CoinW Research Institute
Key Points
The total market capitalization of cryptocurrencies globally is $3.22 trillion, up from $3.15 trillion last week, representing a 2.2% increase this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $57.9 billion, with a net inflow of $286 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $13.09 billion, with a net inflow of $208 million this week.
The total market capitalization of stablecoins is $310 billion, with USDT having a market cap of $186.2 billion, accounting for 60.06% of the total stablecoin market cap; followed by USDC with a market cap of $78.4 billion, accounting for 25.29%; and DAI with a market cap of $5.36 billion, accounting for 1.73% of the total stablecoin market cap.
According to DeFiLlama, the total TVL in DeFi this week is $121.4 billion, up from $120.8 billion last week, an increase of approximately 0.49%. When categorized by public chains, the top three public chains by TVL are Ethereum at 68.32%; Solana at 8.36%; and BNB Chain at 6.53%.
This week, the core indicators of public chains showed significant divergence: in terms of daily trading volume, Ethereum and Solana fell by 3.5% and 19.25%, respectively, while Sui saw a remarkable increase of 47%, followed by Ton which rose by 25%; BNB Chain and Aptos saw slight increases of 3.01% and 2.86%, respectively; overall transaction fees weakened, with Ethereum, BNB Chain, and Ton remaining relatively stable, while Solana, Sui, and Aptos decreased by 42.94%, 17.63%, and 13.38%, respectively. In terms of daily active addresses, only Aptos saw a decline of 22.81%, while all other public chains experienced growth, with Sui showing the highest increase of 49.28%, and Ethereum, BNB Chain, and Ton increasing by 7.7%, 9.68%, and 12.17%, respectively. TVL performance was weak, with only Ethereum showing a slight increase of 0.75%, Ton dropping by 6.67%, and all other public chains experiencing a decline of around 1%–4%.
New Project Focus: AllScale is a stablecoin "self-custody" neobank/payment infrastructure platform aimed at helping global creators, small and micro enterprises (SMBs), freelancers, and cross-border teams achieve "fast payments without a bank account" through stablecoin payments, invoicing, social e-commerce, and cross-border payroll. Goblin Finance is a DeFi "yield infrastructure" platform built specifically for the Aptos ecosystem, which automatically directs user funds into the best-performing on-chain or cross-chain strategies through automated liquidity management (ALM), cross-market strategies, delta-neutral, and LST-enhanced products, maximizing returns and providing deep liquidity support for Aptos. Magma Finance is a next-generation decentralized exchange (DEX) and liquidity infrastructure platform built on the Sui/Move ecosystem.
Table of Contents
Key Points
I. Market Overview
Total cryptocurrency market capitalization/Bitcoin market cap ratio
Fear Index
ETF inflow and outflow data
ETH/BTC and ETH/USD exchange rates
Decentralized Finance (DeFi)
On-chain data
Stablecoin market cap and issuance status
II. This Week's Hot Money Trends
Top five VC coins and Meme coins by increase this week
New project insights
III. Industry News
Major industry events this week
Major upcoming events next week
Important financing from last week
IV. Reference Links
I. Market Overview
1. Total cryptocurrency market capitalization/Bitcoin market cap ratio
The global total cryptocurrency market capitalization is $3.22 trillion, up from $3.15 trillion last week, representing a 2.2% increase this week.
Data Source: cryptorank, https://cryptorank.io/charts/btc-dominance
Data as of December 14, 2025
As of the time of writing, the market cap of Bitcoin is $1.76 trillion, accounting for 54.6% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $310 billion, accounting for 9.63% of the total cryptocurrency market cap.
Data Source: coingecko, https://www.coingecko.com/en/charts
Data as of December 14, 2025
2. Fear Index
The cryptocurrency fear index is at 17, indicating extreme fear.
Data Source: coinglass, https://www.coinglass.com/pro/i/FearGreedIndex
Data as of December 14, 2025
3. ETF inflow and outflow data
As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $57.9 billion, with a net inflow of $286 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $13.09 billion, with a net inflow of $208 million this week.
Data Source: sosovalue, https://sosovalue.com/zh/assets/etf
Data as of December 14, 2025
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Current price $3,114.30, all-time high $4,878.26, down approximately 37.12% from the all-time high.
ETHBTC: Currently at 0.034881, all-time high 0.1238.
Data Source: ratiogang, https://ratiogang.com/
Data as of December 14, 2025
5. Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL in DeFi this week is $121.4 billion, up from $120.8 billion last week, an increase of approximately 0.49%.
Data Source: defillama, https://defillama.com
Data as of December 14, 2025
When categorized by public chains, the top three public chains by TVL are Ethereum at 68.32%; Solana at 8.36%; and BNB Chain at 6.53%.
Data Source: CoinW Research Institute, defillama, https://defillama.com
Data as of December 14, 2025
6. On-chain data
Layer 1 Related Data
Mainly analyzing the current data of major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS based on daily trading volume, daily active addresses, and transaction fees.
Data Source: CoinW Research Institute, defillama, https://defillama.com
Data as of December 14, 2025
Daily Trading Volume and Transaction Fees: Daily trading volume and transaction fees are core indicators of public chain activity and user experience. In terms of daily trading volume, Ethereum and Solana fell by 3.5% and 19.25% this week, respectively; Sui chain saw the largest increase at 47%, followed by Ton which rose by 25%; BNB Chain and Aptos saw slight increases of 3.01% and 2.86%. Regarding transaction fees, Ethereum, BNB Chain, and Ton remained stable compared to last week; Solana, Sui, and Aptos decreased by 42.94%, 17.63%, and 13.38%, respectively.
Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects user trust in the platform. This week, only Aptos saw a decline of 22.81% in daily active addresses, while all other chains experienced increases. Sui chain had the highest increase at 49.28%; Ethereum, BNB Chain, and Ton increased by 7.7%, 9.68%, and 12.17%, respectively; Solana chain saw a relatively minor increase of 0.52%. In terms of TVL, only Ethereum saw a slight increase of 0.75% this week; all other chains experienced slight declines, with Ton at -6.67%, Solana at -1.77%, BNB Chain at -2.19%, Sui at -3.98%, and Aptos at -4.26%.
Layer 2 Related Data
According to L2Beat, the total TVL of Ethereum Layer 2 is $37.65 billion, an overall increase of 1.4% from last week ($37.17 billion).
Data Source: L2Beat, https://l2beat.com/scaling/tvs
Data as of December 14, 2025
Base and Arbitrum occupy the top positions with market shares of 36.85% and 34.77%, respectively. Base chain saw a decrease in market share over the past week, while Arbitrum saw a slight increase.
Data Source: footprint, https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview
Data as of December 14, 2025
7. Stablecoin Market Cap and Issuance Status
According to Coinglass, the total market cap of stablecoins is $310 billion, with USDT having a market cap of $186.2 billion, accounting for 60.06% of the total stablecoin market cap; followed by USDC with a market cap of $78.4 billion, accounting for 25.29%; and DAI with a market cap of $5.36 billion, accounting for 1.73%.
Data Source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin
Data as of December 14, 2025
According to Whale Alert, this week the USDC Treasury issued a total of 2.667 billion USDC, and the Tether Treasury issued a total of 1 billion USDT this week. The total issuance of stablecoins this week was 3.667 billion, a decrease of 7.28% compared to last week's total issuance of 3.955 billion.
Data Source: Whale Alert, https://x.com/whale_alert
Data as of December 14, 2025
II. This Week's Hot Money Trends
1. Top Five VC Coins and Meme Coins by Increase This Week
Top Five VC Coins by Increase in the Past Week
Data Source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/
Data as of December 14, 2025
Top Five Meme Coins by Increase in the Past Week
Data Source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/
Data as of December 14, 2025
2. New Project Insights
AllScale is a stablecoin "self-custody" neobank/payment infrastructure platform aimed at helping global creators, small and micro enterprises (SMBs), freelancers, and cross-border teams achieve "fast payments without a bank account" through stablecoin payments, invoicing, social commerce, and cross-border payroll. On December 8, 2025, AllScale announced the completion of a $5 million seed funding round, led by YZi Labs, with participation from Informed Ventures and Generative Ventures, and support from several crypto/venture capital institutions. It is also an ecological partner of BNB Chain.
Goblin Finance is a DeFi "yield infrastructure" platform built specifically for the Aptos ecosystem. It automatically directs user funds into the best-performing on-chain or cross-chain strategies through automated liquidity management (ALM), cross-market strategies, delta-neutral, and LST-enhanced products, maximizing returns and providing deep liquidity support for Aptos. Goblin Finance aims to allow ordinary users to participate in professional-level asset management with a "one-click deposit" method, turning idle assets into efficient "yield machines," while promoting the decentralized liquidity infrastructure of the Aptos ecosystem.
Magma Finance is a next-generation decentralized exchange (DEX) and liquidity infrastructure platform built on the Sui/Move ecosystem. It combines concentrated liquidity AMM (CLMM) and adaptive liquidity mechanisms (Adaptive Liquidity / ALMM), allowing users to provide efficient liquidity while participating in governance and earning transaction fees and incentives through a lock-up + ve-tokenomics approach.
III. Industry News
1. Major Industry Events This Week
Stable officially launched its mainnet on December 8, 2025, and completed the TGE (Token Generation Event) for the STABLE token, simultaneously launching an airdrop plan to reward early users, developers, and liquidity contributors. The official claim channel has been opened, and all eligible users can complete their claims by March 2, 2026 (UTC). Stable is a new blockchain that uses USDT as its native gas, aiming to build a financial infrastructure with high stability and high throughput for large-scale applications. Its core concept is to use stablecoins directly as the underlying settlement asset of the chain, allowing transactions, payments, and application interactions to be conducted with "native stablecoins," thereby reducing volatility and enhancing usability.
The public sale of the HumidiFi token WET was initially scheduled to start on December 3, 2025, on the Jupiter DTF platform, but was adjusted due to bot issues and rescheduled for December 8, 2025. It officially triggered the TGE on December 9, 2025, and opened token claims and liquidity pool launch. HumidiFi is a high-performance "Prop AMM + DEX" decentralized trading protocol built on Solana, aimed at solving slippage and fragmentation issues in on-chain trading through professional market making and deep liquidity. Its token WET has a total supply of 1 billion, primarily used for governance, staking incentives, and fee rebates.
Cysic's native token CYS had its TGE on December 9, with an initial circulation of approximately 160.8 million (total supply of 1 billion). The project launched an official airdrop plan for early users, with airdrop registration from December 1, 13:00 UTC to December 7, 13:00 UTC, distributing CYS to community contributors, CUBE node holders, testnet participants, developers, and partners based on eligibility. Cysic is a ComputeFi infrastructure project centered on decentralized computing power and ZK computing, with an overall token mechanism designed to incentivize computing power contributors, support ZK/AI workloads, and promote network governance and ecological development.
RaveDAO's native token RAVE (total supply of 1 billion) underwent TGE on December 12 and began partial unlocking for circulation. The project has reserved 3% of the tokens as airdrop rewards for early contributors and participants in activities. Users need to submit their Base address on the PLVR platform to claim the airdrop, which will be processed in three batches: December 10–11, December 11–18, and December 18–January 11, 2026, with corresponding deposits by December 12, December 19, and January 12, 2026, at the latest. After the airdrop distribution, the corresponding number of tokens will be deducted from user points, and subsequent incentive programs such as Genesis Rewards will be launched. RaveDAO is a decentralized community that combines music, culture, and Web3.
2. Major Events Coming Up Next Week
Rainbow Wallet will conduct a public sale of RNBW tokens through CoinList from December 11 to December 18, 2025 (price $0.10, accounting for 3% of the total supply). The public sale tokens will be unlocked in one go at TGE (time to be determined), while team and investor tokens will vest linearly over 2–4 years. The project also plans to airdrop old Rainbow Points loyalty points for RNBW in Q4 2025, completing the conversion from points to token rewards. RNBW is the native token of Rainbow Wallet, used to incentivize users and strengthen its multi-chain non-custodial wallet ecosystem.
GrantiX token GRANT will conduct an IDO from December 15 to 17, 2025, at a price of $0.088, with the specific TGE time to be announced later. The project has reserved about 3% of the token supply for community/airdrop rewards. GrantiX is a SocialFi platform focused on social impact investing, utilizing blockchain and AI to build a transparent and traceable funding system for public welfare and sustainable development.
Helios Blockchain announced the launch of an IDO on Spores Network, scheduled for December 16–18, 2025, with a public sale price of $0.02/HLS and a total sale volume of 25 million HLS, accounting for about 0.5% of the total supply. The TGE time will be announced later. Helios Blockchain (code-named HLS) is an EVM-compatible Layer-1 blockchain aimed at multi-chain assets and on-chain ETFs, employing a unique I-PoSR consensus mechanism and achieving cross-chain asset aggregation and automated asset management through the "Hyperion + Chronos" module.
Aztec completed the public fundraising for the AZTEC token, raising 19,476 ETH and attracting 16,741 users to participate, with half of the funds coming from the community. Users holding over 200,000 tokens have begun receiving block rewards. The TGE will be triggered by on-chain governance voting, with the earliest possible date being February 11, 2026, at which point 100% of the tokens obtained from the public offering will be fully unlocked and transferable. The project did not adopt traditional airdrops but completed token distribution through public fundraising and block rewards.
3. Important Financing Events from Last Week
Surf announced the completion of $15 million in financing, led by Pantera Capital, with participation from Coinbase Ventures and Digital Currency Group (DCG). Surf (access domain ask.surf / asksurf.ai) is an AI-driven "research + action" platform designed for the cryptocurrency field, providing analysis of crypto assets, market insights, and investment decision support by integrating on-chain data, market sentiment, social trends, and more. (December 10, 2025)
Real Finance completed a $29 million private placement financing round, led by Nimbus Capital (approximately $25M), with participation from Magnus Capital and Frekaz Group. The financing will be used to expand its compliance, custody, settlement, and operational infrastructure, promoting the development of its full-stack RWA platform. Real Finance is a Layer-1 blockchain/financial infrastructure project focused on "tokenization of real-world assets (RWA) + compliant on-chain infrastructure," dedicated to helping institutions convert traditional assets (such as bonds, credit, funds, alternative assets, etc.) into on-chain tokens and providing institutional-level services such as compliance, custody, risk assessment, and insurance. (December 10, 2025)
Cascade announced it has secured $15 million in seed funding, led by Polychain Capital and Variant, with participation from Coinbase Ventures and Archetype Ventures. Cascade is a "neo-brokerage / perpetual-markets" platform aimed at creating a 24/7 trading system with a unified margin account, allowing users to trade crypto assets, securities, and even private company pre-IPO equity through a single account. (December 9, 2025)
TenX Protocols is a blockchain infrastructure company providing validator and node infrastructure support for high-performance public chains (such as Solana, Sui, Sei, etc.), building yield-generating asset portfolios through purchasing and participating in staking on these networks. In 2025, TenX completed over C$33 million in financing, including C$29.9 million in subscription receipt financing and approximately C$3.5 million in seed funding at the beginning of the year, and officially listed on the TSX Venture Exchange on December 10, 2025 (code TNX). The funds will be used to expand its node and infrastructure deployment, asset acquisition, and operational capabilities on high-throughput blockchains, further providing underlying support for these networks. (December 10, 2025)
IV. Reference Links
Coingeck: https://www.coingecko.com/en/charts
Sosovalue: https://sosovalue.com/zh/assets/etf
Ratiogang: https://ratiogang.com/
Defillama: https://defillama.com
L2Beat: https://l2beat.com/scaling/tvs
Footprint: https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview
Coinglass: https://www.coinglass.com/pro/stablecoin
Whale Alert: https://x.com/whale_alert
Coinmarketcap: https://coinmarketcap.com/
Surf: https://www.ask.surf/
Real Finance: https://www.real.finance/
Cascade: https://cascade.xyz/
ALLScale: http://allscale.io/
Goblin Finance: https://goblin.fi/
Magma Finance: https://magmafinance.io/
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