CoinW Research Institute Weekly Report (Period from July 13, 2026 to July 19, 2026)

CoinW Research Institute

Key Points

The total market capitalization of cryptocurrencies globally is $2.27 trillion, down approximately 0.44% from last week's $2.28 trillion. As of the time of writing, the total net inflow for the U.S. Bitcoin Spot ETF is approximately $51.35 billion, with a net inflow of $7.567 million this week, bringing the total net asset value to $77.74 billion (an increase of 0.41% from last week's $77.42 billion); the total net inflow for the U.S. Ethereum Spot ETF is approximately $11.08 billion, with a net inflow of $10.5 million this week, bringing the total net asset value to $9.97 billion (an increase of 3.96% from last week's $9.59 billion).

The total market capitalization of stablecoins is $306 billion, down approximately 0.97% from last week's $309 billion. Among them, USDT has a market cap of $184.10 billion, accounting for 60.16% of the total market cap of stablecoins, which is down approximately 0.04% from last week's $184.18 billion; USDC has a market cap of $73.41 billion, accounting for 23.99% of the total market cap of stablecoins, down approximately 0.43% from last week's $73.73 billion; DAI has a market cap of $4.64 billion, accounting for 1.52% of the total market cap of stablecoins, remaining stable compared to last week.

According to DeFiLlama, this week’s total TVL (Total Value Locked) in DeFi is $75.598 billion, an increase of approximately 1.70% from last week's $74.334 billion. When categorized by public chains, the top three chains by TVL are Ethereum, accounting for 54.13%; BNB Chain, accounting for 6.48%; and Solana, accounting for 6.45%.

Performance of major public chains this week (Ethereum, Solana, BNB Chain, TON, Sui, Aptos):

According to this week's data, the funding in public chain ecosystems remains stable overall, but there is significant differentiation in trading activity and user growth. In terms of daily trading volume on-chain, BNB Chain ($1.143 billion, +19.56%) and Solana ($1.178 billion, +16.63%) continue to grow and remain at the forefront; Ethereum ($0.403 billion, -38.00%) saw a marked decline in trading volume, while TON (-23.33%), Sui (-15.95%), and Aptos (-3.00%) also experienced drops. In terms of daily active addresses, Sui (+332.03%) showed the most significant growth, Solana (1.75 million, +8.70%) maintained high activity; Aptos (-70.83%) had the largest drop, while Ethereum (-6.24%), TON (-10.00%), and BNB Chain (-1.43%) also fell compared to last week. Regarding TVL, Ethereum ($40.96 billion, +1.60%) remains the top chain, with Aptos (+0.91%) slightly increasing, Sui (-0.23%) remaining stable; Solana (-0.33%), BNB Chain (-0.83%), and TON (-9.00%) saw varying degrees of decline. In terms of transaction fees, each chain generally maintained stability, except for Solana, where gas fees rose to $0.0016; other mainstream public chains' gas fees largely remained in line with last week, overall maintaining a low level.

New projects of interest: Trasia is a project focused on global trade finance (Trade Finance) RWA infrastructure, dedicated to digitizing and on-chain transferring real-world trade assets such as accounts receivable, letters of credit, and supply chain financing. PACT Labs is a technology company focused on AI Agent infrastructure, committed to building a network of agents capable of autonomous collaboration, task execution, and tool invocation. Cyclops is an AI security operations platform aimed at cloud-native (Cloud Native) environments, dedicated to using AI automation to help enterprises manage Kubernetes, containers, and multi-cloud infrastructure.

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 Ratios

5. Decentralized Finance (DeFi)

6. On-chain Data

7. Stablecoin Market Cap and Issuance Conditions

II. This Week's Hot Money Trends

1. Top Five VC Coins and Meme Coins with the Highest Gains 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 Investment and 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 $2.27 trillion, down approximately 0.44% from last week’s $2.28 trillion.

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

Data as of July 19, 2026

As of the time of writing, Bitcoin has a market cap of $1.29 trillion, accounting for 56.83% of the total cryptocurrency market capitalization. Meanwhile, the market cap of stablecoins is $306.8 billion, accounting for 13.51% of the total cryptocurrency market cap.

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

Data as of July 19, 2026

2. Fear Index

The cryptocurrency fear index is 29, indicating fear; it has risen approximately 16% from last week’s 25.

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

Data as of July 19, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the U.S. Bitcoin spot ETF has a total net inflow of approximately $51.35 billion, with a net inflow of $7.567 million this week, bringing the total net asset value to $77.74 billion (an increase of 0.41% from last week’s $77.42 billion); the U.S. Ethereum spot ETF has a total net inflow of approximately $11.08 billion, with a net inflow of $10.5 million this week, bringing the total net asset value to $9.97 billion (an increase of 3.96% from last week’s $9.59 billion).

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

Data as of July 19, 2026

4. ETH/BTC and ETH/USD Exchange Ratios

ETHUSD: Current price $1,856.93, historical high price $4,946.05, decline of approximately 62.47% from the highest price.

ETHBTC: Currently at 0.028855, historical high was 0.1238.

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

Data as of July 19, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama, this week the total TVL in DeFi is $75.598 billion, an increase of approximately 1.70% from last week’s $74.334 billion.

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

Data as of July 19, 2026

When categorized by public chains, the top three chains by TVL are Ethereum, accounting for 54.13%; BNB Chain, accounting for 6.48%; and Solana, accounting for 6.45%.

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

Data as of July 19, 2026

6. On-chain Data (Ethereum, Solana, BNB Chain, Gram, Sui, Aptos)

Layer 1 Related Data

This data analyzes the major Layer 1 chains including ETH, SOL, BNB, GRAM (original TON), SUI, and APTOS based on daily transaction volume, daily active addresses, and transaction fees.

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

Data as of July 19, 2026

On-chain Dex Daily Trading Volume and Transaction Fees: Daily trading volumes and transaction fees on-chain are core indicators of public chain activity and user experience. From this week's data, the overall trading activity of mainstream public chains has shown signs of recovery, with Solana, BNB Chain, and Ethereum all seeing increases in trading volume, while TON and Sui experienced varying degrees of decline. In terms of daily trading volume on-chain, Solana ($1.178 billion, +16.63%) continues to lead, with steady increases in on-chain trading activity; BNB Chain ($1.143 billion, +19.56%) sees the largest growth, further closing the gap with Solana; Ethereum ($0.403 billion, -38.00%) saw a notable decline compared to last week but remains the third largest trading volume. In contrast, TON ($0.0023 billion, -23.33%) and Sui ($0.0168 billion, -15.95%) both saw declines in trading volume; Aptos ($0.0291 billion, -3.00%) remained stable. Regarding transaction fees, all mainstream public chains maintained low operational levels. Ethereum ($0.01), BNB Chain ($0.00001), Sui ($0.0004), and Aptos ($0.000001) all remained roughly the same as last week; Solana's gas fee rose from $0.0006 to $0.0016 (+166.67%), but the absolute cost remains at a low level; TON's gas fee fell from $0.0011 to $0.0009 (-18.18%), further reducing user transaction costs.

Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user retained by public chains, while TVL reflects the level of user trust in the platform. From this week’s data, there is a noticeable differentiation between the flow of funds and user activity, with Ethereum seeing concurrent growth in users and funds, while some public chains exhibit trends of either “user growth, stable funds” or “user decline, fund decline.” In terms of daily active addresses, Sui (158,000, +332.03%) showed the most significant growth, rebounding sharply from last week; Solana (1.75 million, +8.70%) maintained high activity, continuing to rank among the top public chains; Ethereum (419,600, -6.24%) and TON (86,500, -10.00%) saw declines in active addresses; BNB Chain (2.07 million, -1.43%) remained stable; Aptos (29,800, -70.83%) had the largest drop, with a notable decline in user activity. In terms of TVL, Ethereum ($40.96 billion, +1.60%) continues to maintain the top position in the industry, achieving steady growth; BNB Chain ($4.90 billion, -0.83%) and Solana ($4.87 billion, -0.33%) both saw slight decreases compared to last week, but their TVL scales remain close; TON ($0.0637 billion, -9.00%) saw some outflow; Aptos ($0.111 billion, +0.91%) remained stable; Sui's ($0.439 billion) TVL is almost unchanged from last week’s $0.44 billion.

Layer 2 Related Data

According to L2Beat data, this week, the total TVL of Ethereum Layer 2 is $27.05 billion, down about 20.98% from last week’s $34.23 billion.

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

Data as of July 19, 2026

This week, the market shares of Base and Arbitrum are 52.13% and 14.00% respectively, ranking first and second.

Data Source: CoinGecko, https://www.coingecko.com/en/chains/layer-2

Data as of July 19, 2026

7. Stablecoin Market Cap and Issuance Conditions

According to Coinglass data, the total market cap of stablecoins is $306 billion, down approximately 0.97% from last week’s $309 billion. Among them, USDT has a market cap of $184.10 billion, accounting for 60.16% of the total market cap of stablecoins, down about 0.04% from last week's $184.18 billion; USDC has a market cap of $73.41 billion, accounting for 23.99% of the total market cap of stablecoins, down about 0.43% from last week's $73.73 billion; DAI has a market cap of $4.64 billion, accounting for 1.52% of the total market cap of stablecoins, remaining basically unchanged from last week.

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

Data as of July 19, 2026

According to Whale Alert data, this week, USDC Treasury issued a total of 2.75 billion USDC, while Tether Treasury issued no new USDT this week. The total issuance of stablecoins this week is 2.75 billion, an increase of approximately 4.36% from last week’s total issuance of 2.635 billion.

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

Data as of July 19, 2026

II. This Week's Hot Money Trends

1. Top Five VC Coins and Meme Coins with the Highest Gains This Week

Top Five VC Coins by Gains in the Last Week

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

Data as of July 19, 2026

Top Five Meme Coins by Gains in the Last Week

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

Data as of July 19, 2026

2. New Project Insights

PACT Labs is a technology company focused on AI Agent infrastructure, committed to building a network of agents capable of autonomous collaboration, task execution, and tool invocation. The project builds underlying infrastructure around agent identities, communication protocols, workflow orchestration, and multi-agent collaboration to enable AI agents to achieve secure interaction and autonomous execution between different applications. PACT Labs aims to connect developers, enterprises, and AI service providers through open protocols, providing scalable agent infrastructure for financial, enterprise services, and Web3 scenarios, accelerating the development of the AI-native application ecosystem.

Cyclops is an AI security operations platform aimed at cloud-native environments, dedicated to using AI automation capabilities to help enterprises manage Kubernetes, containers, and multi-cloud infrastructure. The project provides application deployment, configuration management, monitoring alerts, and security governance, reducing the barrier of using Kubernetes through natural language interaction and automated workflows, enabling developers to manage cloud resources and DevOps operations more efficiently. Cyclops is compatible with mainstream Kubernetes ecosystems and cloud platforms, primarily serving enterprise-level development teams and platform engineering scenarios, helping companies improve infrastructure management efficiency and security.

Pascal is an unmanaged prediction market trading platform based on Solana, aimed at providing users with on-chain trading services for future event outcomes. The platform employs off-chain matching engines with on-chain settlement mechanisms, supporting users to trade outcomes with USDC through a long and short trading approach, while enhancing trading efficiency and liquidity through an order book model. Pascal focuses on transforming the prediction market from simple event guessing into a market infrastructure closer to financial trading, providing professional traders, market makers, and developers with prediction market APIs and trading tools.

III. New Developments in the Industry

1. Major Industry Events This Week

From July 10 to July 17, 2026, the decentralized trading protocol GRVT opened user registration for airdrop and reward selection, allowing eligible users to choose different unlocking periods to receive additional reward multiples. According to the official rules, users can choose to receive immediately at TGE or delay to receive after 4 months or 8 months to gain higher reward weight. Among them, choosing a long-term locking scheme will not increase the total amount of the airdrop, but rather increase the individual allocation ratio. GRVT is an institutional-grade decentralized perpetual contract trading platform based on ZK technology, aimed at providing on-chain derivative infrastructure close to the experience of centralized exchanges. This airdrop mechanism incentivizes long-term user participation through delayed receipt, reducing short-term selling pressure after TGE.

On July 13, 2026, Block Street (BSB) opened a new round of community airdrop activities, where eligible users can receive BSB token rewards based on their historical ecological participation and points system. This airdrop primarily targets early community users, ecological participants, and active platform users, aiming to further expand community size and enhance token circulation activity. Block Street is a Web3 financial infrastructure project focusing on on-chain finance and tokenization of real assets, aiming to bring traditional financial assets such as stocks and funds on-chain, building an open financial ecosystem that integrates traditional finance and DeFi through trading, lending, and asset management products.

On July 12, 2026, the modular Layer 1 project Linera launched a community points campaign, where users can accumulate points by participating in ecological tasks, community interactions, and testing activities to provide references for future ecological rewards. Linera is a blockchain infrastructure project designed for high-concurrency applications, utilizing microchains architecture to enhance network scalability. Currently, the project has not announced a formal token distribution plan, but the community points activity is regarded as a potential pre-incentive for future airdrops.

2. Upcoming Major Events Next Week

On July 20, 2026, Spaceway Token (SPWAY) plans to launch an IDO public offering, aiming to raise $200,000. The token sale price and specific issuance platform details have yet to be completely disclosed. According to public tokenomics information, SPWAY’s total supply is 2 billion tokens, with an initial circulating volume of about 400 million tokens at TGE, corresponding to an initial circulating market cap of about $48 million and a fully diluted valuation (FDV) of about $240 million. Spaceway is the native digital asset of the Waypoint 2 Space ecosystem, positioned as an infrastructure for the blockchain-based space economy and real asset tokenization, supporting digital asset trading, ecological participation, and future applications related to the space industry through token incentives.

On July 20, 2026, Gno.land (GNOT) plans to initiate an ICO public offering, aiming to raise $2.5 million. This public sale will adopt a Uniform Price Auction mechanism, with a total of 38.76 million GNOT for sale, accounting for approximately 2.9% of the total token supply. The starting price for the public sale is set at $0.0645/GNOT, with a minimum participation amount of 100 USDC, and users must complete identity verification to participate. According to the official tokenomics, GNOT has a total supply of 1.333 billion tokens, with an initial circulating volume of about 197 million tokens at TGE, accounting for approximately 14.8% of the total supply, corresponding to an FDV of about $85.98 million. Gno.land is a smart contract Layer 1 network initiated by Jae Kwon, co-founder of Cosmos and Tendermint, built on the Gno programming language, aimed at lowering the barriers for Web2 developers to enter Web3 and creating an open on-chain application platform for developers.

On July 24, 2026, Fintoq (FONQ) plans to initiate an IDO public offering, with an expected fundraise of $200,000. The IDO issuance price is set at $0.08/FONQ, with plans to sell 2.5 million tokens, accounting for about 0.36% of the total supply. According to publicly available tokenomics data, FONQ has a total supply of 700 million tokens, with about 4.55 million tokens in circulation at TGE, corresponding to an initial circulating market cap of about $364,000 and an FDV of about $5.6 million. Fintoq is an AI-driven financial analysis infrastructure project that provides real-time research, investment insights, and intelligent decision-making tools for crypto assets and traditional financial markets through AI models, market data analysis, and prediction capabilities. Its ecosystem includes the AI financial analysis platform Fintoq.ai as well as the prediction market application Fonqast, aiming to build an AI-native financial intelligence layer.

3. Important Investments and Financing from Last Week

Crypto.com announced the completion of a $400 million strategic funding round, with the company's valuation reaching $20 billion. This round of funding was exclusively invested by Citadel Securities and marks the first time Crypto.com has secured institutional equity financing in its ten-year history. The official statement said that the funding will be used to accelerate the platform’s expansion into more asset classes, such as tokenized securities and derivatives, further promoting the integration of traditional finance and digital asset infrastructure, creating a financial ecosystem covering the global market 24/7. (July 16, 2026)

Alpaca announced the completion of a $135 million financing round, led by Peak XV Partners with Elefund participating along with new and old investment institutions such as Opera Tech Ventures (BNP Paribas Ventures) and Unbound. After this financing round, the company's cumulative financing scale reaches $435 million (including debt financing), with a focus on expanding broker infrastructure aimed at AI Agents and tokenized financial markets (Agent-first Brokerage Infrastructure), accelerating the development of global regulatory layouts, AI-native financial services, and tokenized securities business. (July 16, 2026)

Flex announced the completion of a $70 million Series B1 financing round. This round was led by Halo Fund, with Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Florida Funders, and Spice also participating. According to insiders, after this round of financing, the company's valuation is approximately $1.2 billion, doubling from the previous financing round at the end of 2025. The official statement indicates that the funding will be used to launch Flex Global, a stablecoin-based payment network creating AI-native global private banking services covering over 100 countries, and will continue to expand corporate finance, payments, private credit, and ERP businesses. (July 14, 2026)

ADI Chain announced the completion of a $50 million strategic financing, aimed at accelerating the construction of sovereign-grade digital infrastructure for governments, financial institutions, and enterprises. This round of financing involves strategic investors (the official has not disclosed the specific list of investment institutions), focusing funds on ADI Chain Layer 2 network infrastructure, ecosystem expansion, developer incentives, and institutional integration, speeding up applications such as stablecoins, RWA, government digital infrastructure, and institutional-level settlement. The official indicates that the ecosystem has already launched several institutional-level projects, including the UAE Dirham stablecoin DDSC and the FIFA World Cup 2026 official prediction market ADI Predictstreet, and will continue to promote the development of regulated digital asset infrastructure in the future. (July 13, 2026)