CoinW Research Institute
Key Points
The total market capitalization of global cryptocurrencies is $3.89 trillion, down from $4.01 trillion last week, representing a 2.9% decrease this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $61.5 billion, with a net outflow of $1.23 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $14.6 billion, with a net outflow of $311 million this week.
The total market capitalization of stablecoins is $304.4 billion, with USDT's market cap at $181.9 billion, accounting for 59.75% of the total stablecoin market cap; followed by USDC with a market cap of $75.9 billion, accounting for 24.93%; and DAI with a market cap of $5.37 billion, accounting for 1.76%.
According to DeFiLlama, the total TVL of DeFi this week is $152.2 billion, down from $157.4 billion last week, a decrease of about 3.3%. By public chain, the top three chains by TVL are Ethereum at 62.79%; Solana at 8.16%; and BNB Chain at 6.18%.
This week, the overall activity of public chains has declined, with daily trading volumes generally decreasing. The largest drop was in Ton (-63.14%), while Ethereum had the smallest drop (-8.41%). BNB, Sui, Solana, and Aptos each fell by about 30-50%. Transaction fees remained stable overall, with ETH, BNB, and TON unchanged, while other chains saw slight declines, mainly Solana (-27.06%) and Aptos (-18.37%). In terms of active addresses, Sui (+19.37%) and Aptos (+20.22%) performed well, while Solana and BNB remained roughly flat, and Ethereum (-12.71%) and TON (-15.73%) saw significant declines. TVL saw a slight overall decrease, with Aptos experiencing the largest drop (-9.73%). The liquidity of mainstream chains remained stable, while emerging public chains saw increased user activity but limited capital support.
New project focus: Crown (brl.xyz) is a fintech company based in São Paulo, Brazil, dedicated to modernizing the country's financial system by issuing a stablecoin pegged to the Brazilian real, BRLV. Temple Digital Group is a financial infrastructure company based in New York, focused on creating a privacy-first, compliance-driven digital asset and capital market trading platform on the Canton Network. Legend Trade is a Web3-oriented "decentralized marketplace + presale + launchpad" platform where users can participate in trading or investing in tokens at various stages (project presale / IDO / before official trading).
Table of Contents
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 status
II. This Week's Hot Money Trends
Top five VC coins and Meme coins by increase this week
New project insights
III. New Industry Dynamics
Major industry events this week
Major events happening next week
Important financing from last week
IV. Reference Links
I. Market Overview
- Total cryptocurrency market capitalization / Bitcoin market cap share
The total market capitalization of global cryptocurrencies is $3.89 trillion, down from $4.01 trillion last week, representing a 2.9% decrease this week.
Data source: cryptorank
Data as of October 19, 2025
As of the time of writing, the market cap of Bitcoin is $2.15 trillion, accounting for 55.3% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $304.4 billion, accounting for 7.83% of the total cryptocurrency market cap.
Data source: coingeck
Data as of October 19, 2025
- Fear Index
The cryptocurrency fear index is 28, indicating fear.
Data source: coinglass
Data as of October 19, 2025
- ETF inflow and outflow data
As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $61.5 billion, with a net outflow of $1.23 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $14.6 billion, with a net outflow of $311 million this week.
Data source: sosovalue
Data as of October 19, 2025
- ETH/BTC and ETH/USD exchange rates
ETHUSD: Current price $3,931.80, historical highest price $4,878.26, down approximately 20.46% from the highest price.
ETHBTC: Currently at 0.036430, historical highest at 0.1238.
Data source: ratiogang
Data as of October 19, 2025
- Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL of DeFi this week is $152.2 billion, down from $157.4 billion last week, a decrease of about 3.3%.
Data source: defillama
Data as of October 19, 2025
By public chain, the top three chains by TVL are Ethereum at 62.79%; Solana at 8.16%; and BNB Chain at 6.18%.
Data source: CoinW Research Institute, defillama
Data as of October 19, 2025
- On-chain data
Layer 1 Related Data
Mainly analyzing the current data of major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS based on daily trading volume, daily active addresses, and transaction fees.
Data source: CoinW Research Institute, defillama, Nansen
Data as of October 19, 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 chains experienced varying degrees of decline in daily trading volume, with Ton experiencing the largest drop of 63.14%; Ethereum had the smallest drop of 8.41%, while other chains saw declines of BNB Chain (-50.61%), Sui (-44.13%), Solana (-39.15%), and Aptos (-33.33%). In terms of transaction fees, Ethereum, BNB Chain, and Ton remained unchanged compared to last week; other chains saw some decline, mainly Solana (-27.06%), Aptos (-18.37%), and Sui (-7.09%).
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. This week, BNB Chain remained almost flat compared to last week, Solana slightly increased by 1.95%; Sui and Aptos increased by 19.37% and 20.22%, respectively; Ethereum and Ton decreased by 12.71% and 15.73%. In terms of TVL, all chains saw a decline this week, with Aptos experiencing the largest drop of 9.73%; BNB Chain decreased by 7.42%; other chains saw relatively small declines, including Sui (-3.07%), Ethereum (-2.4%), Ton (-1.82%), and Solana (-1.39%).
Layer 2 Related Data
According to L2Beat, the total TVL of Ethereum Layer 2 is $42.28 billion, down 6% from last week ($44.98 billion).
Data source: L2Beat
Data as of October 19, 2025
Base and Arbitrum occupy the top positions with market shares of 38.26% and 35%, respectively. Base's market share has slightly decreased over the past week, while Arbitrum's has slightly increased.
Data source: footprint
Data as of October 19, 2025
- Stablecoin Market Cap and Issuance Status
According to Coinglass data, the total market capitalization of stablecoins is $30.44 billion, with USDT's market cap at $18.19 billion, accounting for 59.75% of the total stablecoin market cap; followed by USDC with a market cap of $7.59 billion, accounting for 24.93%; and DAI with a market cap of $537 million, accounting for 1.76%.
Data source: CoinW Research Institute, Coinglass
Data as of October 19, 2025
According to Whale Alert data, this week the USDC Treasury issued a total of 2.154 billion USDC, and Tether Treasury issued a total of 3 billion USDT this week. The total issuance of stablecoins this week is 5.154 billion, an increase of 41.2% compared to last week's total issuance of 3.65 billion.
Data source: Whale Alert
Data as of October 19, 2025
II. This Week's Hot Money Trends
- Top Five VC Coins and Meme Coins by Increase This Week
Top five VC coins by increase over the past week
Data source: CoinW Research Institute, coinmarketcap
Data as of October 19, 2025
Top five Meme coins by increase over the past week
Data source: CoinW Research Institute, coinmarketcap
Data as of October 19, 2025
- New Project Insights
Crown (brl.xyz) is a fintech company based in São Paulo, Brazil, dedicated to modernizing the country's financial system by issuing a stablecoin pegged to the Brazilian real, BRLV. This coin is fully backed by Brazilian government bonds and aims to provide secure and compliant digital settlement and liquidity solutions for institutional users. Crown recently completed a $8.1 million seed round financing, led by Framework Ventures, with participation from Coinbase Ventures, Valor Capital, Paxos, and others. The project ensures asset security through a "bankruptcy isolation" structure and complies with Brazil's upcoming stablecoin regulatory policies, positioning itself to connect the sovereign debt market with on-chain financial infrastructure.
Temple Digital Group is a financial infrastructure company based in New York, focused on creating a privacy-first, compliance-driven digital asset and capital market trading platform on the Canton Network. Temple's products combine traditional electronic trading systems (such as centralized limit order books, automated order routing, and liquidity for all trading pairs) with blockchain technology (instant settlement, asset tokenization, non-custodial wallets, etc.), enabling institutions, enterprises, and individual users to participate in global digital asset trading under privacy and compliance.
Legend Trade is a Web3-oriented "decentralized marketplace + presale + launchpad" platform where users can participate in trading or investing in tokens at various stages (project presale / IDO / before official trading). Its features include tradable tokens that have not yet been officially issued (Points), a transparent mechanism during the presale phase, a bonding curve-based pricing mechanism, and decentralized OTC allocation, allowing early participants to engage with projects with less friction while reducing trust and security risks.
III. New Industry Dynamics
- Major Industry Events This Week
On October 14, 2025, South Korea's leading shared charging platform Piggycell officially completed its token generation event (TGE) for its token $PIGGY on the BNB chain and began trading on several mainstream centralized exchanges (CEX). Piggycell is South Korea's largest shared charging network, with over 14,000 sites, 100,000 devices, and 4 million paying users. Its business model combines real-world charging data with blockchain technology to build a transparent and verifiable on-chain economic system.
On October 14, 2025, the Lab (LAB) project completed its token generation event (TGE), releasing approximately 3% of the total supply of LAB tokens. Lab is an ecological project focused on decentralized finance and on-chain experimental tools, aiming to provide developers and users with a secure and efficient smart contract and experimental environment.
On October 15, 2025, the Plasma chain decentralized exchange Lithos held its token generation event (TGE), distributing LITH and governance token veLITH to the community through liquidity mining. This dual-token model supports platform governance and utility, laying the foundation for liquidity building and DeFi product development in the Plasma ecosystem.
On October 14, 2025, the cross-chain protocol Enso (ENSO) held its token generation event (TGE) and simultaneously launched an airdrop campaign, issuing approximately 20.59% of the total ENSO tokens. Enso is a Layer-0 network designed to connect multiple blockchains, simplifying the development and deployment of decentralized applications, supporting multi-chain workflows, and promoting the integration of Web2 and Web3 applications.
On October 14, 2025, the Layer-1 blockchain project Monad officially launched its token airdrop campaign. This airdrop targets a wide range of cryptocurrency community users, including active on-chain users, developers, and community members, with approximately 230,000 wallets qualifying for MON tokens. Users can verify their eligibility and claim tokens at claim.monad.xyz, with the claim window open until November 3, 2025. Monad has not yet announced a specific date for its token generation event (TGE). It is expected that the TGE will coincide with the mainnet launch, with specific timing to be announced later.
- Major Events Happening Next Week
The token generation event (TGE) for Meteora will be held on October 23, 2025, on the Solana chain. This TGE will distribute 10% of the allocated 48% token supply, establishing initial liquidity through a liquidity allocator by the community. Early participants can exchange $MET using USDC and earn rewards. Jupiter stakers will automatically receive 3%, with the remaining 7% distributed on a first-come, first-served basis. The entire mechanism aims to incentivize users to provide liquidity, reduce selling pressure, and promote the healthy development of the Meteora ecosystem.
On October 13, 2025, the IPRWA protocol project Aria within the Story ecosystem announced the establishment of the Aria Foundation and revealed that its platform token $ARIAIP will soon undergo a token generation event (TGE), with specific details to be announced later. Aria is dedicated to providing on-chain governance and liquidity solutions for intellectual property assets and has supported the on-chain transfer of royalties for well-known artists, including Justin Bieber, BLACKPINK, and BTS, issuing IP physical asset tokens $APL.
Novastro announced the postponement of its originally scheduled token generation event (TGE) on October 15 due to last week's market volatility. The TGE will still take place within this month. Novastro is an RWAfi layer protocol that provides on-chain yield and liquidity for real-world assets through smart SPV tokenization and AI-optimized asset strategies, while supporting the on-chain transfer of IP for well-known artists and the tokenization of physical assets.
- Important Financing from Last Week
a16z Crypto (the crypto division of Andreessen Horowitz) announced a $50 million investment in Jito Labs, a liquid staking protocol in the Solana ecosystem. Jito is a leading liquid staking platform on Solana that allows users to stake SOL and receive derivative tokens JitoSOL for use in DeFi, while optimizing MEV yield distribution and transaction ordering through its innovative Block Assembly Marketplace (BAM) mechanism, enhancing network efficiency and fairness. (October 16, 2025)
Decentralized energy company Daylight Energy announced the completion of $75 million in financing (including $15 million in equity financing + $60 million in project development financing), led by Framework Ventures, with participation from a16z Crypto, Lerer Hippeau, M13, Coinbase Ventures, and others, with Turtle Hill Capital leading project financing. The company is working to build a decentralized energy network that integrates "chain + physical energy infrastructure," allowing investors to participate in the revenue of energy infrastructure through its DeFi protocol called DayFi, while enabling household users to access solar and storage services through subscriptions, sharing network revenue and supporting the grid. (October 16, 2025)
Kraken announced the acquisition of the Small Exchange (DCM), a designated contract market regulated by the CFTC in the United States, for $100 million, laying a compliance foundation for its upcoming full suite of derivatives business in the U.S. Through this transaction, Kraken will design and create futures and options products under the CFTC's regulatory framework, integrating spot, margin, and clearing systems to build a high-performance, unified onshore cryptocurrency trading platform. The Small Exchange itself, as an authorized DCM, provides Kraken with direct access to the U.S. regulated derivatives market. (October 16, 2025)
Tria (tria.so) completed $12 million in pre-seed and strategic financing, with participants including P2Ventures, Aptos, its own community, as well as teams or executives from Polygon, the Ethereum Foundation, Wintermute, Sentient, 0G, Concrete, Eigen, and others, with Polychain and Polygon serving as advisors for this round. Tria aims to create a self-custodial digital bank for humans and AI agents, allowing users to transact, consume, and earn within a single balance without the need for bridging, gas fees, or custodians. (October 14, 2025)
IV. Reference Links
Helius Jito: https://www.jito.network/
Daylight: https://www.daylight.world/
The Small Exchange: https://smallexchange.com/
Tria: https://www.tria.so/
Crown: https://brl.xyz/
Temple: https://templedigitalgroup.com/
Legend Trade: https://legend.trade/
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