Key Points

• The total market capitalization of cryptocurrencies is $3.23 trillion, down from $3.41 trillion last week, representing a decrease of 5.6% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $46.66 billion, with a net inflow of $1.02 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $3.89 billion, with a net inflow of $40.24 million this week.

• The total market capitalization of stablecoins is $248.5 billion, with USDT having a market capitalization of $155.8 billion, accounting for 62.69% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $61.2 billion, accounting for 24.62%; and DAI with a market capitalization of $5.37 billion, accounting for 2.16%.

• According to DeFiLlama data, the total TVL of DeFi this week is $103.2 billion, down from $111.9 billion last week, a decrease of approximately 7.8%. By public chain classification, the top three public chains by TVL are Ethereum, accounting for 55.12%; Solana, accounting for 7.49%; and Bitcoin, accounting for 5.94%.

• From on-chain data, in terms of daily trading volume, all chains except Sui, which fell by 26.67%, saw increases, with Aptos rising by as much as 2000%, TON and ETH rising by 122% and 70% respectively, Solana rising by 30%, and BNB Chain slightly rising by 8%. In terms of transaction fees, ETH rose by 150%, while Solana, Aptos, and Sui fell by 43.68%, 23.22%, and 11.13% respectively, with BNB and TON fees remaining basically unchanged. In terms of daily active addresses, only BNB and Sui chains saw increases, growing by 38% and 13% respectively, while the other chains declined. In terms of TVL, Aptos performed notably well with a 773% increase, Sui fell by 12%, and the declines for the other chains were all less than 10%.

• New project focus: XFX is an innovative platform providing underlying infrastructure for institutional-level cross-border settlement, aiming to eliminate fragmented liquidity, delayed settlement, and hidden costs in global payments. BitVault is a decentralized finance protocol aimed at institutions, issuing a capital-efficient stablecoin bvUSD backed by Bitcoin derivatives and its yield derivative version sbvUSD, designed to provide stability and liquidity optimization solutions. Nook is a crypto savings application that converts user funds into USDC deposited in protocols like Moonwell, offering users an annualized return of approximately 8-9%, daily distribution, withdrawal at any time, and no lock-up period.

Table of Contents

Key Points

Table of Contents

I. Market Overview

1. Total cryptocurrency market capitalization / 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 capitalization and issuance situation

II. This Week's Hot Money Trends

1. Top five VC coins and Meme coins by increase this week

2. New project insights

III. Industry News

1. Major industry events this week

2. Major events happening next week

3. Important investments and financing from last week

IV. Reference Links

I. Market Overview

1. Total cryptocurrency market capitalization / Bitcoin market capitalization ratio

The total market capitalization of cryptocurrencies is $3.23 trillion, down from $3.41 trillion last week, representing a decrease of 5.6% this week.

Data Source: cryptorank

Data as of June 22, 2025

As of the time of writing, Bitcoin's market capitalization is $2 trillion, accounting for 61.9% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $248.5 billion, accounting for 7.69% of the total cryptocurrency market capitalization.

Data Source: coingeck

Data as of June 22, 2025

2. Fear Index

The cryptocurrency fear index is 37, indicating fear.

Data Source: coinglass

Data as of June 22, 2025

3. Inflow and Outflow Data

As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $46.66 billion, with a net inflow of $1.02 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $3.89 billion, with a net inflow of $40.24 million this week.

Data Source: sosovalue

Data as of June 22, 2025

4. ETH/USD Exchange Rate

ETHUSD: Current price $2,235.44, historical highest price $4,878.26, down approximately 54.17% from the highest price.

ETHBTC: Currently at 0.022163, historical highest at 0.1238

Data Source: ratiogang

Data as of June 22, 2025

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $103.2 billion, down from $111.9 billion last week, a decrease of approximately 7.8%.

Data Source: defillama

Data as of June 22, 2025

By public chain classification, the top three public chains by TVL are Ethereum, accounting for 55.12%; Solana, accounting for 7.49%; and Bitcoin, accounting for 5.94%.

Data Source: CoinW Research Institute, defillama

Data as of June 22, 2025

6. On-chain Data

Layer 1 Related Data

Mainly analyzing daily trading volume, daily active addresses, and transaction fees for the current major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APT.

Data Source: CoinW Research Institute, defillama, Nansen

Data as of June 22, 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, this week only the Sui chain saw a decrease of 26.67%, while the other chains saw increases. Aptos significantly increased by 2000%, TON and ETH increased by 122% and 70% respectively, Solana increased by 30%, and BNB Chain slightly increased by 8%. In terms of transaction fees, this week BNB and TON remained unchanged from last week, while ETH increased by 150%, and Solana, Aptos, and SUI decreased by 43.68%, 23.22%, and 11.13% 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. In terms of daily active addresses, this week only BNB and Sui chains saw increases, with growth rates of 38% and 13% respectively. The other chains all declined, with ETH and TON decreasing by 26% and 27% respectively, and Aptos and Solana decreasing by 13% and 11%. In terms of TVL, this week Aptos saw a significant increase of 773%, while the other chains all saw declines, with Sui chain decreasing by 12%, and ETH, Solana, BNB Chain, and TON decreasing by 7%, 9%, 5%, and 8% respectively.

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $30.32 billion, down 14.4% from last week ($35.41 billion).

Data Source: L2Beat

Data as of June 22, 2025

Base and Arbitrum occupy the top positions with market shares of 35.2% and 34.12% respectively, with an overall decrease in market share.

Data Source: footprint
Data as of June 22, 2025

7. Stablecoin Market Capitalization and Issuance Situation

According to Coinglass data, the total market capitalization of stablecoins is $24.85 billion, with USDT having a market capitalization of $15.58 billion, accounting for 62.69% of the total stablecoin market capitalization; followed by USDC with a market capitalization of $6.12 billion, accounting for 24.62%; and DAI with a market capitalization of $537 million, accounting for 2.16%.

Data Source: CoinW Research Institute, Coinglass

Data as of June 22, 2025

According to Whale Alert data, this week USDC Treasury issued a total of 640 million USDC, and Tether Treasury issued a total of 3 billion USDT this week. The total issuance of stablecoins this week was 3.64 billion, an increase of 62.91% compared to last week's total issuance of 1.35 billion stablecoins.

Data Source: Whale Alert

Data as of June 22, 2025

II. This Week's Hot Money Trends

1. Top Gainers of VC Coins and Meme Coins This Week

The top four VC coins by increase over the past week

Data Source: CoinW Research Institute, coinmarketcap

Data as of June 22, 2025

The top five Meme coins by increase over the past week

Data Source: CoinW Research Institute, coinmarketcap

Data as of June 22, 2025

2. New Project Insights

• XFX is an innovative platform providing underlying infrastructure for institutional-level cross-border settlement, aiming to eliminate fragmented liquidity, delayed settlement, and hidden costs in global payments. The platform allows financial institutions, market makers, and payment processors to achieve real-time settlement and direct access to wholesale-level liquidity through stablecoin and fiat channels, providing transparent and auditable transaction reports. XFX is architected for high performance and modularity, supporting dashboards, APIs, and OTC services, with SOC2 and ISO27001 level security compliance controls.

• BitVault is a decentralized finance protocol aimed at institutions, issuing a capital-efficient stablecoin bvUSD backed by Bitcoin derivatives and its yield derivative version sbvUSD. It features institutional-level lending permissions, dynamic interest rate settings, multi-asset collateral mechanisms, and permission pool trading controls, aiming to provide stability and liquidity optimization solutions.

• Nook is a crypto savings application founded by former Coinbase engineers that converts user funds into USDC deposited in protocols like Moonwell, built on Base, offering users an annualized return of approximately 8-9%, daily distribution, withdrawal at any time, and no lock-up period.

III. Industry News

1. Major Industry Events This Week

• On June 21, the next-generation decentralized exchange CoinSwap, focused on V2 model trading bonus distribution, officially launched its mainnet and simultaneously opened its token IDO. CoinSwap creates an ecological closed loop where trading equals consensus and participation equals profit through referral binding, dynamic profit sharing, and deflationary buyback mechanisms. Its governance token COIN has a total supply of 10 billion, with plans to reduce the total supply to 1 billion through buybacks from transaction fees. The platform has completed deployment on the BNB Chain mainnet, supporting one-click trading across multiple wallets, and aims to become a key infrastructure connecting DeFi trading with real asset flows (RWA).

• On June 21, trading for Redbrick (BRIC) commenced. Eligible users can claim 900 BRIC airdrop tokens using Binance Alpha points within 24 hours after trading starts on the Alpha event page. The airdrop is conducted in two phases: in the first 18 hours, users holding at least 251 Alpha points can claim; in the last 6 hours, users holding at least 226 points can participate on a first-come, first-served basis. Each claim will consume 15 Alpha points, and failure to confirm the claim within the specified time will be considered a waiver. Redbrick is a user-generated content (UGC) metaverse platform that supports free creation and gaming, creating a token economy system that rewards creators fairly.

• On June 20, Binance Alpha AVAIL Phase 1 airdrop opened for claims, with a points threshold of 243 points. On June 21, Binance Alpha AVAIL Phase 2 airdrop opened for claims, allowing users with 199 points to claim 2,667 tokens on a first-come, first-served basis.

• On June 20, Binance Alpha announced that users holding at least 238 points could participate in the League of Traders (LOT) TGE subscription through the Alpha event page from 16:00 to 18:00 (UTC+8) on that day. Participation in the event will consume 15 points, and users must complete the subscription operation within the specified time.

• On June 19, the Matchain (MAT) airdrop event began, allowing eligible users to claim 16 MAT tokens each using Binance Alpha points on the Alpha event page. The airdrop is conducted in two phases: in the first 18 hours, users holding at least 243 points can claim; in the last 6 hours, users with more than 210 points can participate on a first-come, first-served basis until the airdrop pool is exhausted or the event ends. Each claim will consume 15 points, and confirmation within the specified time is required, otherwise it will be considered a waiver.

2. Major Events Happening Next Week

• UpTop.meme will announce the specific rules for the "Real User Compensation Plan" in response to the issue of many users missing out on Pre-TGE allocation opportunities due to script studio abuse. According to on-chain analysis with Four.Meme engineers, approximately 58,297 addresses are suspected of being script-operated, while 41,703 are real users, with over 600,000 people visiting the event page in preparation to participate. This compensation plan will issue additional airdrops to wallet addresses certified as real users, with relevant details expected to be officially released in the coming days, warranting attention.

• Binance Alpha will launch the Sahara AI (SAHARA) airdrop event on June 26, allowing eligible users to claim airdrop rewards using Binance Alpha points on the Alpha event page after trading opens. Specific claim times and details will be announced on the same day.

• The Telegram ecosystem Web3 trading application Blum will open for users to claim BLUM token airdrops, with specific timing to be announced. Users can currently check achievements and airdrop allocation status within the app, with 30% of tokens available for claim during TGE, and the remaining portion will be unlocked daily in equal amounts over 180 days. Blum completed $5 million in Pre-Seed and seed round financing in February this year, led by gumi Cryptos Capital, with participation from several well-known institutions, and the project's development is highly anticipated.

• The Multi-VM full-chain network Mango Network announced it will launch the MGO token TGE and open airdrop queries, with specific timing to be announced. This airdrop is aimed at testnet participants and active community contributors (including OG roles), distributing a total of 5% of the total token supply, with all airdrop tokens immediately unlocked. Mango point holders will also receive airdrop rewards proportionally.

3. Important Investments and Financing from Last Week

• The decentralized data platform PrismaX announced the completion of a $11 million seed round financing, led by a16z crypto CSX, with participation from Volt Capital, Stanford Blockchain Accelerator, Symbolic Capital, and Virtuals Protocol. PrismaX is committed to solving the data scarcity problem of generative models through its unique Proof-of-View mechanism, enhancing the quality and diversity of multimodal data such as images and videos, promoting the standardization of robotic vision data and the development of remote control infrastructure, and accelerating the training and large-scale deployment of physical AI models. (June 17, 2025)

• The Ethereum restaking protocol EigenCloud (formerly EigenLayer) announced the completion of $70 million in financing, led by a16z. EigenCloud introduces a restaking mechanism that allows users to use staked ETH to provide cryptoeconomic security for other applications, extending blockchain-level trust to Web2 and Web3 scenarios. Its Alpha version was launched in conjunction with performance upgrades to EigenDA, achieving a throughput of 50MB per second on the testnet, while also releasing a preview version of EigenVerify for adjudicating disputes in off-chain systems, aimed at supporting emerging applications such as AI agents and prediction markets. (June 17, 2025)

• The stablecoin startup Ubyx, founded by former Citigroup executive Tony McLaughlin, announced the completion of a $10 million seed round financing, led by Galaxy Ventures, with participation from Founders Fund, Coinbase Ventures, Paxos, and VanEck. Ubyx aims to create a global stablecoin acceptance network similar to Visa and Mastercard, connecting stablecoin issuers, banks, and fintech companies to solve interoperability challenges in payment scenarios. (June 17, 2025)

• The blockchain startup Units.Network, developed on the Waves protocol, completed $10 million in financing, led by Nimbus Capital, with funds to be used for infrastructure upgrades and AI product development. Units.Network is a modular blockchain ecosystem that supports users in deploying EVM-compatible sidechains, featuring L0 scalability, a restaking consensus mechanism, and a DAO governance model. Its token UNIT0 is used for transactions, voting, and incentivizing ecological projects. (June 19, 2025)

• The DePIN project SparkChain AI announced the completion of $10.8 million in financing, led by OakStone Ventures, with funds to be used to expand its decentralized AI computing network. SparkChain AI is an AI-driven DePIN Rollup protocol that allows users to participate in network construction by sharing idle bandwidth and computing resources, earning token rewards. The platform emphasizes privacy and security, aiming to create an efficient, decentralized AI infrastructure to support various AI applications. (June 19, 2025)

IV. Reference Links

1. PrismaX: https://prismax.ai/

2. EigenCloud (formerly EigenLayer): https://www.eigenlayer.xyz/

3. Ubyx: https://www.units.network/

4. Units.Network: https://www.units.network/

5. SparkChain AI: https://sparkchain.ai/

6. XFX: https://www.xfx.io/

7. BitVault: https://www.bitvault.finance/

8. Nook: https://nookapp.xyz/

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