CoinW Research Institute Weekly Report (June 2, 2025 - June 8, 2025)

CN
8 hours ago

Key Points

●     The total market capitalization of cryptocurrencies is $3.42 trillion, down from $3.43 trillion last week, with a decrease of 0.3% this week. As of the time of writing, the cumulative net inflow of Bitcoin spot ETFs in the U.S. is approximately $44.24 billion, with a net outflow of $12.88 million this week; the cumulative net inflow of Ethereum spot ETFs in the U.S. is approximately $3.33 billion, with a net inflow of $281 million this week.

●     The total market capitalization of stablecoins is $254 billion. Among them, USDT has a market capitalization of $154.8 billion, accounting for 60.9% of the total stablecoin market; followed by USDC with a market capitalization of $61.1 billion, accounting for 24.1%; and DAI with a market capitalization of $5.36 billion, accounting for 2.1%.

●     According to DeFiLlama, the total TVL (Total Value Locked) in DeFi this week is $111.6 billion, up from $111.1 billion last week, with an increase of 0.45% this week. By public chain classification, the top three public chains by TVL are Ethereum with a share of 54.87%; Solana with a share of 7.58%; and Bitcoin with a share of 5.48%.

●     From on-chain data, the trading volume this week shows a downward trend for all public chains except Sui, which saw an increase. Notably, BNBChain has a significant downward trend, with a decrease of 66.7% compared to last week. In terms of transaction fees, all public chains show little change except for Ethereum, which decreased by 77.8% compared to last week; regarding daily active addresses, all public chains show a downward trend except for BNBChain and Sui, which saw slight increases. Among them, Solana has the most significant downward trend, with a decrease of about 45% compared to last week; in terms of TVL, all public chains show slight declines except for Sui, which increased by 4.3% compared to last week.

●     Innovative projects to watch: Liquid is a decentralized cryptocurrency trading protocol that allows users to deploy their perpetual contract markets on leading exchanges and earn 50% of trading fee revenue permanently. The project is currently in the whitelist application stage, with nearly 300,000 applicants; ClipStake is an on-chain advertising incentive platform where brands upload videos and set advertising budgets, and creators produce short videos to earn USDC or tokens for every 1,000 verified views; Valiant is a decentralized trading platform that aims for the speed of CEX and the freedom of DEX, dedicated to providing efficient trading experiences for institutional and individual users.

Table of Contents

Key Points                                                                                                                          

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 Ratios                                                                      

5. Decentralized Finance (DeFi)                                                                        

6. On-Chain Data                                                                                                              

7. Stablecoin Market Capitalization and Issuance Situation                                                                                     

II. This Week's Hot Money Trends                                                                                                             

1. This Week's Top Five Gainers in VC Coins and Meme Coins                                                                  

2. New Project Insights                                                                                                           

III. Industry News Updates                                                                                                                 

1. Major Industry Events This Week                                                                                                   

2. Major Events Coming Next Week                                                                                       

3. Important Investments and Financing from Last Week                                                                                                   

I. Market Overview

1. Total Cryptocurrency Market Capitalization / Bitcoin Market Share

The total market capitalization of cryptocurrencies is $3.42 trillion, down from $3.43 trillion last week, representing a decrease of 0.3% this week.

  Figure 1 Data Source: cryptorank

As of the time of publication, Bitcoin's market capitalization is $2.1 trillion, accounting for 61.47% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $254 billion, representing 7.42% of the total cryptocurrency market capitalization.

Figure 2 Data Source: coingeck

2. Fear Index

The cryptocurrency fear index is at 55, indicating a neutral sentiment.

Figure 3 Data Source: coinglass

3. ETF Inflow and Outflow Data

As of the time of publication, the total net inflow for U.S. Bitcoin spot ETFs is approximately $44.24 billion, with a net outflow of $12.88 million this week; the total net inflow for U.S. Ethereum spot ETFs is approximately $3.33 billion, with a net inflow of $281 million this week.

Figure 4 Data Source: sosovalue

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price is $2,503, with a historical high of $4,878, representing a decline of approximately 48.65% from the peak.

ETHBTC: Currently at 0.023672, with a historical high of 0.1238.

Figure 5 Data Source: ratiogang

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL (Total Value Locked) in DeFi this week is $111.6 billion, up from $111.1 billion last week, representing an increase of 0.45%.

Figure 6 Data Source: defillama

By public chain classification, the top three public chains by TVL are Ethereum, accounting for 54.87%; Solana, accounting for 7.58%; and Bitcoin, accounting for 5.48%.

Figure 7 Data Source: CoinW Research Institute, defillama
Data as of June 8, 2025

6. On-Chain Data

Layer 1 Related Data

This section analyzes the current data of major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APT based on daily trading volume, daily active addresses, and transaction fees.

Figure 8 Data Source: CoinW Research Institute, defillama, Nansen
Data as of June 8, 2025

● Daily Trading Volume and Transaction Fees: Daily trading volume and transaction fees are core indicators of public chain activity and user experience. This week, all public chains except Sui showed a downward trend in daily trading volume. Notably, BNBChain experienced a significant decline of 66.7% compared to last week. In terms of transaction fees, all public chains showed little change except for Ethereum, which decreased by 77.8% compared to 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 public chains showed a downward trend except for BNBChain and Sui, which had slight increases. Solana showed the most significant decline, approximately 45% lower than last week; in terms of TVL, all public chains showed slight declines except for Sui, which increased by 4.3% compared to last week.

Layer 2 Related Data

● According to L2Beat, the total TVL for Ethereum Layer 2 is $36 billion, down from $37.23 billion last week, representing an overall decline of 1.7%.

Figure 9 Data Source: L2Beat
Data as of June 8, 2025

Base and Arbitrum hold market shares of 40.72% and 30.32%, respectively, with both showing an increase this week.

_Figure 10 Data Source: _footprint
Data as of June 8, 2025

7. Stablecoin Market Capitalization and Issuance

According to Coinglass, the total market capitalization of stablecoins is $254 billion. Among them, USDT has a market capitalization of $154.8 billion, accounting for 60.9% of the total stablecoin market; USDC follows with a market capitalization of $61.1 billion, accounting for 24.1%; and DAI has a market capitalization of $5.36 billion, accounting for 2.1%.

Figure 11 Data Source: CoinW Research Institute, Coinglass
Data as of June 8, 2025

According to Whale Alert, this week USDC Treasury issued 1 billion USDC, and Tether Treasury issued 52 million USDT. The total issuance of stablecoins this week is 1.252 billion, compared to last week's total issuance of 57.05 million, representing an increase of approximately 2,096%.

Figure 12 Data Source: Whale Alert
Data as of June 8, 2025

II. Hot Money Trends This Week

1. Top Five VC Coins and Meme Coins by Growth This Week

The top five VC coins by growth over the past week

Figure 13 Data Source: CoinW Research Institute, coinmarketcap
Data as of June 8, 2025

The top five Meme coins by growth over the past week

Figure 14 Data Source: CoinW Research Institute, coinmarketcap
Data as of June 8, 2025

2. New Project Insights

● Liquid: A decentralized cryptocurrency trading protocol that allows users to deploy their own perpetual contract markets on leading exchanges and earn 50% of trading fee revenue permanently, creating a sustainable and replicable liquidity and income loop. The project is currently in the whitelist application stage, with nearly 300,000 applicants.

● ClipStake: An on-chain advertising incentive platform where brands upload videos and set advertising budgets, and creators produce short videos, earning USDC or tokens for every 1,000 verified views. ClipStake has received support from AllianceDAO.

● Valiant: Based on FogoChain, Valiant is a decentralized trading platform that aims for the speed of CEX and the freedom of DEX, dedicated to providing efficient trading experiences for institutional and individual users.

III. Industry News Updates

1. Major Industry Events This Week

● The Solana ecosystem's DePIN smart wearable device project CUDIS has announced the official opening of the CUDIS token airdrop claim. The first season airdrop will distribute 50 million CUDIS to over 60,000 active community users, with top active users receiving over 60,000 CUDIS, the top 100 receiving over 13,000 CUDIS, and the top 1,000 receiving over 4,000 CUDIS. Users must connect a verified Solana wallet and claim the S1 airdrop by August 31.

● Fufuture, in collaboration with the Web3 social platform DeBox, has officially launched the BOX-BTC and BOX-ETH perpetual options trading pairs. The first trading incentive event started on June 6 and will last for 20 days, open to all on-chain users, with a total prize pool of 652,000 BOX tokens and 52,000 FU points. The two parties will explore the synergistic development of derivatives trading and the Web3 social ecosystem.

● The Hong Kong "Stablecoin Regulation" will take effect on August 1, 2025. The regulation was published on May 30, 2025, and its main purpose is to regulate activities involving stablecoins and establish a licensing system for regulated stablecoin activities in Hong Kong.

2. Major Events Coming Next Week   

● Skate is a universal application layer that enables applications to run on thousands of chains with a single state. SKATE is the foundational utility and governance token of the Skate protocol, with an initial total supply of 1 billion tokens, of which 10.00% is allocated to the team, 18.00% to the ecosystem and reserves, 10% for the initial airdrop, and 45.50% for the community. Skate will be released on X on June 9, along with a promotional video, which seemingly hints at the TGE date.

● The eco-social prediction market Upside, based on the Base chain, is set to launch on June 10.

● ZEROBASE, in collaboration with Guinness World Records, has initiated a global privacy challenge, which will end on June 15. All participants will collectively complete a decentralized trusted setup ceremony to generate public parameters for a zero-knowledge proof system. These parameters will serve as the trust foundation for multiple privacy applications, promoting the implementation of zero-knowledge technology in the Web3 ecosystem. All users who successfully participate in this challenge will become co-holders of a Guinness World Record and receive a participation certificate from Guinness.

3. Important Financing Events from Last Week

● Avantis raised $8 million, with investors including Pantera Capital, Founders Fund, Flowdesk, and Symbolic Capital. Avantis is an oracle-based synthetic derivatives protocol that allows users to trade cryptocurrencies and real-world assets with leverage of up to 100 times, earning profits by providing USDC liquidity as market makers. (June 3, 2025)

● Rails raised $14 million, with investors including Slow Ventures, Kraken, CMCC Global, Quantstamp, and Round13 Capital. Rails is a self-custodial cryptocurrency exchange that utilizes a centralized order book to drive optimal trade execution while combining self-custodial decentralized solutions on the blockchain to provide transparent fund custody, thereby protecting user funds and gaining user trust. (June 4, 2025)

● IOST raised $21 million, with investors including DWF Labs, Presto, and Rollman Management. IOST is a decentralized blockchain network based on the next-generation consensus algorithm "Proof of Believability" (PoB). IOST launched its public testnet on June 30, 2018, and migrated to the mainnet in February 2019. (June 6, 2025)

Reference Links:

  1. Liquid: [https://x.com/tryliquidxyz)
  2. ClipStake: https://x.com/ClipStake_X
  3. Valiant: https://x.com/ValiantTrade
  4. Avantis: https://x.com/avantisfi
  5. Rails: https://x.com/rails_xyz
  6. IOST: https://x.com/IOST_Official

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