Author: CoinW Research Institute
Key Takeaways
The total market value of global cryptocurrencies is $3.54 trillion, up 1.72% from $3.48 trillion last week. As of press time, the total net inflow of US Bitcoin spot ETFs is about $44.53 billion, with a net inflow of $2.75 billion this week; the total net inflow of US Ethereum spot ETFs is about $2.76 billion, with a net inflow of $248 million this week.
The total market value of stablecoins is US$249 billion, of which USDT has a market value of US$152.8 billion, accounting for 61.4% of the total market value of stablecoins; followed by USDC with a market value of US$61.7 billion, accounting for 24.8% of the total market value of stablecoins; and DAI with a market value of US$5.36 billion, accounting for 2.2% of the total market value of stablecoins.
According to DeFiLlama data, the total TVL of DeFi this week is $117.1 billion, up 2.3% from $114.5 billion last week. By public chain, the three public chains with the highest TVL are Ethereum with 53.6%, Solana with 7.91%, and Tron with 5.67%.
From the chain data, except for Solana, Toncoin and Sui, which have declined in daily trading volume this week, other public chains are on the rise, among which BNBChain has increased by 138% compared with last week; in terms of transaction fees, the transaction fees of Ethereum, BNBChain and Sui this week are the same as last week, and some public chains have shown a downward trend, among which Solana has fallen by 100% and Aptos has fallen by 99.3% compared with last week. From the perspective of daily active addresses, most public chains have declined, but BNBChain has a significant growth trend, with an increase of 23.24% compared with last week; from the perspective of TVL, except Sui and Aptos, most public chains have a small increase.
Innovative projects to watch: xStocks is a tokenized stock issuance platform, and all xStocks tokens are freely transferable. They can be used in lending protocols, DEX, or any DeFi application; aiva is a platform that generates dynamic UI for Web3 interactions based on user intent; Gavel is based on the Solana chain and is a token distribution and liquidity bootstrapping platform. The project has completed its first public sale and raised a total of 30,747 SOLs.
Table of contents
1. Total cryptocurrency market value/Bitcoin market value share
3. ETF inflow and outflow data
4. ETH/BTC and ETH/USD exchange ratio
5. Decentralized Finance (DeFi)
7. Stablecoin market value and issuance
1. The top five VC coins and meme coins with the highest growth this week
1. Major industry events this week
2. Big events coming up next week
3. Important investment and financing last week
1. Market Overview
1. Total cryptocurrency market value/Bitcoin market value share
The total market value of global cryptocurrencies is US$3.54 trillion, up 1.72% from US$3.48 trillion last week.
Figure 1 Data source: cryptorank
As of press time, Bitcoin’s market cap is $2.17 trillion, accounting for 61.12% of the total cryptocurrency market cap. Meanwhile, stablecoins’ market cap is $249 billion, accounting for 7.02% of the total cryptocurrency market cap.
Figure 2 Data source: coingeck
2. Fear Index
The cryptocurrency fear index is at 69, indicating greed.
Figure 3 Data source: coinglass
3. ETF inflow and outflow data
As of press time, the U.S. Bitcoin spot ETF has accumulated a total net inflow of approximately US$44.53 billion, with a net inflow of US$2.75 billion this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$2.76 billion, with a net inflow of US$248 million this week.
Figure 4 Data source: sosovalue
4. ETH/BTC and ETH/USD exchange ratio
ETHUSD: Current price is $2,556, historical highest price is $4,878, a drop of about 47.69% from the highest price.
ETHBTC: Currently 0.023411, the historical high is 0.1238.
Figure 5 Data source: ratiogang
5. Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL of DeFi this week is $117.1 billion, up 2.3% from $114.5 billion last week.
Figure 6 Data source: defillama
By public chain, the three public chains with the highest TVL are Ethereum chain accounting for 53.6%; Solana chain accounting for 7.91%; Tron chain accounting for 5.67%.
Figure 7 Data source: CoinW Research Institute, defillama
Data as of May 25, 2025
6. On-chain data
Layer 1 Data
The main data of Layer 1 including ETH, SOL, BNB, TON, SUI and APT are analyzed mainly from the perspective of daily transaction volume, daily active addresses and transaction fees.
Figure 8 Data source: CoinW Research Institute, defillama, Nansen
Data as of May 25, 2025
● Daily trading volume and transaction fees: Daily trading volume and transaction fees are the core indicators for measuring the activity of public chains and user experience. In terms of daily trading volume, except for Solana, Toncoin and Sui, which have declined, other public chains are on the rise, among which BNBChain has increased by 138% compared with last week; in terms of transaction fees, the transaction fees of Ethereum, BNBChain and Sui this week are the same as last week, and some public chains have shown a downward trend, among which Solana has fallen by 100% and Aptos has fallen by 99.3% compared with last week.
● Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of the public chain, and TVL reflects the users trust in the platform. From the perspective of daily active addresses, most public chains have fallen, but BNBChain has a significant growth trend, with an increase of 23.24% over last week; from the perspective of TVL, except Sui and Aptos, most public chains have a small increase.
Layer 2 Data
● According to L2 Beat data, the total TVL of Ethereum Layer 2 is US$38.52 billion, an overall increase of 3.84% from US$37.34 billion last week.
Figure 9 Data source: L2 Beat
Data as of May 25, 2025
Base and Arbitrum occupy the top row with 39.01% and 32.78% market share respectively. This week, Base still ranks first in Ethereum Layer 2s TVL. 
Figure 10 Data source: footprint
Data as of May 25, 2025
7. Stablecoin market value and issuance
According to Coinglass data, the total market value of stablecoins is $249 billion. Among them, USDT has a market value of $152.8 billion, accounting for 61.4% of the total market value of stablecoins; followed by USDC with a market value of $61.7 billion, accounting for 24.8% of the total market value of stablecoins; and DAI with a market value of $5.36 billion, accounting for 2.2% of the total market value of stablecoins.
Figure 11 Data source: CoinW Research Institute, Coinglass
Data as of May 25, 2025
According to Whale Alert data, the USDC Treasury issued an additional 1.2 billion USDC and the Tether Treasury issued an additional 1 billion USDT this week. The total amount of stablecoins issued this week was 2.2 billion, an increase of about 8.6% from the total amount of stablecoins issued last week, which was 2.092 billion.
Figure 12 Data source: Whale Alert
Data as of May 25, 2025
2. Hot money trends this week
1. The top five VC coins and meme coins with the highest growth this week
Top five VC coins with the highest growth in the past week
Figure 13 Data source: CoinW Research Institute, coinmarketcap
Data as of May 25, 2025
Top 5 Meme Coins That Gained in the Past Week
Figure 14 Data source: CoinW Research Institute, coinmarketcap
Data as of May 25, 2025
2. New Project Insights
xStocks (X: https://x.com/xStocksFi ): Backed by Backed, it is a tokenized stock issuance platform. All xStocks tokens are freely transferable and can be used in lending protocols, DEX or any DeFi application.
aiva（X： https ://x.com/aivai_xyz ）：AIVA is a platform that generates dynamic UI for Web3 interactions based on user intent. It integrates smart contracts, DEX and DeFi protocols, and uses neural task orchestration and Model-Context-Protocol (MCP) to perform tasks such as transactions and analysis across blockchains.
Gavel (X: https://x.com/gavelxyz ): Based on the Solana chain, it is a token distribution and liquidity bootstrapping platform that aims to transfer the token distribution process to the chain to avoid paying centralized exchange rents while achieving anti-pinch transactions. The project has completed its first public sale and raised a total of 30,747 SOLs.
3. New trends in the industry
1. Major industry events this week
WalletConnect’s WCT token has been launched on Solana, its third chain after Optimism’s OP mainnet and Ethereum. The WalletConnect Foundation will airdrop 5 million WCT to active Solana users through partners Phantom, Jupiter, Backpack, and Solflare.
Huma Finance has launched the first quarter airdrop plan, and 5% of the total supply of tokens will be used for airdrops. This round of airdrops is aimed at three groups: liquidity providers (65%), ecosystem partners (25%), and community participants (10%). The airdrop will be available after TGE and will last for one month. The second round of airdrop snapshots is expected to be conducted approximately 3 months after TGE, and 2.1% of the total supply of tokens will be used for airdrops.
Sophon, a modular blockchain based on ZKsync, said that its second season of Yapper leaderboard activity has ended, the snapshot has been completed, and the winner will be announced after the TGE. The third season has now started and will last until June 21.
CeFi lending platform Ledn announced that it will stop supporting Ethereum mortgage loans and lending customer assets to third parties for income starting July 1, and will switch to only providing fully managed Bitcoin mortgage products. This move aims to eliminate third-party credit risks and improve platform transparency and customer asset security.
Regulated on-chain reinsurance company OnRe will launch its ONe token and pool, which is supported by Ethena Labs, Solana Foundation, and RockawayX. The ONe token is built on the synthetic dollar protocol Ethena and generates returns from the Solana-based reinsurance pool, which is a combination of sUSDe collateral returns and ONRE protocol incentives.
2. Big events coming up next week
Sophon announced that SOPH will hold TGE on May 28 and announce the token economics, of which 57% will be allocated to the community (including 20% node rewards, 26% ecological reserves, 9% airdrops, and 2% L2 liquidity mining), 25% will be allocated to core contributors (released in 4 years), and 18% will be allocated to seed round investors (released in 3 years). The airdrop plan is: 6% will be allocated to L1 Farmer users, and 3% will be additionally airdropped to early supporters. Users can check their eligibility through claim.sophon.xyz.
Decentralized AI data liquidity network Vana has launched the Academy program, with the application deadline being May 26 and the program to be launched on June 2. The program lasts for 9 weeks and is aimed at Web3 developers, data scientists, AI developers and founders, providing 1:1 guidance, technical support, financial rewards and venture capital presentation opportunities.
The fifth season of the Ethereum re-staking protocol ether.fi will last from February 1, 2025 to May 31, 2025. The rewards will include ETHFI tokens (at least 10 million), partner tokens, and King Protocol rewards.
The eUSDe Pendle pool from Ethena Labs (launched in partnership with Ethereal) expires on May 29th and offers 50x Ethena rewards and Ethereal points.
Soneiums 100 million ASTR incentive campaign will last until May 30. Users can earn ACS points by interacting with dApps in games, consumer applications, and Web3 social networks, providing liquidity, etc. At the end of the event, ACS points will be converted into ASTR at a fixed exchange rate of 1 ACS = 0.1 ASTR to reward real users who drive the development of the ecosystem.
3. Important investment and financing last week
True Markets, with a financing amount of US$12 million, has investors including RRE Ventures, Accomplice, Variant Fund, PayPal Ventures, etc. True Markets is a non-custodial, native stablecoin exchange dedicated to providing market and liquidity services globally through reliable and innovative trading technology. True Markets has a proprietary matching engine that can efficiently match trading orders, ensure the secure isolation between transaction execution and asset custody, and ensure the seamless completion of transactions using stablecoins. (May 20, 2025)
Catena Labs, with a financing amount of US$18 million, has investors including Andreessen Horowitz, Coinbase Ventures, Breyer Capital, and Circle Ventures. Catena Labs is a Web3 product development company dedicated to incubating independent products covering identity, communication, artificial intelligence, and business. Currently launched products include developer API and component suite DecentKit, decentralized social network Duffle, and customized AI agent solution Friday. (May 20, 2025)
Roxom, with a financing amount of US$17.9 million, has investors including Borderless Capital, Draper Associates, Kingsway Capital, etc. Roxom is a stock, commodity and futures exchange priced and denominated in Bitcoin. Users can now view and trade global markets using Bitcoin. (May 22, 2025)
Reference Links:
1.xStocks https://x.com/xStocksFi
2.aiva https://x.com/aivai_xyz
3.Gavel https://x.com/gavelxyz
