Key Points
● The total market capitalization of cryptocurrencies is $3.36 trillion, down from $3.63 trillion last week, representing a decline of 7.4% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $40.35 billion, with a net outflow of $230 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $2.84 billion, with a net inflow of $83 million this week.
● The total market capitalization of stablecoins is $227 billion. Among them, USDT has a market capitalization of $140.5 billion, accounting for 61.9% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $55 billion, accounting for 24.2%; and DAI with a market capitalization of $5.36 billion, accounting for 2.4%.
● This week, the total TVL (Total Value Locked) in DeFi is $107.4 billion, down 12.4% from last week. By public chain classification, the top three public chains by TVL are Ethereum with a share of 53.56%; Solana with a share of 9.54%; and Bitcoin with a share of 6.4%. This week, Bitcoin's on-chain data surpassed Tron, ranking in the top three.
● From on-chain data, the daily transaction volume and transaction fees of Layer 1 public chains are generally on a downward trend this week, with ETH showing the most significant decline, down 10.56% from last week. In terms of daily active addresses, all chains except TON/APT are showing a downward trend. The total TVL of Ethereum Layer 2 is $35.54 billion, down 14.9% from last week.
● Innovative projects to watch: Herd: aims to achieve smarter AI agents by simplifying smart contracts, currently in the early stages with angel investors including co-founders of Dune; Liquity: launched V2 on the Ethereum mainnet, introducing a novel architecture aimed at enhancing capital efficiency and accumulating more value; Exponent: building a fixed-rate market for DeFi on Solana, helping users choose between predictable or leveraged returns.
Table of Contents
Key Points
Total Market Capitalization of Cryptocurrencies / Bitcoin Market Capitalization Share
Fear Index
ETF Inflow and Outflow Data
ETH/BTC and ETH/USD Exchange Rates
Decentralized Finance (DeFi)
On-Chain Data
Stablecoin Market Capitalization and Issuance
II. Hot Money Trends This Week
Top Five VC Coins and Meme Coins by Growth This Week
Insights on New Projects
III. New Developments in the Industry
Major Industry Events This Week
Major Upcoming Events Next Week
Important Investments and Financing from Last Week
I. Market Overview
1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Capitalization Share
The total market capitalization of cryptocurrencies is $3.36 trillion, down from $3.63 trillion last week, representing a decline of 7.4% this week.
Data Source: cryptorank
As of the time of writing, Bitcoin's market capitalization is $1.96 trillion, accounting for 58.32% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $227 billion, accounting for 6.77% of the total cryptocurrency market capitalization.
Data Source: coingeck
2. Fear Index
The cryptocurrency fear index is at 71, indicating greed.
Data Source: coinglass
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 $40.35 billion, with a net outflow of $230 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $2.84 billion, with a net inflow of $83 million this week.
Data Source: sosovalue
4. ETH/BTC and ETH/USD Exchange Rates
ETHUSD: Current price $2,731, historical highest price $4,878, down approximately 43.79% from the highest price.
ETHBTC: Currently at 0.027868, historical highest at 0.1238.
Data Source: ratiogang
5. Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL in DeFi this week is $107.4 billion, down 12.4% from last week.
Data Source: defillama
By public chain classification, the top three public chains by TVL are Ethereum with a share of 53.56%; Solana with a share of 9.54%; and Bitcoin with a share of 6.4%. This week, Bitcoin's on-chain data surpassed Tron, ranking in the top three, while Ethereum remains the leader in the DeFi space.
Data Source: CoinW Research Institute, defillama
Data as of February 4, 2025
6. On-Chain Data
Layer 1 Related Data
Mainly analyzing daily transaction volume, daily active addresses, and transaction fees for major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APT.
Data Source: CoinW Research Institute, defillama, Nansen
Data as of February 4, 2025
● Daily Transaction Volume and Fees: Daily transaction volume and fees are core indicators of public chain activity and user experience. This week, both daily transaction volume and fees are on a downward trend, with ETH showing the most significant decline, down 10.56% from last week.
● 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. In terms of daily active addresses, all chains except TON/APT are showing a downward trend, with overall changes being minimal. In terms of TVL, ETH shows a clear downward trend, down 11.4% from last week.
Layer 2 Related Data
According to L2Beat, the total TVL of Ethereum Layer 2 is $35.54 billion, down 14.9% from last week.
Data Source: L2Beat
Data as of February 4, 2025
● Arbitrum and Base hold 35.56% and 26.61% market shares respectively, but both have seen a decline in overall share.
Data Source: footprint
Data as of February 4, 2025
7. Stablecoin Market Capitalization and Issuance
According to Coinglass, the total market capitalization of stablecoins is $227 billion. Among them, USDT has a market capitalization of $140.5 billion, accounting for 61.9% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $55 billion, accounting for 24.2%; and DAI with a market capitalization of $5.36 billion, accounting for 2.4%.
Data Source: CoinW Research Institute, Coinglass
Data as of February 4, 2025
According to Whale Alert, this week the USDC treasury issued a total of 790 million USDC, and Tether Treasury issued 1 billion USDT, with a total issuance of stablecoins this week reaching 1.79 billion, down 31.2% from last week's total issuance of stablecoins.
Data Source: Whale Alert
Data as of February 4, 2025
II. Hot Money Trends This Week
1. Top Five VC Coins and Meme Coins by Growth This Week
Top five VC coins by growth in the past week
Data Source: CoinW Research Institute, coinmarketcap
Data as of February 4, 2025
Top five Meme coins by growth in the past week
Data Source: CoinW Research Institute, coinmarketcap
Data as of February 4, 2025
2. Insights on New Projects
● Herd: aims to achieve smarter AI agents by simplifying smart contracts. The project is in its early stages and has secured $1.8 million in funding led by @SemanticVC, with follow-on investments from @archetypevc and @hardi_meybaum. Angel investors include co-founders of Dune.
● Liquity: Launched V2 on the Ethereum mainnet, introducing a novel architecture aimed at enhancing capital efficiency and accumulating more value.
● Exponent: Building a fixed-rate market for DeFi on Solana, helping users choose between predictable or leveraged returns.
III. New Developments in the Industry
1. Major Industry Events This Week
● Members of the DeSci project Pump Science announced plans to release the next round of 17 tokens this Saturday, which may be delayed until next week. Some projects may decide to pre-sell, but Pump Science cannot guarantee pre-sales.
● Ondo Finance announced the launch of Ondo Global Markets (Ondo GM), aimed at providing global investors with on-chain access to U.S. listed securities through blockchain technology. The platform will offer tokenized assets based on securities, paired 1:1 with underlying assets such as stocks, bonds, and ETFs, and will have liquidity similar to stablecoins, allowing for free transfer outside the U.S.
● JPMorgan reported that Bitcoin network hash rate growth slowed in January, with a monthly average hash rate increase of only 1% to 785 EH/s, while mining difficulty decreased by 2%, which is rare historically. The report noted that as of the end of January, the 7-day moving average hash rate reached a record high of 833 EH/s, but the hash rate at the end of the month was down 2% from the end of December to 781 EH/s.
● Metamask has supported token payment for Swap transaction gas fees, allowing users to perform exchange operations directly without ETH.
● Berachain tokens will launch the mainnet and conduct TGE on February 6, with token economics and Checker released on February 5.
2. Major Upcoming Events Next Week
● The Web3 social application plugin IDRISS will begin airdrop token distribution on Base on February 11. IDRISS DAO will allocate 20% of the IDRISS airdrop to early users, @Gitcoin donors, supporters of the token sale, and active members of partner communities.
● The AI data platform Pundi AI announced that its token FX will upgrade to PUNDIAI on February 10, 2025, with the token supply reduced to 1/100.
● The application deadline for the AI data analysis platform bitsCrunch's ecosystem funding program is February 15, 2025, with a total prize pool of $5 million covering multiple categories including AI, gaming, NFTs, security, and community.
● The TON Foundation is collaborating with Jupiter to incubate a new liquidity aggregator on TON, with winning projects to be announced on February 15, 2025.
● Solar has released Kamino writing bounty tasks, with submission deadlines set for February 10.
3. Important Investments and Financing from Last Week
● D3 raised $25 million, with investors including Paradigm, Coinbase Ventures, and others. D3 is a next-generation domain company focused on building interoperable web2>web3 domains. Its goal is to provide secure, decentralized identity based on domain names. (January 29, 2025)
● Cipher Mining raised $50 million, with investors including SoftBank and others. Cipher Mining is a Bitcoin mining company dedicated to expanding and strengthening the critical infrastructure of the Bitcoin network in the U.S. (January 31, 2025)
● Taproot Wizards completed Series A financing, raising $30 million, with investors including Standard Crypto, Cyber Fund, Geometry, Collider Ventures, Newman Capital, and others. Taproot Wizards is a Bitcoin-focused Ordinals project inspired by the original Bitcoin wizard Reddit meme from ten years ago. (February 4, 2025)
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