CoinW Research Institute Weekly Report (Period: June 29, 2026 - July 5, 2026)

CoinW Research Institute

Key Points

The total global cryptocurrency market value is $2.28 trillion, down from $2.14 trillion last week, a decline of approximately 6.54% this week. As of the time of writing, the total net inflow of Bitcoin spot ETFs in the United States is approximately $51.08 billion, with a net outflow of $526 million this week; the total net inflow of Ethereum spot ETFs in the United States is approximately $10.89 billion, with a net outflow of $13.67 million this week.

The total market value of stablecoins is $306 billion, down from $310 billion last week, a decrease of about 1.29%. Among them, the market value of USDT is $184.19 billion, accounting for 60.19% of the total stablecoin market value, down about 0.99% from $186.04 billion last week; followed by USDC with a market value of $72.95 billion, accounting for 23.84% of the total stablecoin market value, down about 1.06% from $73.73 billion last week; the market value of DAI is $5.36 billion (unchanged from last week), accounting for 1.75% of the total stablecoin market value.

According to DeFiLlama data, the total TVL (Total Value Locked) of DeFi this week is $74.433 billion, up from $73.191 billion last week, an increase of approximately 1.69%. By public chain classification, the top three chains with the highest TVL are Ethereum at 53.55%; Solana at 6.84%; and BNB Chain at 6.71%.

This week’s performance of major public chains (Ethereum, Solana, BNB Chain, TON, Sui, Aptos):

From this week's data, the overall funding in the public chain ecosystem continues to flow in, but trading activity shows variations. In terms of on-chain DEX daily trading volume, Solana ($2.125 billion, +77.08%) has shown the most significant growth, maintaining its leading position in the entire market; Ethereum ($0.487 billion, +13.26%) has steadily increased, TON (+162.96%) has bright growth rates but remains relatively small in scale; while BNB Chain (-36.09%) and Aptos (-63.64%) experienced a notable decline in trading volume. In terms of daily active addresses, all public chains except Sui (-64.76%) achieved growth, with Ethereum (+13.00%) showing the highest increase, while Solana (1.99 million) and BNB Chain (1.96 million) continue to lead in user scale. In terms of TVL, all major public chains continue to exhibit a growth trend, with Ethereum ($40.06 billion, +7.63%) maintaining its first position, Solana ($5.12 billion, +7.34%), BNB Chain ($5.01 billion, +3.73%), Sui (+7.56%), and TON (+7.14%) all achieving net inflows, with only Aptos (-0.91%) experiencing a slight decline. In terms of transaction fees, all chains maintain stability, with the exception of Ethereum ($0.01), while other major public chains continue to maintain very low gas fees.

New project focus: Astarter is a Web4 AI Infrastructure project that integrates AI, DePIN (Decentralized Physical Infrastructure Network) and blockchain, aimed at building a decentralized computing network for AI Agents. Adjacent Markets is a data and index infrastructure platform for prediction markets, focusing on providing index compilation, benchmarks, and unified data interfaces for event contracts. Orthogonal is a crypto investment institution focusing on AI, quantitative trading, and digital asset markets, primarily engaged in quantitative trading, risk management, and digital asset investment, and is of long-term interest in AI, DeFi, infrastructure, and emerging crypto projects.

Key Points

I. Market Overview

1. Total Market Value of Cryptocurrencies/Bitcoin Market Value Proportion

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. Market Value and Issuance of Stablecoins

II. Hot Money Trends This Week

1. Top Five VC Coins and Meme Coins by Percentage Increase This Week

2. New Project Insights

III. New Developments in the Industry

1. Major Industry Events This Week

2. Major Events Coming Up Next Week

3. Significant Investments and Financing from Last Week

IV. Reference Links

I. Market Overview

1. Total Market Value of Cryptocurrencies/Bitcoin Market Value Proportion

The total global cryptocurrency market value is $2.28 trillion, down from $2.14 trillion last week, a decline of approximately 6.54% this week.

Data Source: Bitcoin dominance from cryptorank, https://cryptorank.io/charts/btc-dominance

Data as of July 5, 2026

As of the time of writing, the market value of Bitcoin is $1.27 trillion, accounting for 55.70% of the total cryptocurrency market value. Meanwhile, the market value of stablecoins is $306.4 billion, accounting for 13.43% of the total cryptocurrency market value.

Data Source: Coingecko, https://www.coingecko.com/en/charts

Data as of July 5, 2026

2. Fear Index

The cryptocurrency fear index is 23, indicating fear.

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

Data as of July 5, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the total net inflow of Bitcoin spot ETFs in the United States is approximately $51.08 billion, with a net outflow of $526 million this week; the total net inflow of Ethereum spot ETFs in the United States is approximately $10.89 billion, with a net outflow of $13.67 million this week.

Data Source: Sosovalue, https://sosovalue.com/zh/assets/etf

Data as of July 5, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $1,791.99, historical highest price $4,946.05, a drop of approximately 63.83% from the highest price.

ETHBTC: Currently 0.028113, historical highest 0.1238

Data Source: Ratiogang, https://ratiogang.com/

Data as of July 5, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, this week's total TVL of DeFi is $74.433 billion, an increase of approximately 1.69% from last week's $73.191 billion.

Data Source: Defillama, https://defillama.com

Data as of July 5, 2026

By public chain classification, the top three chains with the highest TVL are Ethereum, accounting for 53.55%; Solana, accounting for 6.84%; and BNB Chain, accounting for 6.71%.

Data Source: CoinW Research Institute, Defillama, https://defillama.com/chains

Data as of July 5, 2026

6. On-chain Data (Ethereum, Solana, BNB Chain, Ton, Sui, Aptos)

Layer 1 Related Data

Mainly analyzes current Layer 1 data including ETH, SOL, BNB, TON, SUI and APTOS from the perspective of daily transaction volume, daily active addresses, and transaction fees.

Data Source: CoinW Research Institute, Defillama, https://defillama.com

Data as of July 5, 2026

On-chain DEX Daily Trading Volume and Transaction Fees: The on-chain DEX daily trading volume and transaction fees are core indicators for measuring the activity and user experience of public chains. From June 28 to July 6, the overall trading activity in the market has varied, with Solana and Ethereum's trading volume continuing to grow while the trading volume of some public chains has seen a notable decline. In daily trading volume on on-chain DEX, Solana ($2.125 billion, +77.08%) shows the most significant growth, with daily trading volume surpassing $2 billion, further consolidating its leading position in the on-chain trading market; Ethereum ($0.487 billion, +13.26%) maintains steady growth. TON ($0.0071 billion, +162.96%) has shown a clear increase in trading activity, although its overall scale remains relatively small. In contrast, BNB Chain ($0.294 billion, -36.09%) has significantly decreased its trading volume; Aptos ($0.008 billion, -63.64%) has seen the largest decline, indicating a notable drop in on-chain trading heat; Sui ($0.020 billion, 0.00%) has remained roughly the same as last week. In terms of transaction fees, the overall stability is maintained across chains. Ethereum ($0.01), Solana ($0.001), BNB Chain ($0.00001), and Aptos ($0.000001) have all remained stable compared to last week; the transaction fee for TON has increased from $0.0011 to $0.0014 (+27.27%), though it still remains at a low level overall; Sui's transaction fees have dropped from $0.00070 to $0.00048 (-31.43%), further reducing the user's trading cost. Overall, aside from Ethereum, other major public chains continue to maintain very low gas fee advantages.

Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects the trust level of users in the platform. From this week's data, funding continues to flow in overall, but user activity has shown certain variations. In terms of daily active addresses, Ethereum (429,000, +13.00%) has seen the most significant growth; TON (109,000, +8.16%), Aptos (100,000, +7.47%), Solana (1.990 million, +3.11%), and BNB Chain (1.960 million, +1.03%) have all achieved slight growth, with Solana and BNB Chain continuing to maintain leading user scales in the entire market. Meanwhile, Sui has dropped from 154,000 to 54,000 (-64.76%), becoming the only public chain to see a significant decline in active addresses this week, with evident drops in user activity. In terms of TVL, this week continues to show a growth trend. Ethereum ($40.06 billion, +7.63%) remains firmly in first place in the industry and further expands its leading advantage; Solana ($5.12 billion, +7.34%) and BNB Chain ($5.01 billion, +3.73%) both achieve steady growth, with both TVL scale remaining close. Sui ($0.441 billion, +7.56%) and TON ($0.075 billion, +7.14%) also maintain good funding inflow trends. Aptos has slightly decreased from $0.110 billion to $0.109 billion (-0.91%), overall remaining stable.

Layer 2 Related Data

According to L2Beat data, this week's total TVL of Ethereum Layer 2 is $34.53 billion, which is an increase of approximately 2.52% from last week’s $33.68 billion.

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

Data as of July 5, 2026

This week, the market shares of Base and Arbitrum are 50.50% and 14.18%, ranking first and second, respectively.

Data Source: CoinGecko, https://www.coingecko.com/en/chains/layer-2

Data as of July 5, 2026

7. Market Value and Issuance of Stablecoins

According to Coinglass data, the total market value of stablecoins is $306 billion, down from $310 billion last week, a decrease of about 1.29%. Among them, the market value of USDT is $184.19 billion, accounting for 60.19% of the total stablecoin market value, down about 0.99% from $186.04 billion last week; followed by USDC with a market value of $72.95 billion, accounting for 23.84% of the total stablecoin market value, down about 1.06% from $73.73 billion last week; and DAI with a market value of $5.36 billion (unchanged from last week), accounting for 1.75% of the total stablecoin market value.

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

Data as of July 5, 2026

According to Whale Alert data, this week, USDC Treasury hasissued a total of 3.788 billion USDC, while Tether Treasury has had no issuance of USDT this week. The total issuance this week is 3.788 billion, an increase of 68.35% from last week’s total stablecoin issuance (2.25 billion).

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

Data as of July 5, 2026

II. Hot Money Trends This Week

1. Top Five VC Coins and Meme Coins by Percentage Increase This Week

Top five VC coins by percentage increase in the past week

Data Source: CoinW Research Institute, CoinMarketCap, https://coinmarketcap.com/

Data as of July 5, 2026

Top five Meme coins by percentage increase in the past week

Data Source: CoinW Research Institute, CoinMarketCap, https://coinmarketcap.com/

Data as of July 5, 2026

2. New Project Insights

Astarter is a Web4 AI infrastructure project that integrates AI, DePIN (Decentralized Physical Infrastructure Network) and blockchain, aiming to build a decentralized computing network for AI Agents. The project provides computing power and execution environment through ABox nodes, enabling AI Agents to autonomously perform on-chain transactions, predictions, data processing, etc., and form a complete AI economic system around applications such as AI DEX, prediction markets, and Agent Marketplace. Astarter originally originated from the Cardano DeFi ecosystem and is currently transitioning to AI-native infrastructure, planning to launch an AI-native blockchain, AI Agent network, and DePIN node ecosystem to create executable, tradeable, and monetizable on-chain AI infrastructure.

THEA is a decentralized AI infrastructure project focused on risk markets, aiming to build an autonomous AI network based on behavioral intelligence, providing real-time decision support for high volatility and high uncertainty scenarios through machine learning, behavior analysis, and high-performance computing. The project uses Solana as the on-chain coordination and settlement layer, to synchronize AI reasoning requests, billing, and settlement on-chain, while keeping the computation process off-chain to balance performance and verifiability. THEA's model is trained based on over 3.5 billion real human decision data, and the current ecosystem application processes over 400 million AI reasoning requests monthly, covering over 30 jurisdictions and serving more than 3,000 enterprise clients. In July 2026, THEA completed a $8 million financing round led by Maven11 Capital, Spartan Group, Manifold Trading, HackVC, and Fisher8 Capital, with funds allocated to expanding the AI infrastructure and advancing THEA Network's development.

Orthogonal is a crypto investment institution focused on AI, quantitative trading, and digital asset markets, mainly engaged in quantitative trading, risk management, and digital asset investment, and has long-term attention on AI, DeFi, infrastructure, and emerging crypto projects. The team utilizes machine learning, data analysis, and systematic investment strategies to invest in primary markets, liquidity management, and secondary market trading while actively supporting Web3 entrepreneurial teams and ecosystem construction. In recent years, Orthogonal has consistently participated in the early financing of several AI and blockchain infrastructure projects and has become one of the more active institutional investors in the crypto industry.

III. New Developments in the Industry

1. Major Industry Events This Week

On June 30, 2026, OpenGradient officially completed its OPG token generation event (TGE) and simultaneously opened the token claiming and mainnet circulation. According to the official Tokenomics, the total supply of OPG is 1 billion tokens, primarily used for paying AI reasoning fees, node staking, network governance, and ecological incentives. Meanwhile, OPG has gradually landed on mainstream trading platforms, becoming one of the new projects with high attention recently in the AI infrastructure track. OpenGradient is a decentralized AI reasoning network, positioned as Verifiable AI Inference infrastructure, providing trustworthy AI reasoning capabilities for AI Agents, on-chain applications, and Web3.

On June 30, 2026, according to Lookonchain monitoring, crypto KOL Ansem has airdropped 67.38 million ANSEM to over 700 addresses, valued at approximately $9.43 million at the time. Among them, about 49.89 million ANSEM flowed to 7 main addresses, which subsequently sold a total of 38.29 million, cashing out about $1.29 million, and still holds about 11.60 million ANSEM. This airdrop has become a highly focused community distribution event in the Solana Meme segment and reflects the significant profit realization pressure faced by top KOL Meme projects in the early TGE phase. ANSEM is a Meme token issued around the well-known KOL Ansem community on Solana, relying mainly on community spreads and market sentiment to drive, currently without clear product functionality or protocol application scenarios.

In June 2026, the RWA collectible platform Collect on Fanable completed its COLLECT token generation event (TGE) and simultaneously launched multiple rounds of community airdrops. The first round of airdrops were distributed to early ecosystem users, followed by Binance Alpha launching the second round of COLLECT airdrop claims on June 30, with eligible users able to claim airdrop rewards with 224 Binance Alpha Points. COLLECT is the native token of the Fanable platform, used for collectible trading, community governance, and ecological incentives. Fanable aims to combine real-world collectibles (RWA) such as Pokémon cards, comics, and sports collectibles with blockchain, allowing users to store physical collectibles in an official vault and obtain corresponding on-chain digital ownership, enabling trading, circulation, and redemption of collectibles. The project has received support from institutions like Ripple, Polygon, Borderless Capital, and Morningstar Ventures, making it one of the more focused projects recently in the RWA collectible track.

2. Major Events Coming Up Next Week

On July 11, 2026, the digital consumer credit protocol CLIX will launch a public IDO (Initial DEX Offering). According to CryptoRank data, this round of IDO plans to raise approximately $450,000, to be conducted simultaneously on the KingdomStarter and BinStarter platforms. The project is positioned for a global personal user digital consumer credit market, hoping to connect borrowers and lenders through blockchain and establish a decentralized consumer finance network. Currently, the official token sale plan has been announced, but the TGE has not yet been completed, and the token listing time remains to be further announced.

From May 19 to July 17, 2026, the Web3 entertainment platform Cineflicks is conducting a CNF token public presale. This round of presale is priced at $0.0025 per token, aiming to sell 2 billion CNF, with a total token supply of 100 billion. The official token economic model has been announced, which includes 5 million CNF to be distributed to community users as early ecological incentives through Launchpool (liquidity mining). As of now, CNF has not completed its TGE (Token Generation Event), and the specific token listing time is still to be further announced by the official team. Cineflicks is a Web3 entertainment content platform that aims to integrate film and television content, community interaction, and user participation into a unified digital entertainment ecosystem, hoping to create a new generation of streaming platforms co-participated and co-constructed by users.

From June 23 to July 6, 2026, the AI GameFi project Micro.Fun (MICRO) is undergoing a public IDO (Initial DEX Offering). This round of IDO will be conducted through Poolz Finance, KingdomStarter, and other Launchpad platforms, planning to raise approximately $150,000, corresponding to a fully diluted valuation (FDV) of $3 million. The total issuance of the token is 1 billion MICRO, with an estimated initial circulating market value of about $214,500 at TGE, where 25% of the IDO tokens will be unlocked at TGE, with the remaining part released linearly within 3 months after a 1-month cliff; additionally, the official team will allocate 5 million MICRO (accounting for 0.5% of total token supply) as early ecological incentives through Launchpool (liquidity mining). Micro.Fun is an on-chain gaming platform that integrates AI Agents, GameFi, and NFTs, allowing players to create AI Agents for automatic battles, growth, and upgrades, as well as collect NFT items, with the project aimed at building an AI Agent Battle Economy for retail users. The specific time for TGE (Token Generation Event) has not yet been announced.

3. Significant Investments and Financing from Last Week

The privacy AI platform Venice (VVV) announced the completion of a $65 million Series A financing round, with a company valuation reaching $1 billion. This round was led by Dragonfly, and participated in by Coinbase Ventures, North Island Ventures, F-Prime, Archetype, Liquid2 Ventures, Morgan Creek, and others. This is the first time Venice has introduced external equity financing since its establishment. According to official disclosures, investors in this round received 8.98% of the company's equity, 1.5 million VVV tokens as vested grants (locked for 1 year, then linearly released over 3 years), as well as the right to subscribe for 5 million VVV tokens in the future over 8 years. The company stated that this financing is completed via equity sale instead of token sale and will continue to implement a token economic model of VVV revenue buyback and burn (Buyback & Burn) in the future. (July 1, 2026)

The AI reasoning chip company Etched announced that its total financing scale has reached $800 million, with investors including Jane Street, VentureTech Alliance associated with TSMC, as well as known institutions such as Stripes, Peter Thiel, Ribbit Capital, Hudson River Trading, and Two Sigma. The most recent round of financing of $500 million was completed in December 2025, and the post-investment valuation of the company was approximately $5 billion. Etched was established in 2022, positioned as a significant competitor to NVIDIA in the AI reasoning chip field, focusing on designing specialized ASIC chips for Transformer large models, and collaborating with TSMC to develop low-voltage reasoning technology. Currently, the company has signed sales contracts worth approximately $1 billion and is testing its first AI reasoning chip, with plans to start deliveries to the first customers this summer. (June 30, 2026)

The AI-native blockchain development framework Canopy Network announced the completion of $8.5 million seed round financing, with participation from Arrington Capital, Fenbushi Capital, Borderless Capital, and SNZ Capital, with funds allocated for mainnet launch, engineering team expansion, and building AI-native development tools. The project is dedicated to creating a framework for AI-native blockchain development, helping developers and AI programming assistants quickly build on-chain applications and Appchains. Recently, Canopy also completed the acquisition of the Tanssi core technology stack and has launched its testnet, further enhancing blockchain infrastructure capabilities. (June 29, 2026)

Ionic Digital completed $400 million in private equity financing, with a pre-investment valuation of $2 billion. This round of financing was led by Attestor, Oaktree Capital Management, and Sachem Head Capital Management, with Citadel and Weiss Asset Management participating. The raised funds will primarily be used to continue building AI and HPC data center infrastructure and further promote the company's AI infrastructure strategy. Ionic Digital is a digital infrastructure company focusing on AI high-performance computing (HPC) and data center infrastructure, spun off from the original crypto lending platform Celsius after its bankruptcy restructuring, initially inheriting Bitcoin mining assets from Celsius Mining, and is gradually transitioning from Bitcoin mining operations to AI data centers. The company leverages existing energy resources and data center assets to provide quickly deployable AI computing infrastructure for hyperscalers, AI cloud service providers, and large enterprises, core positioned to address issues like power scarcity and lengthy construction cycles facing AI data centers, with plans to directly list on NASDAQ under the stock code IOND. (July 2, 2026)