train, and share AI Agents, while using GAIX as its network incentive and governance token to provide continuous rewards to creators, model contributors, and ecosystem participants.

On November 24th, Sparkle (SSS) completed its TGE and simultaneously launched two types of community distributions: one was an airdrop of points to early participants; the other was an airdrop to HODLers who hold specific tokens, distributing a total of 187,500 SSS. Sparkle is a Web3 AI entertainment platform that integrates AI characters, virtual identities, and social interactions, aiming to create an immersive content ecosystem where users can create, train, and use AI characters across platforms.

2. Major events that will happen next week

Aztec, an Ethereum privacy Layer-2 network, has announced a token offering (TGE/IDO) to be held via public auction from December 2nd to 6th, 2025. This offering will account for approximately 15% of the total supply, and the tokens will be used for governance, staking, and transaction fee payments. Aztec is committed to building a programmable privacy environment, enabling users to perform on-chain interactions and asset management while ensuring privacy.

Talisman (SEEK) plans to conduct a token sale on the ChainGPT platform from December 1st to 3rd, 2025, offering approximately 666,000 SEEK tokens. Previously, it completed its initial coin offering (IDO) from October 17th to 19th, 2025, issuing approximately 500,000 tokens at a price of $0.30 per token. Users can also participate in the "Talisman Quests" community incentive system, earning rewards and NFTs by completing tasks, holding tokens, and performing cross-chain operations. Talisman (SEEK) is a multi-chain self-custodied wallet supporting major networks such as Ethereum, Solana, and Polkadot, providing asset management, cross-chain operations, and basic DeFi functions, and will gradually incorporate AI-assisted tools to enhance the user experience.

SecantX AI will hold its initial public offering (IDO) on the Spores Network Launchpad from December 3rd to 5th, 2025, offering approximately 4.28 million SECA tokens at a price of $0.07 per token, with a total supply of 1 billion. SECA tokens will primarily be used to unlock advanced platform features and API access, employing a use-and-burn mechanism. The project currently has no public airdrop events, and the tokens are primarily positioned as utility tokens for paying for platform services.

3. Key Investment and Financing Activities Last Week

SpaceComputer announced the completion of a $10 million seed funding round, led by Maven11 and Lattice, with participation from Superscrypt, Arbitrum Foundation, Nascent, Offchain Labs, and HashKey. It previously received pre-seed funding led by Primitive Ventures. The funding will be used to launch the first "SpaceTEE" satellites equipped with secure computing hardware, build network software, and launch services such as privacy computing and secure logging, aiming to create a secure computing network capable of performing cryptographic and blockchain tasks in orbit. SpaceComputer is committed to building an "orbital root of trust" through satellite infrastructure, providing more secure and reliable blockchain verification and threat protection for interplanetary finance. (November 27, 2025)

Paxos has acquired Fordefi, an institutional-grade MPC wallet company, for $100 million, further strengthening its compliant custody and on-chain infrastructure capabilities. Founded in 2021, Fordefi provides multi-party computation (MPC) security architecture, granular access control, and native multi-chain and DeFi interaction capabilities, serving nearly 300 institutions and supporting hundreds of billions of dollars in monthly trading volume. This acquisition will deeply integrate Paxos' compliant custody, stablecoin, and asset tokenization capabilities with Fordefi's advanced wallet and cross-chain interaction technologies, providing institutions with an integrated solution from custody to on-chain operations, accelerating their large-scale entry into the on-chain economy. (November 25, 2025)

Following its acquisition of Dunamu, the parent company of Upbit, in an all-stock transaction worth approximately $10.3 billion, Naver, South Korea's largest internet company, plans to invest an additional $7 billion in artificial intelligence and blockchain to build next-generation financial infrastructure covering payments, settlements, and broader financial services. Dunamu is a leading blockchain and fintech company in South Korea, operating Upbit, the country's largest cryptocurrency exchange. Kakao currently holds a 10.88% stake in Dunamu. Naver stated that this move aims to capitalize on the critical juncture of blockchain adoption and the transition to intelligent AI, positioning itself for the future fintech landscape. (November 26, 2025)

Crypto mining company Bitfury recently made a strategic investment of $12 million in decentralized AI computing network Gonka.ai, subscribing to 20 million GNK tokens at $0.6 per token. This is Bitfury's first public investment since announcing the establishment of a $1 billion ethical AI fund. As a decentralized AI inference and training network, Gonka allows nodes contributing GPU computing power to be incentivized through GNK. Developers can run AI applications in an environment without cloud limitations, while users drive network demand through usage and inference. (November 28, 2025)