CoinW Research Institute
Key Points
The total market capitalization of cryptocurrencies globally is $3.03 trillion, down from $3.40 trillion last week, representing a decrease of approximately 10.88% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $57.64 billion, with a net outflow of $1.22 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $12.63 billion, with a net outflow of $500 million this week.
The total market capitalization of stablecoins is $309 billion, with USDT having a market cap of $184.4 billion, accounting for 59.7% of the total stablecoin market cap; followed by USDC with a market cap of $74.09 billion, accounting for 24% of the total stablecoin market cap; and DAI with a market cap of $5.36 billion, accounting for 1.7% of the total stablecoin market cap.
According to DeFiLlama, the total TVL of DeFi this week is $114.4 billion, down from $122.4 billion last week, a decrease of approximately 6.54%. By public chain, the top three chains by TVL are Ethereum, accounting for 67.32%; Solana, accounting for 8.76%; and BNB Chain, accounting for 6.99%.
This week, public chains are showing signs of pressure in activity and weak capital flow. In terms of daily trading volume, the chain with the largest increase this week is Solana, rising approximately 5.2%; Aptos increased by 4.1%. Other public chains generally declined, with Sui down 30.7%, BNB Chain down 30.4%, Ton down 26.5%, and Ethereum down 8.8%. In terms of transaction fees, Sui saw the most significant drop, down approximately 71.4%; Aptos decreased by about 33.3%, while Ethereum, Solana, BNB Chain, and Ton remained roughly stable compared to last week. In terms of daily active addresses, Ton performed the best, increasing by about 41.4%; BNB Chain rose by 3.5%, while other chains experienced varying degrees of decline, with Sui seeing the largest drop of about 45.9%; Solana down 9.1%, Aptos down 7.7%, and Ethereum down 2.7%. In terms of TVL, all chains saw an overall decline this week, with Sui experiencing the largest drop of about 17.8%; Ton down 9.1%, Solana down 8.3%, Aptos down 7.5%, Ethereum down 7.2%, and BNB Chain down 5.6%.
New Project Focus: Nuvolari is an AI collaborative assistant built on the Sonic ecosystem, dedicated to reshaping user interaction with DeFi through intelligent means; HelloTrade is a Web3 trading platform built on the MegaETH ecosystem, aiming to provide global users with 24/7 uninterrupted trading services for stocks, commodities, and RWAs, focusing on a mobile-first experience and supporting high-leverage perpetual contract trading; Nado is an order book-style decentralized exchange focused on providing professional traders with high-performance spot and perpetual contract trading experiences.
Table of Contents
Key Points
I. Market Overview
Total Cryptocurrency Market Cap / Bitcoin Market Cap Proportion
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
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 Investments and Financing from Last Week
IV. Reference Links
I. Market Overview
1. Total Cryptocurrency Market Cap / Bitcoin Market Cap Proportion
The global total cryptocurrency market cap is $3.03 trillion, down from $3.40 trillion last week, representing a decrease of approximately 10.88%.
Data Source: Cryptorank, https://cryptorank.io/charts/btc-dominance
Data as of November 23, 2025
As of the time of writing, the market cap of Bitcoin is $1.73 trillion, accounting for 57.15% of the total cryptocurrency market cap. Meanwhile, the market cap of stablecoins is $309 billion, accounting for 10.23% of the total cryptocurrency market cap.
Data Source: Coingecko, https://www.coingecko.com/en/charts
Data as of November 23, 2025
2. Fear Index
The cryptocurrency fear index is at 20, indicating extreme fear.
Data Source: Coinglass, https://www.coinglass.com/pro/i/FearGreedIndex
Data as of November 23, 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 $57.64 billion, with a net outflow of $1.22 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $12.63 billion, with a net outflow of $500 million this week.
Data Source: Sosovalue, https://sosovalue.com/zh/assets/etf
Data as of November 23, 2025
4. ETH/BTC and ETH/USD Exchange Rates
ETHUSD: Current price $2,783, historical highest price $4,946.05, down approximately 43.58% from the highest price.
ETHBTC: Currently at 0.032140, historical highest at 0.1238.
Data Source: Ratiogang, https://ratiogang.com/
Data as of November 23, 2025
5. Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL of DeFi this week is $114.4 billion, down from $122.4 billion last week, a decrease of approximately 6.54%.
Data Source: Defillama, https://defillama.com
Data as of November 23, 2025
By public chain, the top three chains by TVL are Ethereum, accounting for 67.32%; Solana, accounting for 8.76%; and BNB Chain, accounting for 6.99%.
Data Source: CoinW Research Institute, Defillama, https://defillama.com
Data as of November 23, 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, https://defillama.com
Data as of November 23, 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, the chain with the largest increase this week is Solana, rising approximately 5.2%; Aptos increased by 4.1%. Other public chains generally declined, with Sui down 30.7%, BNB Chain down 30.4%, Ton down 26.5%, and Ethereum down 8.8%. In terms of transaction fees, Sui saw the most significant drop, down approximately 71.4%; Aptos decreased by about 33.3%, while Ethereum, Solana, BNB Chain, and Ton remained roughly stable 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, Ton performed the best, increasing by about 41.4%; BNB Chain rose by 3.5%, while other chains experienced varying degrees of decline, with Sui seeing the largest drop of about 45.9%; Solana down 9.1%, Aptos down 7.7%, and Ethereum down 2.7%. In terms of TVL, all chains saw an overall decline this week, with Sui experiencing the largest drop of about 17.8%; Ton down 9.1%, Solana down 8.3%, Aptos down 7.5%, Ethereum down 7.2%, and BNB Chain down 5.6%, reflecting a cautious short-term capital flow.
Layer 2 Related Data
According to L2Beat, the total TVL of Ethereum Layer 2 is $34.86 billion, down from $36.9 billion last week, an overall decrease of 6.01%.
Data Source: L2Beat, https://l2beat.com/scaling/tvs
Data as of November 23, 2025
Base and Arbitrum occupy the top positions with market shares of 38.26% and 35%, respectively, with Base ranking first in TVL among Ethereum Layer 2 this week.
Data Source: Footprint, https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview
Data as of November 23, 2025
7. Stablecoin Market Cap and Issuance
According to Coinglass data, the total market cap of stablecoins is $309 billion, with USDT having a market cap of $184.4 billion, accounting for 59.7% of the total stablecoin market cap; followed by USDC with a market cap of $74.09 billion, accounting for 24% of the total stablecoin market cap; and DAI with a market cap of $5.36 billion, accounting for 1.7% of the total stablecoin market cap.
Data Source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin
Data as of November 23, 2025
According to Whale Alert data, this week USDC Treasury has issued a total of 3.71 billion USDC, while Tether Treasury has not issued any USDT this week. The total issuance of stablecoins this week is 3.71 billion, a slight increase of about 0.3% compared to last week's total issuance of 3.698 billion stablecoins.
Data Source: Whale Alert, https://x.com/whale_alert
Data as of November 23, 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 over the past week
Data Source: CoinW Research Institute, Coinmarketcap, https://coinmarketcap.com/
Data as of November 23, 2025
The top five Meme coins by increase over the past week
Data Source: CoinW Research Institute, Coinmarketcap, https://coinmarketcap.com/
Data as of November 23, 2025
2. New Project Insights
Nuvolari was established in 2025 and is an AI collaborative assistant built on the Sonic ecosystem, dedicated to reshaping user interaction with DeFi through intelligent means. Nuvolari focuses on AI, simplifying complex on-chain operations into intuitive, secure, and familiar usage processes, enhancing asset management and strategy execution efficiency without sacrificing security, targeting users who wish to lower the barriers to DeFi while still pursuing an efficient operational experience.
HelloTrade is a Web3 trading platform built on the MegaETH ecosystem, aiming to provide global users with 24/7 uninterrupted trading services for stocks, commodities, and RWAs, focusing on a mobile-first experience and supporting high-leverage perpetual contract trading. HelloTrade integrates the advantages of DeFi and derivatives, emphasizing global access and efficient execution capabilities, with the goal of lowering the barriers between traditional finance and the crypto market.
Nado is an order book-style decentralized exchange focused on providing professional traders with high-performance spot and perpetual contract trading experiences. Its core feature is a unified margin mechanism, allowing collateral assets to dynamically flow between different positions and achieve real-time risk hedging, thereby enhancing capital efficiency and position management flexibility.
III. Industry News
1. Major Industry Events This Week
The FliteGrid project launched by SkySafe, a drone defense company supported by Andreessen Horowitz (a16z), is introducing a cryptocurrency-driven sensor network aimed at allowing users to host their sensors at home by paying them in cryptocurrency. SkySafe has sold drone tracking intelligence to law enforcement and critical infrastructure operators. The network is built on the Solana blockchain and is inspired by the rise of various decentralized physical infrastructure networks (DePIN). The sensor is priced at $949 and will begin shipping next spring. After the product launch, users will earn points that can be redeemed for FLITE tokens in 2027. FliteGrid is currently launching only in the U.S., with plans to expand to Japan and the EU in 2027.
Orderly Network has launched a four-week UCC trading championship with a total prize pool of $200,000, where participants will be rewarded based on their PnL rankings. This event supports platforms such as WOOFi, Aegis DEX, WHAT Exchange, SalsaDEX, ZoomerOracle, and Taiki DEX. Users trading with the Aegis stablecoin YUSD will receive additional rewards equivalent to 0.3% of the total Aegis token supply.
Falcon Finance announced the launch of a new staking vault, allowing users to deposit existing tokens while retaining all upside potential and directly earning USDf. The first vault supports FF, offering an annualized yield of up to 12%, with a lock-up period of 180 days and a cooling-off period of 3 days, with more vaults to be launched in succession.
Perp DEX aggregator Liquid announced the start of its points program Season 1, which will distribute 100,000 points weekly starting from November 18. Users can accumulate points through trading, depositing funds, inviting friends, and using new features. Liquid also stated that its application is now available on the U.S. App Store. Previously, Liquid's Season 0 (from May 1 to November 3) distributed a total of 600,000 points, and Season 0.5 (from November 3 to November 17) distributed 200,000 points.
2. Major Upcoming Events Next Week
The Makinafi token MAK will have its ICO on November 25 at Legion. Makina is a multi-chain DeFi execution engine project aimed at providing non-custodial, high-frequency automated on-chain strategy execution capabilities for asset managers, AI agents, yield funds, protocol treasuries, and crypto-native users, including multi-chain arbitrage, hedging positions, atomic withdrawal mechanisms, and risk control modules.
Bitdealernet will conduct its TGE on November 27, 2025. Bitdealer is a Meme Launchpad platform based on Solana, aiming to reshape the creation, issuance, and expansion of meme tokens by pairing them with real game assets.
Pendle has launched a compensation plan for the sdeUSD liquidity pool, collaborating with Elixir to distribute USDC to users holding PT, YT, LP, and SY according to its compensation framework. USDC will be claimable through the Pendle Dashboard on November 28, 2025, and users will be notified once the claim feature is ready.
The Reya token sale will start on November 26 on CoinList. Reya is a top six perpetual contract DEX with a daily trading volume of $1-1.5 billion, supported by Framework Ventures, Coinbase Ventures, and Selini Capital. The sale is valued at $150 million, with 50% unlocked at TGE, using a bottom-up allocation mechanism, prioritizing small investors, and excluding participation from certain regions such as the U.S. and Canada.
3. Important Investments and Financing from Last Week
Kraken completed two financing rounds totaling approximately $800 million, one of which raised $600 million with investors including HSG, Tribe Capital, and DRW Venture Capital; the other raised $200 million, led by Citadel Securities. Kraken, established in 2011, is a well-known global cryptocurrency exchange headquartered in the U.S. and was the first trading platform to obtain a cryptocurrency banking license in Wyoming, U.S. (November 18, 2025)
Doppel completed its latest Series C financing round, raising $70 million, led by Bessemer Ventures and Andreessen Horowitz (a16z), with participation from several institutions including South Park Commons and Script Capital. Doppel, established in 2022, is a real-time cross-chain monitoring platform focused on NFT fraud detection and risk prevention, helping projects, platforms, and users identify potential fraudulent activities by continuously tracking on-chain behavior and abnormal trading patterns, enhancing the security of the NFT ecosystem. (November 19, 2025)
Numerai completed a new Series C financing round, raising $30 million, corresponding to a valuation of approximately $500 million, with investors including USV, Shine Capital, Paul Tudor Jones, and several top university endowment funds. Numerai, established in 2015, is a decentralized quantitative hedge fund platform dedicated to building machine learning models through a global community of data scientists. (November 20, 2025)
IV. Reference Links
Coingecko: https://www.coingecko.com/en/charts
Sosovalue: https://sosovalue.com/zh/assets/etf
Ratiogang: https://ratiogang.com/
Defillama: https://defillama.com
L2Beat: https://l2beat.com/scaling/tvs
Footprint: https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview
Coinglass: https://www.coinglass.com/pro/stablecoin
Whale Alert: https://x.com/whale_alert
Coinmarketcap: https://coinmarketcap.com/
Nuvolari: https://x.com/nuvolari_ai
HelloTrade: https://x.com/hellotradeapp
Nado: https://x.com/nadoHQ
Kraken: https://x.com/krakenfx
Doppel: https://x.com/DoppelHQ
Numerai: https://x.com/numerai
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