Key Points
The total market capitalization of cryptocurrencies is $3.45 trillion, down from $3.51 trillion last week, representing a decline of 1.7% this week. As of the time of writing, the cumulative net inflow of the Bitcoin spot ETF in the U.S. is approximately $49.64 billion, with a net inflow of $770 million this week; the cumulative net inflow of the Ethereum spot ETF in the U.S. is approximately $4.4 billion, with a net inflow of $219 million this week.
The total market capitalization of stablecoins is $265 billion, with USDT having a market cap of $158.7 billion, accounting for 59.89% of the total stablecoin market cap; followed by USDC with a market cap of $62.2 billion, accounting for 23.47% of the total stablecoin market cap; and DAI with a market cap of $5.36 billion, accounting for 2% of the total stablecoin market cap.
According to data from DeFiLlama, the total TVL (Total Value Locked) in DeFi this week is $116.4 billion, up from $113.4 billion last week, representing an increase of 2.65%. When categorized by public chains, the top three public chains by TVL are Ethereum with a share of 56.29%; Solana with a share of 7.49%; and Bitcoin with a share of 5.46%.
From on-chain data, the trading volume of Layer 1 public chains this week has decreased for all chains except Solana. BNBChain saw the most significant decline, down 32.9% from last week. Meanwhile, Solana increased by 16% compared to last week; in terms of transaction fees, Ethereum and Solana saw the most significant changes, with Ethereum down 50% and Solana down 75% from last week. In terms of daily active addresses, all public chains saw overall growth except for Ethereum, Toncoin, and Aptos, with Sui showing the most significant increase of 71.87% compared to last week. Solana also increased by 41.88% compared to last week.
● Innovative projects to watch: Keyring Network is dedicated to providing compliant on-chain trading tools for financial service institutions. Its solution emphasizes institutional-level privacy protection capabilities, bridging the gap between compliance and blockchain interaction; Strata is a perpetual yield tiering protocol designed specifically for Ethena's Delta neutral synthetic stablecoin USDe, aimed at providing structured yield exposure; Derolas is a decentralized market-making system built by Olas Agents, aimed at solving the common liquidity coordination challenges in the DeFi ecosystem.
Table of Contents
Key Points
Total Market Capitalization of Cryptocurrencies / Bitcoin Market Cap Share
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 Situation
II. This Week's Hot Money Trends
Top Five VC Coins and Meme Coins by Increase 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 Cap Share
The total market capitalization of cryptocurrencies is $3.45 trillion, down from $3.51 trillion last week, representing a decline of 1.7%.
Figure 1 Data Source: cryptorank
As of the time of writing, Bitcoin's market cap is $2.17 trillion, accounting for 62.96% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $265 billion, accounting for 7.68% of the total cryptocurrency market cap.
Figure 2 Data Source: coingeck
2. Fear Index
The cryptocurrency fear index is 74, indicating greed.
Figure 3 Data Source: coinglass
3. ETF Inflow and Outflow Data
As of the time of writing, the cumulative net inflow of the Bitcoin spot ETF in the U.S. is approximately $49.64 billion, with a net inflow of $770 million this week; the cumulative net inflow of the Ethereum spot ETF in the U.S. is approximately $4.4 billion, with a net inflow of $219 million this week.
Figure 4 Data Source: sosovalue
4. ETH/BTC and ETH/USD Exchange Rates
ETHUSD: Current price $2,562, historical highest price $4,878, down approximately 47.49% from the highest price.
ETHBTC: Currently at 0.023530, historical highest at 0.1238.
Figure 5 Data Source: ratiogang
5. Decentralized Finance (DeFi)
According to data from DeFiLlama, the total TVL in DeFi this week is $116.4 billion, up from $113.4 billion last week, representing an increase of 2.65%.
Figure 6 Data Source: defillama
When categorized by public chains, the top three public chains by TVL are Ethereum with a share of 56.29%; Solana with a share of 7.49%; and Bitcoin with a share of 5.46%.
Figure 7 Data Source: CoinW Research Institute, defillama
Data as of July 6, 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 APT based on daily trading volume, daily active addresses, and transaction fees.
Figure 8 Data Source: CoinW Research Institute, defillama, Nansen
Data as of July 6, 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, the trading volume has decreased for all public chains except Solana. BNBChain saw the most significant decline, down 32.9% from last week. Meanwhile, Solana increased by 16% compared to last week; in terms of transaction fees, Ethereum and Solana saw the most significant changes, with Ethereum down 50% and Solana down 75% 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 public chains saw overall growth except for Ethereum, Toncoin, and Aptos, with Sui showing the most significant increase of 71.87% compared to last week. Solana also increased by 41.88% compared to last week.
Layer 2 Related Data
- According to L2Beat data, the total TVL of Ethereum Layer 2 is $33.5 billion, up from $32.49 billion last week, representing an overall increase of 3.1%.
Figure 9 Data Source: L2Beat
Data as of July 6, 2025
- Base and Arbitrum occupy the top positions with market shares of 36.09% and 34.19%, respectively, with Base still ranking first in TVL among Ethereum Layer 2 this week.
Figure 10 Data Source: footprint
Data as of July 6, 2025
7. Stablecoin Market Cap and Issuance Situation
According to Coinglass data, the total market capitalization of stablecoins is $265 billion. Among them, USDT has a market cap of $158.7 billion, accounting for 59.89% of the total stablecoin market cap; followed by USDC with a market cap of $62.2 billion, accounting for 23.47% of the total stablecoin market cap; and DAI with a market cap of $5.36 billion, accounting for 2% of the total stablecoin market cap.
Figure 11 Data Source: CoinW Research Institute, Coinglass
Data as of July 6, 2025
According to Whale Alert data, this week USDC Treasury has issued a total of 980 million USDC, and Tether Treasury has issued a total of 1.06 billion USDT, with a total issuance of stablecoins this week amounting to 2.04 billion, compared to last week's total issuance of 485 million stablecoins, representing an increase of approximately 320.62% in stablecoin issuance this week.
Figure 12 Data Source: Whale Alert
Data as of July 6, 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 over the past week
Figure 13 Data Source: CoinW Research Institute, coinmarketcap
Data as of July 6, 2025
Top five Meme coins by increase over the past week
Figure 14 Data Source: CoinW Research Institute, coinmarketcap
Data as of July 6, 2025
2. Insights on New Projects
Keyring Network: A technology company based in London, UK, dedicated to providing compliant on-chain trading tools for financial service institutions. Since its establishment in 2022, Keyring has utilized zero-knowledge (ZK) privacy technology to help financial institutions achieve controllable connections with compliant trading counterparts while ensuring data privacy and security. Its solution emphasizes institutional-level privacy protection capabilities, bridging the gap between compliance and blockchain interaction.
Strata: A perpetual yield tiering protocol designed specifically for Ethena's neutral synthetic stablecoin USDe, aimed at providing structured yield exposure. The protocol allows users to flexibly allocate based on their risk preferences by dividing investments into two risk levels: senior and junior, sharing the potential returns from Ethena's arbitrage strategies.
Derolas: A decentralized market-making system built by Olas Agents, aimed at solving the common liquidity coordination challenges in the DeFi ecosystem. The system is committed to achieving automated and collaborative market-making strategy deployment through a modular smart agent architecture, enhancing liquidity efficiency and capital utilization across different DeFi protocols.
III. New Developments in the Industry
1. Major Industry Events This Week
On-chain asset management platform Lorenzo has launched its first OTF testnet product USD1+ OTF, which is also its first U-based yield product settled in USD1 stablecoin, currently deployed on the BNB Chain testnet. This product is supported by the financial abstraction layer developed by Lorenzo, which will integrate RWA yields, quantitative strategies, and DeFi yields, with all yields settled uniformly as USD1. Lorenzo thus becomes one of the earliest projects to build real yield products around USD1, promoting the practical use of USD1 in the on-chain financial ecosystem. Users can participate in product testing by staking USDT, USDC, or USD1 to obtain sUSD1 and tokens representing yield rights, experiencing a stable, diverse, and real yield structure.
The Ethereum SVM L2 network has launched the ES token airdrop check portal. ASC NFT holders will directly receive the ES airdrop on the day of the Eclipse TGE, with no snapshot and no claim required. The Eclipse ecosystem's technology and research team, Eclipse Labs, has stated that Eclipse Labs employees have signed documents prohibiting them from claiming any ES airdrop and have provided all addresses to exclude the possibility of participating in the airdrop. All allocations for employees and investors will be locked for one year after the token goes public and will be gradually unlocked over three years.
Protocol Guild has stated that since 2022, it has allocated nearly $30 million to individuals engaged in Ethereum L1 development. At the current funding level, Protocol Guild expects to redistribute another $37 million over the next four years. Protocol Guild has indicated that there is still a long way to go in balancing core development incentives and invites interested parties to participate.
Nexus, a company dedicated to achieving verifiable computation through cryptography and zero-knowledge proofs, has announced that it has sent 10,000 reward points to contributors in the first week of Testnet III, which users can claim in the Nexus OS dashboard.
2. Major Upcoming Events Next Week
Aethir Edge token economics 2.0 will launch on July 13, introducing a staking-driven reward mechanism, where users need to stake ATH to participate in rewards, divided into Bronze, Silver, and Gold tiers, with a maximum reward of 240 ATH per day.
Resolv has announced that the total token allocation for the second quarter has been set at 5.75% of the total supply, with at least 4% allocated for the second quarter points program. The second quarter began on May 9 and will continue until September 9, during which more integrations, opportunities, and product improvements will be launched.
The modular RollApp network Dymension has announced the launch of S2 season, with the first wave of registrations now open to long-term stakers. S2 registration will be conducted in phases, with different registration waves having different participation conditions and time limits. Successfully registered users will receive DYMONDs, which can be obtained through on-chain activities and invitations, and during specific time windows, they can choose to redeem them for DYM tokens or continue participating for higher rewards.
3. Important Investments and Financing from Last Week
Distinct Possibility Studios raised $30.5 million, with investors including Bitkraft Ventures, BH Digital, Hashed, Shima Capital, North Island Ventures, and others. Distinct Possibility Studios is an independent game studio focused on the Web3 space, dedicated to developing immersive large-scale MMO and FPS gaming experiences. Its first project, "Reaper Actual," integrates blockchain technology with gaming mechanics, innovating in digital assets, player economies, and on-chain interactions, and has gained widespread attention in the market. (July 4, 2025)
TWL Miner completed a Series B financing round, raising $95 million, with the investing institution undisclosed. TWL Miner is a platform company focused on cloud mining services, dedicated to providing users with convenient and efficient cryptocurrency mining solutions. Users can participate in mining without purchasing expensive equipment, leveraging the platform's cloud computing capabilities to obtain stable passive income. (July 1, 2025)
Caleb & Brown announced its acquisition on July 1, 2025, for $65.8 million, with investors including the Australian trading platform Swyftx. Caleb & Brown is a cryptocurrency brokerage and custody service provider for individual and institutional clients, focusing on providing a secure and efficient digital asset trading experience. (July 1, 2025)
Reference Links:
- Keyring Network https://x.com/KeyringNetwork
- Strata https://x.com/strata_money
- Derolas https://x.com/derolas_xyz
- Distinct Possibility Studios https://x.com/DPS_Studios
- TWL Miner https://x.com/twl_miner
- Caleb & Brown https://x.com/calebandbrown
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