CoinW Research Institute Weekly Report (Issued from November 24, 2025, to November 30, 2025)

Key Points

The total market capitalization of cryptocurrencies globally is $3.14 trillion, up from $3.03 trillion last week, an increase of 3.6% this week. As of the time of publication, the cumulative net inflow of the US Bitcoin spot ETF is approximately $57.71 billion, with a net inflow of $70.05 million this week; the US Ethereum spot ETF has a cumulative total net inflow of about $12.94 billion, with a net inflow of $312 million this week.
The total market capitalization of stablecoins is $305 billion, of which USDT has a market cap of $18.46 billion, accounting for 60.52% of the total stablecoin market cap; followed by USDC at $7.66 billion, making up 25.11% of the total market cap; and DAI at $5.36 billion, representing 1.75% of the total.
According to DeFiLlama, the total TVL of DeFi this week is $119.9 billion, up from $114.4 billion last week, an increase of approximately 4.8%. By public chains, the top three chains by TVL are Ethereum, accounting for 67.57%; Solana, accounting for 8.79%; and BNB Chain, accounting for 6.95%.
This week, multiple public chains performed differently on key indicators: Aptos, Ton, and Solana saw daily trading volumes increase by 68.33%, 20.33%, and 18.34%, respectively; while Sui, Ethereum, and BNB Chain saw decreases of 40.38%, 33.95%, and 7.22%, respectively. Regarding transaction fees, Solana and Sui's fees increased by 49.02% and 28.31% respectively; Aptos decreased by 6.07%; and other chains remained stable. In terms of on-chain activity, all public chains except Ton, which saw a 22.05% drop in active daily addresses, recorded growth, with Sui leading at 54.08%, while Ethereum, Aptos, and BNB Chain increased between 17%–23%, and Solana slightly increased by 8.29%. Overall, TVL performance remains robust, with only Sui declining by 8.25%, Aptos remaining flat, and other chains seeing moderate growth between 0.96%–4.33%.
New project attention: LootGO is a Web3 app that turns real-life daily activities, especially walking, into cryptocurrency rewards with “walking to earn” and “treasure hunting.” CreatorFi is a financing platform launched by Insomnia Labs, focused on providing “future income-based” financing support for digital content creators, musicians, and UGC game studios, among others. Pruv Finance is an infrastructure platform focused on bringing real-world assets (RWA) on-chain and integrating them with the DeFi ecosystem.

Key Points

I. Market Overview

1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Cap Proportion

2. Fear Index

3. ETF Inflow and Outflow Data

4. ETH/BTC and ETH/USD Exchange Rate

5. Decentralized Finance (DeFi)

6. On-chain Data

7. Stablecoin Market Cap and Issuance Situation

II. This Week’s Hot Money Trends

1. The Top Five VC Coins and Meme Coins by Increase This Week

2. New Project Insights

III. New Developments in the Industry

1. Major Industry Events This Week

2. Upcoming Major Events Next Week

3. Important Financing from Last Week

IV. Reference Links

I. Market Overview

1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Cap Proportion

The global total market capitalization of cryptocurrencies is $3.14 trillion, up from $3.03 trillion last week, an increase of 3.6% this week.

Data Source: cryptorank, https://cryptorank.io/charts/btc-dominance

Data as of November 30, 2025

As of the time of publication, the market cap of Bitcoin is $1.74 trillion, accounting for 55.4% of the total market cap of cryptocurrencies. Meanwhile, the market cap of stablecoins is $305 billion, accounting for 9.71% of the total market cap of cryptocurrencies.

Data Source: coingeck, https://www.coingecko.com/en/charts

Data as of November 30, 2025

2. Fear Index

The cryptocurrency fear index is 23, indicating fear.

Data Source: coinglass, https://www.coinglass.com/pro/i/FearGreedIndex

Data as of November 30, 2025

3. ETF Inflow and Outflow Data

As of the time of publication, the cumulative net inflow of the US Bitcoin spot ETF is approximately $57.71 billion, with a net inflow of $70.05 million this week; the US Ethereum spot ETF has a cumulative total net inflow of about $12.94 billion, with a net inflow of $312 million this week.

Data Source: sosovalue, https://sosovalue.com/zh/assets/etf

Data as of November 30, 2025

4. ETH/BTC and ETH/USD Exchange Rate

ETHUSD: Current price $2,863.27, all-time high $4,878.26, approximately 42.32% drop from the all-time high.

ETHBTC: Currently at 0.032822, with a historical high of 0.1238.

Data Source: ratiogang, https://ratiogang.com/

Data as of November 30, 2025

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $119.9 billion, up from $114.4 billion last week, an increase of approximately 4.8%.

Data Source: defillama, https://defillama.com

Data as of November 30, 2025

Divided by public chains, the three chains with the highest TVL are Ethereum, accounting for 67.57%; Solana, accounting for 8.79%; and BNB Chain, accounting for 6.95%.

Data Source: CoinW Research Institute, defillama, https://defillama.com

Data as of November 30, 2025

6. On-chain Data

Layer 1 Related Data

This analysis focuses on the daily trading volume, daily active addresses, and transaction fees of the main layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS.

Data Source: CoinW Research Institute, defillama, https://defillama.com

Data as of November 30, 2025

Daily Trading Volume and Transaction Fees: Daily trading volume and transaction fees are key indicators of public chain activity and user experience. Regarding daily trading volume, this week Aptos, Ton, and Solana increased by 68.33%, 20.33%, and 18.34% respectively; other chains experienced declines, with drops of Sui (-40.38%), Ethereum (-33.95%), and BNB Chain (-7.22%). In terms of transaction fees, Ethereum, BNB Chain, and Ton Chain remained stable compared to last week; Solana and Sui chains increased by 49.02% and 28.31% respectively; Aptos decreased by 6.07%.

Daily Active Addresses and TVL: Daily active addresses reflect the level of ecosystem participation and user stickiness in public chains, while TVL reflects the level of user trust in the platform. Among daily active addresses, only the Ton Chain saw a decrease of 22.05% this week, while other chains recorded increases. The largest increase was Sui at 54.08%; Ethereum, Aptos, and BNB Chain increased by 22.87%, 20.27%, and 17.04% respectively; Solana slightly increased by 8.29%. Regarding TVL, only Sui Chain saw a decrease of 8.25% this week; Aptos remained nearly flat compared to last week; other public chains recorded moderate growth, with Solana (+4.33%), Ethereum (+4.06%), Ton (+2.73%), and BNB Chain (+0.96%).

Layer 2 Related Data

According to L2Beat, the total TVL of Ethereum Layer 2 is $36.21 billion, with an overall increase of 3.8% from last week ($34.86 billion).

Data Source: L2Beat, https://l2beat.com/scaling/tvs

Data as of November 30, 2025

Base and Arbitrum occupy the front ranks with market shares of 36.85% and 34.77% respectively, with Base's market share declining by 13.82% in the past week and Arbitrum slightly increasing by 1.95%.

Data Source: footprint, https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview

Data as of November 30, 2025

7. Stablecoin Market Cap and Issuance Situation

According to Coinglass data, the total market cap of stablecoins is $305 billion, of which USDT has a market cap of $18.46 billion, accounting for 60.52% of the total market cap of stablecoins; USDC has a market cap of $7.66 billion, constituting 25.11%; and DAI has a market cap of $5.36 billion, accounting for 1.75% of the total.

Data Source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin

Data as of November 30, 2025

According to Whale Alert data, USDC Treasury issued a total of 4.493 billion USDC this week, while Tether Treasury did not issue any new USDT this week. The total issuance of stablecoins this week was 4.493 billion, an increase of 21.11% compared to last week’s total issuance of 3.71 billion.

Data Source: Whale Alert, https://x.com/whale_alert

Data as of November 30, 2025

II. This Week’s Hot Money Trends

1. The 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, https://coinmarketcap.com/

Data as of November 30, 2025

Top Five Meme Coins by Increase Over the Past Week

Data Source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/

Data as of November 30, 2025

2. New Project Insights

LootGO is a Web3 app that converts real-life daily activities, especially walking, into cryptocurrency rewards through a “walk to earn + treasure hunt” model. Users receive “loot-boxes” by walking, reaching step goals, or going to specific locations; upon opening the loot-box, they have the chance to receive various rewards including meme coins, tokens, NFTs, whitelist vouchers, and merchant discount coupons. LootGO effectively lowers the participation barrier for new users in Web3 cryptocurrency by combining daily walking, real-life actions with on-chain incentives, creating a lightweight and entertaining approach—users do not need complex operations, just a mobile phone + walking to potentially earn crypto rewards.

CreatorFi, launched by Insomnia Labs, is a financing platform focused on providing “future income-based” financing support for digital content creators, musicians, and UGC game studios. On CreatorFi, creators can use expected revenues from YouTube ad income, music copyrights, game development, or other digital IP as collateral to receive upfront funding in stablecoin (like USDC) or fiat without forfeiting ownership of their works. The platform has built over $100 million in institutional financing channels using its credit risk engine and on-chain infrastructure, offering transparent, flexible, and scalable financing and monetization solutions to creators and the content industry.

Pruv Finance is an infrastructure platform focused on bringing real-world assets (RWA) on-chain and integrating them with the DeFi ecosystem. Through compliant asset tokenization processes, it converts real assets such as real estate, private equity, private credit, and public market securities into on-chain tokens; it also supports multi-chain cross-chain distribution, allowing these assets to trade, lend, and earn yields freely in the DeFi market like crypto assets.

III. New Developments in the Industry

1. Major Industry Events This Week

On November 25, Irys (IRYS) completed its TGE, having opened airdrop registration for early testnet users, Genesis NFT holders, Kaito ranking users, and community contributors from November 20–24, with a snapshot taken on November 11, and the redemption window lasting until December 25. This distribution comes from 8% of its airdrop and ecosystem incentive allocation. Irys is a programmable data chain that integrates low-cost on-chain storage, data availability, and an EVM execution layer to provide high-performance data infrastructure for AI, data-intensive applications, and DePIN projects, with IRYS used for network incentives, governance, and ecosystem building.

On November 27, SUPERFORTUNE (GUA) completed its TGE (total supply of 1 billion tokens) and simultaneously distributed airdrops to community users. SUPERFORTUNE is a Web3 application that combines Chinese metaphysics (BaZi, Five Elements, I Ching) with AI and on-chain interaction, offering daily fortune, token “wealth” analysis, virtual talismans, meme coin cleanup, and on-chain rituals, creating a unique product experience that integrates “metaphysics + psychology + InfoFi.”

On November 29, GaiAI (GAIX) completed its TGE, having initially conducted multiple rounds of “contribution equals reward” airdrops during the testnet phase, rewarding early users who submitted prompts, uploaded models, and participated in image optimization. As a decentralized AI platform for generative content creation, GaiAI allows users to autonomously create, train, and share AI agents, with GAIX serving as the network incentive and governance token, providing ongoing rewards for creators, model contributors, and ecosystem participants.

On November 24, Sparkle (SSS) completed its TGE and simultaneously launched two types of community distributions: one for early participants as points airdrops; the other for specific token holders as HODLer airdrops, distributing a total of 187,500 SSS. Sparkle is a Web3 AI entertainment platform that integrates AI characters, virtual identities, and social interactions, aiming to create an immersive content ecosystem where users can create, train, and use AI characters across platforms.

2. Upcoming Major Events Next Week

Aztec, as an Ethereum privacy Layer-2 network, has announced it will conduct a token issuance (TGE/IDO) via public auction from December 2 to 6, 2025, of which approximately 15% of the total supply will be sold; tokens will be used for governance, staking, and transaction fee payments. Aztec aims to construct a programmable privacy environment that allows users to engage in on-chain interactions and asset management while safeguarding their privacy.

Talisman (SEEK) plans to conduct a token sale on the ChainGPT platform from December 1 to 3, 2025, with around 666,000 SEEK tokens available. It had previously completed its first IDO from October 17 to 19, 2025, issuing approximately 500,000 tokens at a price of $0.30 per token. Users can also participate in the “Talisman Quests” community incentive system to earn rewards and NFTs by completing tasks, holding tokens, and engaging in cross-chain operations. Talisman (SEEK) is a multi-chain self-custodial wallet supporting mainstream networks like Ethereum, Solana, and Polkadot, providing asset management, cross-chain operations, and basic DeFi functionalities, while gradually incorporating AI-assisted tools to enhance user experience.

SecantX AI will conduct its public IDO on the Spores Network Launchpad from December 3 to 5, 2025, releasing approximately 4.28 million SECA tokens at a price of $0.07 per token, with a total supply of 1 billion. The SECA token is primarily used to unlock advanced features and API access on the platform, utilizing a burn-on-use mechanism. The project currently has no public airdrop activities, focusing more on the SECA token as a utility token for platform service payments.

3. Important Financing from Last Week

SpaceComputer announced it has completed $10 million in seed round financing, led by Maven11 and Lattice, with participation from Superscrypt, Arbitrum Foundation, Nascent, Offchain Labs, HashKey, and others; previously, it raised a Pre-Seed investment led by Primitive Ventures. The funding will be used to launch the first batch of “SpaceTEE” satellites equipped with secure computing hardware, build network software, and launch privacy computing and secure records services, aiming to create a secure computing network capable of executing encryption and blockchain tasks in orbit. SpaceComputer is dedicated to building an “orbital root of trust” through satellite infrastructure, providing safer and more reliable blockchain verification and threat protection for interstellar finance. (November 27, 2025)

Paxos acquired institutional-grade MPC wallet company Fordefi for $100 million, further strengthening its compliance custody and on-chain infrastructure capabilities. Fordefi, established in 2021, offers multi-party computation (MPC) security architecture, fine-grained permission controls, and native interoperability with multi-chain and DeFi, having served nearly 300 institutions and supporting billions in monthly trading volume. This acquisition will deeply integrate Paxos’ capabilities in compliant custody, stablecoins, and asset tokenization with Fordefi's advanced wallet and cross-chain interaction technologies, providing institutions with an integrated solution from custody to on-chain operations, accelerating their large-scale entry into the on-chain economy. (November 25, 2025)

South Korea’s largest internet company Naver, after acquiring Upbit's parent company Dunamu for approximately $10.3 billion in an all-stock deal, plans to invest an additional $7 billion in artificial intelligence and blockchain to create next-generation financial infrastructure covering payments, settlement, and broader financial services. Dunamu is a leading blockchain and fintech company in Korea, operating the country's largest cryptocurrency exchange, Upbit, with Kakao currently holding 10.88% of its shares. Naver stated that this move aims to seize critical moments during the popularization of blockchain and the transition to intelligent AI, laying out the future fintech landscape. (November 26, 2025)

The cryptocurrency mining company Bitfury recently strategically invested $12 million in the decentralized AI computing network Gonka.ai, subscribing to 20 million GNK tokens at $0.60/token; this is Bitfury’s first public move after announcing the establishment of a $1 billion ethical AI fund. As a decentralized AI inference and training network, Gonka allows nodes that contribute GPU computing power to earn incentives through GNK, and developers can run AI applications in an unrestricted environment without cloud limitations, while users drive network demand through usage and inference. (November 28, 2025)