CoinW Research Institute
Key Points
The total market capitalization of cryptocurrencies is $3.96 trillion, down from $4.21 trillion last week, representing a decline of 5.95% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $56.81 billion, with a net outflow of $902.5 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $13.12 billion, with a net outflow of $796 million this week.
The total market capitalization of stablecoins is $301 billion, with USDT having a market cap of $174.4 billion, accounting for 57.94% of the total stablecoin market cap; followed by USDC with a market cap of $73.69 billion, accounting for 24.47%; and DAI with a market cap of $5.36 billion, accounting for 1.78%.
According to DeFiLlama data, the total TVL of DeFi this week is $155.5 billion, down from $160.9 billion last week, representing a decline of 3.36%. By public chain, the top three chains by TVL are Ethereum at 68.19%; Solana at 8.75%; and Bitcoin at 6.47%.
From on-chain data, there is significant variation in daily transaction volume across public chains this week, with Sui up 50.5%, Ethereum up 49.38%, Solana down 35.39%, and BNBChain down 33.7%, while other public chains showed slight changes. In terms of transaction fees, except for Ethereum which increased by 100%, Solana which decreased by 60%, and Aptos which decreased by 20%, other public chains showed little change. In terms of daily active addresses, all public chains showed a downward trend this week except for BNBChain which increased by 2.46%. Among them, Sui decreased by 23.92%, Aptos by 18.7%, Toncoin by 13.5%, Ethereum by 6.36%, and Solana by 5.62%. In terms of TVL, all public chains showed a downward trend except for Sui which increased by 0.97%. BNBChain decreased by 14.41%, Solana by 9.34%, Ethereum by 7.4%, Toncoin by 6.47%, and Aptos by 6.33%.
Innovative projects to watch: Fuseon is a centralized liquidity hub based on Plasma, dedicated to providing efficient capital aggregation and trading support for the DeFi ecosystem; BULK focuses on creating a high-performance on-chain perpetual contract trading platform, aiming to narrow the gap between CEX and DeFi in high-frequency order matching and performance; Future.fun is a decentralized prediction market platform aimed at providing users with blockchain-based prediction and trading mechanisms.
Table of Contents
Key Points
I. Market Overview
Total cryptocurrency market capitalization/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
New project insights
III. Industry News
Major industry events this week
Major upcoming events next week
Important financing from last week
Reference Links
I. Market Overview
1. Total cryptocurrency market capitalization/Bitcoin market cap share
The total market capitalization of cryptocurrencies is $3.96 trillion, down from $4.21 trillion last week, representing a decline of 5.95%.
Data source: cryptorank
Data as of September 28, 2025
As of the time of writing, Bitcoin's market cap is $2.24 trillion, accounting for 56.52% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $301 billion, accounting for 7.6% of the total cryptocurrency market cap.
Data source: coingeck
Data as of September 28, 2025
2. Fear Index
The cryptocurrency fear index is 49, indicating a neutral sentiment.
Data source: coinglass
Data as of September 28, 2025
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 $56.81 billion, with a net outflow of $902.5 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $13.12 billion, with a net outflow of $796 million this week.
Data source: sosovalue
Data as of September 28, 2025
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Current price $4,133, historical highest price $4,946, down approximately 16.55% from the highest price.
ETHBTC: Currently at 0.036823, historical highest at 0.1238.
Data source: ratiogang
Data as of September 28, 2025
5. Decentralized Finance (DeFi)
According to DeFiLlama data, the total TVL of DeFi this week is $155.5 billion, down from $160.9 billion last week, representing a decline of 3.36%.
Data source: defillama
Data as of September 28, 2025
By public chain, the top three chains by TVL are Ethereum at 68.19%; Solana at 8.75%; and Bitcoin at 6.47%.
Data source: CoinW Research Institute, defillama
Data as of September 28, 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 transaction volume, daily active addresses, and transaction fees.
Data source: CoinW Research Institute, defillama, Nansen
Data as of September 28, 2025
● Daily transaction volume and transaction fees: Daily transaction volume and transaction fees are core indicators of public chain activity and user experience. This week, there is significant variation in daily transaction volume across public chains, with Sui up 50.5%, Ethereum up 49.38%, Solana down 35.39%, and BNBChain down 33.7%, while other public chains showed slight changes. In terms of transaction fees, except for Ethereum which increased by 100%, Solana which decreased by 60%, and Aptos which decreased by 20%, other public chains showed little change.
● 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 this week except for BNBChain which increased by 2.46%. Among them, Sui decreased by 23.92%, Aptos by 18.7%, Toncoin by 13.5%, Ethereum by 6.36%, and Solana by 5.62%. In terms of TVL, all public chains showed a downward trend except for Sui which increased by 0.97%. BNBChain decreased by 14.41%, Solana by 9.34%, Ethereum by 7.4%, Toncoin by 6.47%, and Aptos by 6.33%.
Layer 2 Related Data
● According to L2Beat data, the total TVL of Ethereum Layer 2 is $45.23 billion, down from $46.04 billion last week, with an overall decline of 1.76%.
Data source: L2Beat
Data as of September 28, 2025
- Base and Arbitrum hold the top positions with market shares of 38.26% and 35%, respectively, with Base still ranking first in Ethereum Layer 2 TVL this week.
_Data source: _footprint
Data as of September 28, 2025
7. Stablecoin market cap and issuance situation
According to Coinglass data, the total market capitalization of stablecoins is $301 billion. Among them, USDT has a market cap of $174.4 billion, accounting for 57.94% of the total stablecoin market cap; followed by USDC with a market cap of $73.69 billion, accounting for 24.47%; and DAI with a market cap of $5.36 billion, accounting for 1.78%.
Data source: CoinW Research Institute, Coinglass
Data as of September 28, 2025
According to Whale Alert data, this week USDC Treasury has issued a total of 2.78 billion USDC, and Tether Treasury has issued a total of 3 billion USDT, with a total issuance of stablecoins this week amounting to 5.78 billion, compared to 5.71 billion last week, representing an increase of approximately 1.23% in stablecoin issuance this week.
Data source: Whale Alert
Data as of September 28, 2025
II. This Week's Hot Money Trends
1. Top five VC coins and Meme coins by increase this week
The top five VC coins by increase in the past week
Data source: CoinW Research Institute, coinmarketcap
Data as of September 28, 2025
The top five Meme coins by increase in the past week
Data source: CoinW Research Institute, coinmarketcap
Data as of September 28, 2025
2. New Project Insights
Fuseon is a centralized liquidity hub based on Plasma, dedicated to providing efficient capital aggregation and trading support for the DeFi ecosystem. The project enhances capital efficiency through centralized liquidity management while being compatible with DEX and other DeFi application scenarios, aiming to become the core liquidity entry point on the Plasma network.
BULK is a decentralized exchange focused on creating a high-performance on-chain perpetual contract trading platform, using a CLOB model, aiming to narrow the gap between CEX and DeFi in high-frequency order matching and performance. BULK completed an $8 million seed round financing in September 2025.
Future.fun is a decentralized prediction market platform established in 2025, aimed at providing users with blockchain-based prediction and trading mechanisms.
III. Industry News
1. Major Industry Events This Week
River announced that the RIVER token airdrop is now open for claims, using a dynamic airdrop conversion mechanism where the number of RIVER tokens users can claim increases over time. The longer the wait, the more tokens can be obtained, with the maximum waiting period being 180 days. If users claim on the 180th day, the number of tokens received will be 270 times that of the first day.
The Base ecosystem prediction market Limitless has launched its second season points program. The event runs from September 22, 2025, to January 26, 2026. Users can earn points through trading and providing liquidity. The TGE will take place during the second season points program, with more detailed information on distribution and token declaration to be announced soon.
The blockchain gaming platform CUCKOO has reached its first global collaboration with the ODIN platform to jointly launch a dual-platform exploration journey event, offering 10 iPhone 17 Pro Max devices and various ecological rewards to participating users. This event is open to global users and will end on October 22, with participants only needing to complete designated tasks to have a chance to win rewards.
The Flipflop Foundation launched the Footprint Ambassador Program on September 20, along with the Launch Competition and Mint Competition, with a total prize pool of $700,000. The Footprint Ambassador Program rewards global community members for spreading the word and participating in building the platform ecosystem; the Launch Competition encourages builders to initiate projects on the Flipflop platform and receive funding support and community resources; the Mint Competition incentivizes users to participate in minting and expanding the ecosystem.
Morph announced that its BGB Unity Drop eligibility check is now live, allowing users to connect their wallets to check if they qualify for the airdrop, which officially opened on September 25. Morph stated that the Unity Airdrop covers the active groups within the entire Morph ecosystem: Morph Creators and Ambassadors; Morph Zoo point holders; Zootosis event participants; the top 500 users in Morph Hub XP; and Morph Hub invitation point holders.
2. Major Upcoming Events Next Week
Meteora is a liquidity infrastructure project in the Solana ecosystem, focusing on dynamic liquidity management and sustainable returns, with the market expecting the TGE to occur in the first week of October.
Sahara AI announced its latest roadmap, with the first vertical domain Agent, DeFiCopilot, expected to launch in the fourth quarter of this year, focusing on simplifying on-chain interactions and asset management, lowering the barriers for users to enter DeFi. Additionally, the Sahara platform will undergo an enterprise-level data service upgrade, providing more comprehensive control tools and collaboration systems to support large-scale AI applications.
Huma Finance announced that the second part of the HUMA token first season airdrop is now live, with the claim window ending on October 26.
The decentralized trading platform Aster announced that its trading points program Genesis Phase 2 will end on October 6, with 4% of the total supply of ASTER allocated to Phase 2 rewards. Additionally, the trading points program Phase 3 is about to begin, which will include spot trading points and more.
3. Important Financing from Last Week
Fnality completed a $136 million Series C financing round, with participation from several institutions including Temasek, WisdomTree, Citi, and Tradeweb Markets. Fnality aims to provide a digital cash tool for final settlement of tokenized transactions through distributed ledger technology. (September 23, 2025)
Zero Hash completed a $104 million Series D financing round, with investors including Morgan Stanley, Apollo Global Management, and Interactive Brokers. As a B2B2C embedded infrastructure platform providing digital asset services, Zero Hash enables new banks, brokerages, and payment groups to quickly integrate features such as crypto trading, custody, staking rewards, and crypto cashback. (September 23, 2025)
Bastion completed a $14.6 million financing round, with a lineup of investors including Coinbase Ventures, Andreessen Horowitz, Hashed, and Sony Financial Ventures. Bastion provides compliant white-label platforms and API technology to help various enterprises quickly integrate features such as custodial wallets, smart trading routing, and data analytics. (September 24, 2025)
Reference Links
Fuseon, https://x.com/fuseon_finance
BULK, https://x.com/_bulktrade
Fnality, https://x.com/fnality
Zero Hash, https://x.com/ZeroHashX
Bastion, https://x.com/bastionplatform
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