CoinW Research Institute Weekly Report (September 28, 2026 - October 4, 2026)

CoinW Research Institute

Key Points

The global total market capitalization of cryptocurrencies is $2.99 trillion, up from $2.98 trillion last week, marking an increase of approximately 0.34% this week. As of the time of writing, the total net inflows into Bitcoin spot ETFs in the U.S. amount to approximately $57.79 billion, with a net inflow of $241 million this week. The total net asset value is $108.89 billion, reflecting an increase of about 0.43% from last week's $108.42 billion; the total net inflows into Ethereum spot ETFs in the U.S. stand at approximately $13.8 billion, with a net outflow of $138 million this week, and the total net asset value is $17.46 billion, decreasing by about 1.80% from last week's $17.78 billion.

The total market capitalization of stablecoins is $30.8 billion, down approximately 0.19% from $30.86 billion last week. Among these, USDT has a market value of $18.406 billion, accounting for approximately 59.76% of the total stablecoin market capitalization, reflecting a rise of about 0.15% from last week's $18.378 billion; USDC has a market value of $7.412 billion, accounting for about 24.06%, down about 0.20% from last week's $7.427 billion; DAI's market value stands at $458 million, making up about 1.49%.

According to data from DeFiLlama, the total TVL of DeFi this week is $96.39 billion, rising approximately 0.92% from last week's $95.511 billion. When categorized by public chains, the top three public chains by TVL are Ethereum, accounting for 56.17%; Solana, accounting for 6.95%; and Base, accounting for 6.67%.

On-chain data (Ethereum, Solana, BNB Chain, Gram, Sui, Aptos):

From this week's data, the trading activity of mainstream public chains has generally declined, with only BNB Chain experiencing a slight increase. Ethereum, Solana, Gram, Sui, and Aptos all show varying degrees of decline; meanwhile, gas fees across chains remain low. In terms of daily trading volume on on-chain DEXs, only BNB Chain ($0.66B, +2.64%) saw growth this week; all other chains decreased, with Gram ($0.002B, -81.82%) seeing the largest decline. Aptos ($0.003B, -50.00%) also saw a significant drop, while Ethereum, Solana, and Sui all receded, with Solana continuing to maintain the largest trading scale. Regarding transaction fees, Solana ($0.0011, -50.00%), Gram ($0.0007, -22.22%), and Sui ($0.0008, -20.00%) all decreased. Ethereum, BNB Chain, and Aptos remained stable compared to last week. In terms of daily active addresses, Solana (3.18 million, +16.48%) saw the most significant growth and continues to have the highest number of active addresses; Gram (160,200, +7.95%), BNB Chain (1.99 million, +6.99%), and Aptos (29,000, +4.87%) also increased. In contrast, Sui (52,700, -61.00%) saw a substantial decrease, while Ethereum (386,700, -2.37%) experienced a slight decline. Regarding TVL, Ethereum ($54.15B, +1.22%) remains in the lead, with Solana ($6.72B, +0.76%) in second place, and BNB Chain remaining stable; among other chains, Aptos showed growth, while Sui and Gram declined.

New project focus: Antseed is a peer-to-peer reasoning service network targeted at artificial intelligence applications and agents, primarily connecting model users and independent service providers. Imperial is an on-chain perpetual contract trading platform in the Solana ecosystem, focusing on the development of products around trading liquidity, quotation, and execution efficiency. Umia is an on-chain establishment, financing, and governance platform for token-native projects, mainly integrating project intellectual property, operational teams, financing, and tokens into a unified legal structure, providing services such as token minting, public auction, and on-chain treasury.

Key Points

I. Market Overview

1. Total market capitalization of cryptocurrencies/Bitcoin market capitalization 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 value and issuance conditions

II. This Week's Hot Money Trends

1. The top five VC coins and Meme coins by increase this week

2. Insights on new projects

III. New Dynamics in the Industry

1. Major industry events this week

2. Major events happening next week

3. Important financing and investments from last week

IV. Reference Links

I. Market Overview

1. Total market capitalization of cryptocurrencies/Bitcoin market capitalization proportion

The global total market capitalization of cryptocurrencies is $2.99 trillion, up about 0.34% from last week's $2.98 trillion.

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

Data as of October 4, 2026

As of the time of writing, the market value of Bitcoin is $1.74 trillion, accounting for approximately 57.76% of the total market capitalization of cryptocurrencies. Meanwhile, the market capitalization of stablecoins stands at $30.8 billion, accounting for about 10.26% of the total market capitalization of cryptocurrencies.

Data source: coingecko, https://www.coingecko.com/en/charts

Data as of October 4, 2026

2. Fear Index

The cryptocurrency fear and greed index is 71, in the greed zone, down approximately 5.33% from last week's 75.

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

Data as of October 4, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the total net inflow into U.S. Bitcoin spot ETFs is approximately $57.79 billion, with a net inflow of $241 million this week. The total net asset value is $108.89 billion, reflecting an increase of about 0.43% from last week's $108.42 billion; the total net inflow into U.S. Ethereum spot ETFs stands at approximately $13.8 billion, with a net outflow of $138 million this week, and the total net asset value is $17.46 billion, down about 1.80% from last week's $17.78 billion.

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

Data as of October 4, 2026

4. ETH/BTC and ETH/USD Exchange Ratios

ETHUSD: Current price $2,722.54, all-time high $4,946.05, down approximately 44.88% from the all-time high.

ETHBTC: Currently 0.031558, with an all-time high of 0.1238.

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

Data as of October 4, 2026

5. Decentralized Finance (DeFi)

According to data from DeFiLlama, the total TVL of DeFi this week is $96.39 billion, up approximately 0.92% from last week's $95.511 billion.

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

Data as of October 4, 2026

When categorized by public chains, the top three public chains by TVL are Ethereum, accounting for 56.17%; Solana, accounting for 6.95%; and Base, accounting for 6.67%.

Data source: defillama, https://defillama.com/chains

Data as of October 4, 2026

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

Layer 1 Related Data

This section analyzes current Layer 1 data related to Ethereum, SOL, BNB, GRAM (originally TON), SUI, and APTOS mainly from daily trading volume, daily active addresses, and transaction fees.

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

Data as of October 4, 2026

On-Chain DEX Daily Trading Volume and Transaction Fees: Daily trading volume and transaction fees on on-chain DEXs are important indicators of the activity level of public chain ecosystems and user trading experiences. From this week's data, the overall trading activity of mainstream public chains has decreased, with only BNB Chain seeing a slight increase. Ethereum, Solana, Gram, Sui, and Aptos all exhibit varying degrees of decline; concurrently, gas fees across chains continue to remain low, and trading costs on Solana, Gram, and Sui have further decreased. In terms of daily trading volume on DEXs, only BNB Chain ($0.66B, +2.64%) saw an increase this week; all other chains saw declines. Gram ($0.002B, -81.82%) experienced the largest decrease, while Aptos ($0.003B, -50.00%) also saw a significant drop, and declines were also noted for Ethereum ($0.62B, -24.67%), Solana ($1.52B, -19.75%), and Sui ($0.05B, -19.35%), with Solana still maintaining the highest trading scale. In terms of transaction fees, Solana ($0.0011, -50.00%), Gram ($0.0007, -22.22%), and Sui ($0.0008, -20.00%) all experienced decreases; Ethereum ($0.01), BNB Chain ($0.00001), and Aptos ($0.000001) remained unchanged from last week.

Daily Active Addresses and TVL: Daily active addresses reflect the degree of ecological participation and user retention on public chains, while TVL reflects the level of trust users have in the platform. From this week's data, user activity continues to diverge, with Solana, BNB Chain, Gram, and Aptos seeing increases, while Sui shows a significant decline. The overall changes in TVL remain relatively limited, with Ethereum and Solana continuing to lead. In terms of daily active addresses, Solana (3.18 million, +16.48%) demonstrated the most significant growth and continues to maintain the highest number of active addresses; Gram (160,200, +7.95%), BNB Chain (1.99 million, +6.99%), and Aptos (29,000, +4.87%) also increased. In comparison, Sui (52,700, -61.00%) saw a substantial decline, and Ethereum (386,700, -2.37%) slightly retreated. Regarding TVL, Ethereum ($54.15B, +1.22%) continues to hold the first place, with Solana ($6.72B, +0.76%) in second place, and BNB Chain ($5.85B, -0.39%) remaining stable; among other chains, Aptos ($0.06B, +9.09%) saw growth, while Sui ($0.55B, -3.00%) and Gram ($0.05B, -13.79%) experienced declines.

Layer 2 Related Data

According to data from L2Beat, the total TVL of Ethereum Layer 2 this week is $3.494 billion, down approximately 0.74% from last week's $3.52 billion.

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

Data as of October 4, 2026

This week, Base and Arbitrum One hold market shares of 59.22% and 13.12%, ranking first and second, respectively.

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

Data as of October 4, 2026

7. Stablecoin Market Value and Issuance Conditions

According to data from Coinglass, the total market capitalization of stablecoins is $30.8 billion, down approximately 0.19% from $30.86 billion last week. Among these, USDT has a market value of $18.406 billion, accounting for approximately 59.76%, up about 0.15% from last week's $18.378 billion; USDC has a market value of $7.412 billion, accounting for about 24.06%, down approximately 0.20% from last week's $7.427 billion; DAI has a market value of $458 million, accounting for about 1.49%.

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

Data as of October 4, 2026

According to Whale Alert data, this week the USDC Treasury issued a total of 3.113 billion USDC, while the Tether Treasury made no USDT issuance this week. The total issuance of stablecoins this week is 3.113 billion, down approximately 22.18% from last week's 4 billion.

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

Data as of October 4, 2026

II. This Week's Hot Money Trends

1. The 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 October 4, 2026

The top five Meme coins by increase over the past week

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

Data as of October 4, 2026

2. Insights on New Projects

Antseed is a peer-to-peer reasoning service network aimed at artificial intelligence applications and agents, primarily connecting model users and independent service providers. Users discover available models through a locally running routing tool, choose providers based on price and service reputation, and then send requests directly through an encrypted connection, with fees settled in USDC on the Base network; providers can access their independently run models, fine-tuned professional models, or other reasoning services, set their own prices, and receive payments. Unlike a model access and settlement managed by a single platform, Antseed decentralizes service discovery, request connection, and payment settlements among network participants. As of October 6, 2026, Antseed Foundation announced the completion of a $2.4 million token financing round led by Spark Capital, with participation from Collider, DCG, North Island Ventures, and others.

Imperial is an on-chain perpetual contract trading platform in the Solana ecosystem, primarily building products around trading liquidity, pricing, and execution efficiency. Its new product, Armada, brings liquidity from other decentralized finance markets into the Solana native pricing system, enabling users to complete transactions and settlements on Solana, aiming to alleviate issues such as insufficient trading depth and high slippage for large orders. According to the official documentation, Armada's market order fee is 1 basis point, or 0.01% of the nominal transaction amount; this is a trading fee and does not represent the total cost of holding a position for users. On October 6, 2026, Imperial disclosed the completion of a $1.5 million seed round financing led by Foundation Capital, with a financing valuation of $15 million. The funds will be used to expand perpetual contract aggregation, trading financing, and Armada, among other products.

Umia is an on-chain establishment, financing, and governance platform for token-native projects, mainly integrating project intellectual property, operational teams, financing funds, and tokens into a unified legal structure, providing supporting services such as token minting, public auction, and on-chain treasury. After the project completes financing, significant matters involving treasury fund allocation, budget adjustments, and the like can be governed through a decision market. Participants need to use real funds to trade the condition tokens corresponding to different proposals, and the system will execute the proposal deemed more favorable to the project's value. Umia has completed the issuance of its first project on its own platform, with the first batch of external projects expected to go live in the fourth quarter of 2026.

III. New Dynamics in the Industry

1. Major Industry Events This Week

The cross-chain application Jumper launched its JUMP token community sale on September 29 and closed subscription on October 2. This sale was conducted through Legion, with the public sale portion accounting for 4% of the total JUMP supply, with JUMP having a fixed total supply of 1 billion tokens; long-term users who have used Jumper and accumulated XP, as well as the top 500 users on the waiting list, will receive higher sales allocation priority. Jumper also allocated 33.33% of the total JUMP supply for community distribution, although it has not yet been disclosed whether this allocation will be directly airdropped in exchange for XP. The JUMP token is set for TGE in the fourth quarter of 2026, with 50% of the tokens acquired in the public sale unlocked at TGE, with the remaining portion released in batches thereafter.

The on-chain derivatives protocol Variational reached a significant milestone in its point system stage on September 30. The project had previously announced the VAR token economic model and a genesis airdrop plan. 32% of the total VAR supply will be used for the Genesis Airdrop, 18% will go to the ecological reserve, and the combined share for the team and investors accounts for 50%; the genesis airdrop will not have a lock-up during TGE, and eligible users can directly receive the full allocation. According to the rules published by the project, users with at least one effective point can qualify for the genesis airdrop, and any unclaimed airdrop tokens will be destroyed rather than returned to the project treasury.

The on-chain trading platform Arcus officially launched Arcus Points on October 1 and simultaneously opened the first season of the points activity. Users who participated in the private testing phase from July 1 to September 30 have already been included in the zero season statistics, and they can view their rankings after connecting their wallets without any additional claims. The first season will begin awarding points based on trading, market making, holding collateral assets, and inviting users. Currently, a fixed distribution of 250,000 points is allocated each week, and user points will be updated weekly, with additional points available for trading real-world asset tokens and trades outside of regular hours for U.S. stocks.

2. Major Events Happening Next Week

The cross-chain interoperability protocol Pheasant Network plans to conduct a PNT token generation event on October 5 at 12:00 (UTC). The total supply of PNT is 1 billion tokens, of which 44.71% is allocated to users and the community, with an initial circulating amount of approximately 111 million tokens, accounting for about 11.10% of the total supply. The Pheasant Network initially focused on the construction of cross-chain bridge infrastructure and is now expanding towards intention-based cross-chain transactions and AI-assisted DeFi applications. PNT will subsequently be used for protocol functions, fee discounts, governance, and ecological applications.

The on-chain reputation protocol Ethos Network's WHUF public sale token will conclude its 30-day non-transferable period on October 8 and become transferable. Ethos previously sold 2 million WHUF through an on-chain auction, accounting for 20% of the fixed total supply of 10 million WHUF, with a final unifying transaction price of $4.20, corresponding to approximately $42 million in fully diluted valuation. For auction participants, a more crucial aspect is the price protection mechanism: qualified purchasers who use WHUF for Vouch during the lock period and maintain that status can obtain a redemption guarantee for 12 months, equivalent to 85% of the purchase price.

The joint points activity between Startale App and Pieverse will conclude on October 10. This activity started on October 2, targeting eligible new Startale App users who need to create an account through the activity portal, recharge at least $5 into the account, and deposit at least $5 into eligible Earn or liquidity vaults, maintaining that for at least 5 days, to receive 100 STAR points and 7 days of Purr-Fect Claw AI Agent usage rights.

3. Important Financing and Investments from Last Week

The World Foundation announced that its World Assets achieved an OTC sale transaction totaling $49 million for the WLD token. World is a decentralized identity and financial network centered around real identity verification, mainly building its ecosystem around the World ID verification protocol, World Chain blockchain, and WLD token, verifying users as real and unique human beings using Orb devices, and providing real human proof to applications without disclosing personal identity information, helping online services distinguish between real users and bots, and providing infrastructure for digital identity verification and on-chain financial applications. (September 28, 2026)

Jeeves announced the completion of $110 million in Series C1 equity financing, with CoinFund leading this round, and participation from Andreessen Horowitz, Coinbase Ventures, ParaFi, GIC, and others. CoinFund Jeeves is a financial services platform aimed at multinational enterprises, mainly providing corporate cards, cross-border payments, multi-currency accounts, credit, and expense management services, helping companies unify the management of funds and payments across different countries and regions by integrating stablecoin settlement networks with local payment systems, providing payment and fund management infrastructure for cross-border operations. (September 29, 2026)

Solana Company announced that it reached a direct issuance financing agreement of approximately $15 million, subscribed by an unnamed institutional investor, with Clear Street acting as the exclusive placement agent. Solana Company is a SOL reserve and blockchain infrastructure company listed on NASDAQ, primarily connecting traditional capital markets with the Solana ecosystem through holding and staking SOL, operating validation nodes, and providing institutional consulting services, with the core goal of increasing the corresponding SOL holdings per share. (October 1, 2026)