CoinW Research Institute Weekly Report (October 5, 2026 - October 11, 2026)

CoinW Research Institute

Key Points

The total market capitalization of cryptocurrencies globally is $2.92 trillion, a decrease of approximately 2.34% from last week's $2.99 trillion. As of the press time, the accumulated net inflow of the USBitcoin Spot ETF is approximately $57.11 billion, with a net outflow of $681 million this week, and the total net asset value is $105.84 billion, down about 2.80% from last week's $108.89 billion. The accumulated net inflow of the USEthereum Spot ETF is approximately $13.26 billion, with a net outflow of $542 million this week, and the total net asset value is $15.71 billion, down about 10.02% from last week's $17.46 billion.

The total market capitalization of stablecoins is $310.9 billion, an increase of about 0.94% from last week's $308.0 billion. Among them, the market cap of USDT is $184.06 billion, accounting for about 59.20% of the total stablecoin market cap, unchanged from last week; USDC has a market cap of $72.95 billion, accounting for about 23.46% of the total stablecoin market cap, down about 1.58% from last week's $74.12 billion; DAI has a market cap of $4.55 billion, accounting for about 1.46% of the total stablecoin market cap, down about 0.66% from last week's $4.58 billion.

According to data from DeFiLlama, the total TVL of DeFi this week is $92.253 billion, a decrease of about 4.29% from last week's $96.39 billion. By public chain, the top three chains by TVL are Ethereum, accounting for 55.68%; Base, accounting for 6.78%; and Solana, accounting for 6.75%.

This week’s major public chain performance (Ethereum, Solana, BNB Chain, Ton, Sui, Aptos): This week, the on-chain data of mainstream public chains shows overall divergence, with DEX trading volume generally declining. Some public chain user activity has rebounded, but TVL has seen a comprehensive decline. In terms of DEX daily trading volume, Solana retains first place with $1.069 billion (-29.67%), but the scale of trades has noticeably contracted; Ethereum saw a countertrend growth of 11.29% to $0.690 billion, ranking second; BNB Chain fell to $0.497 billion (-24.70%); Sui showed the largest decline, reaching 38.00%, while TON grew 100.00% from a low base. Gas fees remain low overall. In terms of daily active addresses, Solana, although down 10.38% to 2.85 million, still ranks first; BNB Chain increased by 4.52% to 2.08 million; Ethereum increased by 23.62% to 478,000; Sui saw the highest increase of 215.84%. In terms of TVL, all six public chains declined, with Ethereum decreasing by 4.94% to $51.476 billion, maintaining first place; Solana decreased by 7.40% to $6.223 billion, ranking second; BNB Chain decreased by 4.22% to $5.603 billion; Aptos saw the largest decline at 15.00%. Overall, this week, both on-chain trading scale and capital accumulation are under pressure, with some public chains' address activity improving, but it has yet to drive a rebound in TVL.

New project focus: Routable is a global payment and financial automation platform for enterprises, primarily providing accounts payable management, payee verification, tax compliance, and cross-border bulk payment services, helping businesses make payments to suppliers, contractors, and platform users in over 220 countries and regions through an API. Navra is an on-chain financial aggregation platform connecting traditional finance and DeFi, aiming to lower the threshold for individual and institutional users to enter the DeFi market by integrating on-chain lending, trading, and yield services through a unified interface. Catalyst is an AI trading agent platform aimed at ordinary investors, allowing users to express investment goals in natural language, with AI Agents assisting in market research, strategy design, asset selection, cost optimization, and trade execution while retaining user confirmation rights for final transactions.

Key Points

1. Market Overview

1. Total market capitalization of cryptocurrencies / Bitcoin market share

2. Fear index

3. ETF inflow and outflow data

4. ETH/BTC and ETH/USD exchange rates

5. Decentralized Finance (DeFi)

6. On-chain data

7. Stablecoin market cap and issuance status

2. This Week's Hot Money Trends

1. Top five VC coins and Meme coins this week

2. New project insights

3. New industry dynamics

1. Major industry events this week

2. Major upcoming events next week

3. Important investments and financing from last week

4. Reference Links

1. Market Overview

1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Share

The total Total Market Capitalization of Cryptocurrencies globally is $2.92 trillion, a decrease of approximately 2.34% from last week's $2.99 trillion.

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

Data as of October 11, 2026

As of press time, the market cap of Bitcoin is $1.68 trillion, accounting for approximately 57.53% of the total market cap of cryptocurrencies. Meanwhile, the market cap of stablecoins is $310.9 billion, accounting for about 10.65% of the total market cap of cryptocurrencies.

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

Data as of October 11, 2026

2. Fear Index

The cryptocurrency fear index stands at 68, indicating greed; down 3 points from last week's 71.

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

Data as of October 11, 2026

3. ETF Inflow and Outflow Data

As of press time, the accumulated net inflow of the US Bitcoin spot ETF is approximately $57.11 billion, with a net outflow of $681 million this week, and the total net asset value is $105.84 billion, down about 2.80% from last week's $108.89 billion. The US Ethereum spot ETF has an accumulated net inflow of about $13.26 billion, with a net outflow of $542 million this week, and the total net asset value is $15.71 billion, down about 10.02% from last week's $17.46 billion.

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

Data as of October 11, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $2,542.33, historical high $4,946.05, a decrease of approximately 48.6% from the historical high.

ETH/BTC: Currently at 0.030412, historical high 0.1238.

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

Data as of October 11, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama, this week's total TVL of DeFi is $92.253 billion, a decrease of about 4.29% from last week's $96.39 billion.

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

Data as of October 11, 2026

By public chain, the top three chains by TVL are Ethereum, accounting for 55.68%; Base, accounting for 6.78%; and Solana, accounting for 6.75%.

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

Data as of October 11, 2026

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

Layer 1 Related Data

The analysis is based on daily trading volume, daily active addresses, and transaction fees for the current major Layer 1 chains including ETH, SOL, BNB, Ton, SUI, and APTOS.

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

Data as of October 11, 2026

On-chain DEX Daily Trading Volume and Transaction Fees: On-chain DEX daily trading volume and transaction fees are important indicators to measure the activity level of public chain ecosystems and user trading experience. From this week’s data, the trading activity of mainstream public chain DEXs has overall decreased, with Solana still maintaining the highest trading volume but down nearly 30% from last week; BNB Chain and Sui also showed significant declines, while Ethereum, TON, and Aptos saw some growth. In terms of on-chain DEX daily trading volume, Solana ($1.069 billion, -29.67%) continues to lead, but with a noticeably reduced scale; Ethereum ($0.690 billion, +11.29%) grew against the trend, ranking second; BNB Chain ($0.497 billion, -24.70%) significantly decreased compared to last week. Among other public chains, Sui ($0.031 billion, -38.00%) had the largest drop, while TON ($0.004 billion, +100.00%) doubled its trading volume, and Aptos ($0.004 billion, +33.33%) also saw some growth, but both have relatively small absolute trading scales. In terms of transaction fees, Ethereum ($0.01), BNB Chain ($0.00001), TON ($0.0009), and Aptos ($0.000001) remained stable compared to last week; Solana's gas fees dropped from $0.0022 to $0.0012 (-45.45%), while Sui increased from $0.0001 to $0.0004 (+300.00%). Although Sui’s gas fee increase is prominent, the absolute trading costs across public chains remain low.

Daily Active Addresses and TVL: Daily active addresses reflect the ecosystem participation and user stickiness of public chains, while TVL reflects the scale of on-chain capital accumulation. This week’s data indicates a divergence in user activity among mainstream public chains, with daily active addresses increasing for Ethereum, BNB Chain, TON, Sui, and Aptos, among which Sui showed the most significant increase; Solana’s activity declined. Meanwhile, all six public chains' TVL dropped, reflecting overall pressure on on-chain capital accumulation. In terms of daily active addresses, Solana (2.85 million, -10.38%) continues to lead, decreasing by about 330,000 from last week; BNB Chain (2.08 million, +4.52%) ranks second; Ethereum (478,000, +23.62%) showed notable growth. Among other public chains, TON (227,400, +41.95%) significantly increased, Sui (166,400, +215.84%) had the largest increase, and Aptos (42,300, +45.80%) also achieved growth. In terms of TVL, Ethereum ($51.476 billion, -4.94%) continues to hold the absolute advantage; Solana ($6.223 billion, -7.40%) remains second; BNB Chain ($5.603 billion, -4.22%) comes third. Among other public chains, Sui ($0.535 billion, -2.73%) saw a slight decline, TON ($0.052 billion, -3.85%) receded some, and Aptos ($0.051 billion, -15.00%) had the largest drop.

Layer 2 Related Data

According to L2Beat data, this week the total TVL of Ethereum Layer 2 is $34.08 billion, a decrease of about 2.46% from last week’s $34.94 billion.

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

Data as of October 11, 2026

This week, Base and Arbitrum One have market shares of 59.32% and 13.08%, ranking first and second.

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

Data as of October 11, 2026

7. Stablecoin Market Cap and Issuance Status

According to Coinglass data, the total market cap of stablecoins is $310.9 billion, an increase of about 0.94% from last week's $308.0 billion. Among them, the market cap of USDT is $184.06 billion, accounting for approximately 59.20% of the total stablecoin market cap, unchanged from last week; the market cap of USDC is $72.95 billion, accounting for about 23.46% of the total stablecoin market cap, down about 1.58% from last week's $74.12 billion; DAI has a market cap of $4.55 billion, accounting for about 1.46% of the total stablecoin market cap, down about 0.66% from last week's $4.58 billion.

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

Data as of October 11, 2026

According to Whale Alert data, this week, USDC Treasury has increased by a total of 33.89 billion USDC, and Tether Treasury has issued a total of 0 billion USDT this week. The total issuance of stablecoins this week is 33.89 billion, an increase of about 988.66% from last week’s 3.113 billion.

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

Data as of October 11, 2026

2. This Week's Hot Money Trends

1. Top Five Gainers in VC coins and Meme coins this Week

Top five VC coins in the past week

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

Data as of October 11, 2026

Top five Meme coins in the past week

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

Data as of October 11, 2026

2. New Project Insights

Routable is a global payment and financial automation platform for enterprises, primarily providing accounts payable management, payee verification, tax compliance, and cross-border bulk payment services through an API to help companies make payments to suppliers, contractors, and platform users in over 220 countries and regions. Established in 2017, it has notable corporate clients such as Veho, Ethos, and Polestar, offering a solid business foundation. In October 2026, digital asset bank Anchorage Digital announced the acquisition of Routable, with no disclosed transaction amount, planning to integrate its enterprise payment network with stablecoin and tokenized deposit settlement infrastructure. Overall, Routable is further shifting from traditional enterprise payment platforms to digital asset payment infrastructure, focusing on business integration with Anchorage, stablecoin settlement product deployment, and transforming existing corporate clients into on-chain payment scenarios.

Navra is an on-chain financial aggregation platform connecting traditional finance and DeFi, aiming to lower the entry threshold for individual and institutional users into the DeFi market by integrating on-chain lending, trading, and yield services through a unified interface. The product emphasizes self-custody of assets, banking fund channels, AI Agent-assisted operations, and transaction auditing functions, helping users manage on-chain assets and execute financial strategies. The project is co-founded by Mike Cagney, co-founder of SoFi and Figure, and has a strong background in fintech. In October 2026, Navra announced the completion of a $19 million Series A round led by Ribbit Capital, with participation from Jump Crypto, Figure, DCM, and others. The project is still in the early stages of product promotion and commercialization, lacking publicly available user scale and revenue data. Its overall positioning is a unified entry point for on-chain finance aimed at individuals and institutions, while focusing on actual product adoption rate, asset management scale, self-custody security, and differentiated competitiveness in the DeFi aggregation market.

Catalyst is an AI trading agent platform aimed at ordinary investors, allowing users to describe investment goals in natural language, with AI Agents assisting in market research, strategy design, asset selection, cost optimization, and trade execution while retaining user confirmation rights for final transactions. Founded in 2025 by Justin Zheng and Dylan Iskandar, its main goal is to lower the entry barrier for using professional trading tools and apply AI Agents to actual financial transactions. In October 2026, Catalyst announced the completion of a $30 million seed round led by Sequoia Capital, with participation from Jump Trading, Peak XV, Lux Capital, AntiFund, Coinbase, and Premji Invest. The project had previously conducted limited-scale trading tests, with the official disclosure indicating hundreds of millions in trading volume within several weeks during the test period, but it still lacks independently verifiable long-term user retention and strategy yield data. Its overall positioning is an automated trading entry powered by AI Agents, focusing on the formal product rollout, growth of real trading users, reliability of AI strategy execution, and compliance with financial regulations.

3. New Industry Dynamics

1. Major Industry Events This Week

Predict.fun released an animation of a purple token bearing the letter "P" on X on October 6, fueling speculation about the platform's upcoming TGE. According to media reports, founder dingaling later stated "weeks, not months," suggesting the token launch might be on a timescale of a few weeks. Predict.fun is a prediction market platform based on BNB Chain, currently incentivizing traders and liquidity providers through the Predict Points reward program. However, the official announcement has yet to disclose the token name, total supply, specific TGE date, snapshot time, or points redemption ratio, and has not formally confirmed the airdrop allocation rules. Following developments will focus on the official Tokenomics, the relationship between points and tokens, and the qualifications and snapshot arrangements for the first round of airdrops.

FLOP Network (a project related to Arthur Hayes) disclosed its latest roadmap during TOKEN2049 on October 7, planning to launch a 90-day testnet starting in October 2026, and introducing the mainnet in the first quarter of 2027. The project focuses on AI Agent payments and decentralized AI inference, incentivizing network participants through a mechanism called Proof of Useful Inference (PoUI). According to public reports, users participating in testnet mining may receive subsequent token airdrops, with the market also paying attention to the proposed 25% token airdrop arrangement. However, specific airdrop qualifications, reward calculation methods, and snapshot rules still need to await the official release of detailed information. Following developments will focus on the actual launch time of the testnet, participation thresholds, the 90-day activity cycle, and the TGE arrangements for the mainnet.

PERPTools ended its first season of the rewards activity on October 2 and simultaneously launched Season 2, further introducing a zero-fee spot trading activity on October 5. PERPTools is a perpetual contract trading platform built on Orderly infrastructure, supporting spot, perpetual contracts, and AI Agent trading. The new season of rewards covers contracts, spot, and other activities; as of October 9, the rewards pool shows 500,000 points for the week. The project plans to launch the PERP token after the fourth quarter of 2026 and indicated that points will be linked to token distribution, but the final redemption ratio, specific TGE date, and the points weights for the two seasons have not yet been disclosed.

2. Major Upcoming Events Next Week

AlloX plans to conduct public sales for ALLOX on October 12, using the Echo platform for sales. AlloX is a platform that uses AI to assist in cryptocurrency investment, building multi-asset token portfolios around market narratives and helping users participate in various investment themes through diversified allocation and risk management. The CryptoRank project page shows that ALLOX has a total supply of 1 billion tokens, with a fully diluted valuation (FDV) of approximately $65 million. The public sale's fundraising target has two displayed figures of $1 million and $3.5 million, with specifics pending confirmation in the final sale announcement. The formal TGE date, token unlock ratio for public sales, and airdrop arrangements have not yet been confirmed. Future attention will focus on whether the sale will initiate on October 12 as planned, the final amount raised, token distribution, and initial circulation scale.

Gacha Galaxy plans to conduct an IDO at AlphaMind on October 13, targeting to raise approximately $25,000. Gacha Galaxy is a collectable card data and price oracle platform built on Base, providing valuation references for collectors and traders by integrating listing information, historical prices, and card rating data from multiple trading markets. GG has a total supply of 1 billion tokens, with an IDO reference price of $0.005, corresponding to an FDV of about $5 million, and an initial circulating supply expected to be 138.75 million tokens, with an estimated initial market cap of about $694,000. Previous records from CryptoRank mentioned IDO plans on August 3 to 5, so confirmation from the official source is still needed on whether October 13 belongs to a new sales round. At this stage, no reliable formal TGE or airdrop announcement has been found; future attention will be on the actual execution of the IDO, token unlock, and liquidity arrangements.

Battle Town's token BTOWN is still in the ICO fundraising stage, with plans for token sales continuing from September 15, 2026, to June 30, 2027, showing a fundraising scale of about $13.51 million on the platform. Battle Town is a GameFi project that combines tank battles, NFT tanks, official events, and community championships, with BTOWN as the ecological utility token. CryptoRank disclosed that one round of sales priced at $0.015 sold 3 million BTOWN tokens, aiming to raise $45,000, with the related sales portion planned to unlock 10% at TGE, with the remaining part executed according to a lock-up and phased release schedule. The formal TGE date and community airdrop arrangements have not yet been confirmed; future attention will be on ICO progress, actual user scale in the game, NFT economic models, and token unlock pressure.

3. Important Investments and Financing from Last Week

Noah announced the completion of a $38 million seed round financing, with the latest additional financing of $16 million involving investors such as Endeit Capital, FJ Labs, LocalGlobe, and Felix Capital. Noah is a stablecoin payment infrastructure company based in London, primarily providing conversion and settlement services between stablecoins and fiat for fintech platforms, remittance agencies, enterprises, and cross-border payment service providers, helping businesses achieve faster international fund transfers through stablecoin networks. The company disclosed that since 2026, revenue has increased by 538% year-over-year, with over 150 new clients added this year. This funding will be used to expand the international payment network, enhance regulatory compliance capabilities, and develop markets such as the USA. (October 7, 2026)

Nous Research announced a completion of $90 million in Series B financing, with a valuation of $1.5 billion. The round was led by Robot Ventures, with participation from NVIDIA, M12 (a Microsoft subsidiary), Samsung, Union Square Ventures, Menlo Ventures, Y Combinator, and 1789 Capital, cumulatively raising about $158 million. Founded in 2023, Nous Research focuses on open-source AI models and AI Agent development, with its core product Hermes Agent supporting autonomous execution of multi-step tasks, invoking tools, and processing files, emphasizing customizable models, self-controlled data, and an open ecosystem. The company is further rolling out Hermes for Businesses for corporate workflows, and this funding will support product development and corporate market expansion. (October 7, 2026)

Meanwhile announced completion of $37.5 million in financing led by Bain Capital Crypto, with existing investors such as Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital participating, bringing total funding to over $180 million. Meanwhile is a Bermuda-based life insurance company offering Bitcoin-denominated life insurance products, operating under relevant insurance licenses issued by local regulators. The company has launched BTC 10-Pay for US customers and a one-time payment for life insurance BTC Life 1-Pay for high-net-worth clients outside the US. This round of financing will primarily meet the growing demand for Bitcoin insurance in Asia, Europe, and the Middle East, further expanding international business. (October 8, 2026)