Key Takeaways
The total market value of global cryptocurrencies is $3.43 trillion, down 3.2% from $3.54 trillion last week. As of press time, the total net inflow of the US Bitcoin spot ETF is about $44.37 billion, with a net outflow of $157 million this week; the total net inflow of the US Ethereum spot ETF is about $3.05 billion, with a net inflow of $285 million this week.
The total market value of stablecoins is US$246.6 billion, of which USDT has a market value of US$153.1 billion, accounting for 62.08% of the total market value of stablecoins; followed by USDC with a market value of US$60.9 billion, accounting for 24.69% of the total market value of stablecoins; and DAI with a market value of US$5.36 billion, accounting for 2.17% of the total market value of stablecoins.
According to DeFiLlama data, the total TVL of DeFi this week is $111.1 billion, down about 5.4% from last week ($117.1 billion). Divided by public chains, the three public chains with the highest TVL are Ethereum Chain, accounting for 54.94%; Solana Chain, accounting for 7.67%; and BNB Chain, accounting for 5.56%.
From the on-chain data, the daily trading volume of TON and BNB chains increased by 114% and 27% respectively, Solana and Aptos were basically the same, ETH and SUI decreased by 18% and 10% respectively; in terms of transaction fees, ETH increased by about 350%, Solana and SUI decreased by 42% and 29%, and the rest of the chains were almost the same as last week. In terms of daily active addresses, except for BNB, which decreased by 17%, the rest of the chains increased, Solana increased by 39%, Aptos, ETH and TON increased by about 20%, and SUI increased by 13%. In terms of TVL, SUI increased by 7.5%, TON and Aptos increased by 4.6% and 4.5% respectively, while ETH, Solana and BNB fell slightly.
New projects to watch: Oncade is a decentralized game distribution platform that aims to help game developers bypass traditional platform commissions and sell games directly to players. Donut is an encrypted browser with autonomous intelligent functions, dedicated to providing users with a one-stop decentralized tool and encrypted service integration experience. Cooking.City is a token fair issuance platform based on Solana, which aims to ensure that every participant has equal opportunities in the value creation process. Rumi Labs is a Web3 platform that rewards users for watching media content through a watch-to-earn mechanism.
Table of contents
1. Market Overview
1. Total cryptocurrency market value/Bitcoin market value share
The total market value of global cryptocurrencies is $3.43 trillion, down 3.2% from $3.54 trillion last week.
Data source: Cryptorank
Data as of June 1, 2025
As of press time, Bitcoin’s market cap is $2.07 trillion, accounting for 60.3% of the total cryptocurrency market cap. Meanwhile, stablecoins’ market cap is $246.6 billion, accounting for 7.18% of the total cryptocurrency market cap.
Data source: coingeck
Data as of June 1, 2025
2. Fear Index
The Crypto Fear Index is at 57, indicating neutrality.
Data source: coinglass
Data as of June 1, 2025
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$44.37 billion, with a net outflow of US$157 million this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$3.05 billion, with a net inflow of US$285 million this week.
Data source: sosovalue
Data as of June 1, 2025
4. ETH/BTC and ETH/USD exchange ratio
ETHUSD: Current price: $2,530.89, historical high: $4,878, a drop of 48.12% from the highest price
ETHBTC: Currently 0.024298, the highest in history is 0.1238
Data source: ratiogang
Data as of June 1, 2025
5.Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL of DeFi this week is $111.1 billion, down about 5.4% from last week ($117.1 billion).
Data source: defillama
Data as of June 1, 2025
Divided by public chains, the three public chains with the highest TVL are Ethereum Chain, accounting for 54.94%; Solana Chain, accounting for 7.67%; BNB Chain, accounting for 5.56%.
Data source: CoinW Research Institute, defillama
Data as of June 1, 2025
6. On-chain data
Layer 1 Data
The main data of Layer 1 including ETH, SOL, BNB, TON, SUI and APT are analyzed mainly from the perspective of daily transaction volume, daily active addresses and transaction fees.
Data source: CoinW Research Institute, defillama, Nansen
Data as of June 1, 2025
Daily trading volume and transaction fees: Daily trading volume and transaction fees are core indicators for measuring the activity of public chains and user experience. In terms of daily trading volume, Solana and Aptos are almost the same as last week, BNB chain and TON chain increased by 27% and 114% respectively; ETH and SUI chain decreased by 18% and 10% respectively. In terms of transaction fees, this week BNB, TON and Aptos are almost the same as last week, Solana and SUI decreased by 42% and 29% respectively, and ETH increased by 350%.
Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of the public chain, and TVL reflects the users trust in the platform. From the perspective of daily active addresses, only the BNB chain fell by 17% this week, while the rest rose. Solana rose by 39%, Aptos, ETH and TON rose by about 20%, and SUI rose by 13%. In terms of TVL, ETH, SOL and BNB fell by 0.96%, 6.6% and 1.3% respectively this week compared with last week; the rest of the chains rose, of which the SUI chain rose by 7.5%, TON and Aptos rose by 4.6% and 4.5% respectively.
Layer 2 Data
According to L2 Beat data, the total TVL of Ethereum Layer 2 is 37.23 billion US dollars, a 3.46% decrease from last week ($ 38.52 billion) this week.
Data source: L2 Beat
Data as of June 1, 2025
Base and Arbitrum took the top spot with 40.71% and 32.33% market shares respectively, and their overall share declined.
Data source: footprint
Data as of June 1, 2025
7. Stablecoin market value and issuance
According to Coinglass data, the total market value of stablecoins is US$246.6 billion, of which USDT has a market value of US$153.1 billion, accounting for 62.08% of the total market value of stablecoins; followed by USDC with a market value of US$60.9 billion, accounting for 24.69% of the total market value of stablecoins; and DAI with a market value of US$5.36 billion, accounting for 2.17% of the total market value of stablecoins.
Data source: CoinW Research Institute, Coinglass
Data as of June 1, 2025
According to Whale Alert data, USDC Treasury issued a total of 57.5 million USDC this week, and Tether Treasury did not issue any additional USDT this week. The total amount of stablecoins issued this week was 57.5 million, a decrease of about 99.73% from the total amount of stablecoins issued last week (2.2 billion).
Data source: Whale Alert
Data as of June 1, 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
Data source: CoinW Research Institute, coinmarketcap
Data as of June 1, 2025
Top 5 Meme Coins That Gained in the Past Week
Data source: CoinW Research Institute, CoinMarketCap
Data as of June 1, 2025
2. New Project Insights
Oncade is a decentralized game distribution platform that aims to help game developers bypass traditional platform commissions and sell games directly to players. The platform supports stablecoin payments, community-driven distribution rebate mechanisms, and introduces $ONCADE tokens to improve user engagement and distribution efficiency.
Donut is a crypto browser with autonomous intelligent functions, dedicated to providing users with a one-stop decentralized tool and crypto service integration experience. Through its intelligent interface, users can trade digital assets more safely and conveniently.
Cooking.City is a Solana-based token fair issuance platform that aims to ensure that every participant has equal opportunities in the value creation process. It is committed to reshaping the token issuance mechanism and proposing a new on-chain issuance model that is sustainable, incentive-based, and community-centric.
Rumi Labs is a Web3 platform that rewards users for watching media content through a watch-to-earn mechanism. The platform uses AI to analyze content and build a decentralized knowledge network. Users can contribute to the media knowledge base and receive rewards while watching videos.
3. New trends in the industry
1. Major industry events this week
Gochujangcoin (GOCHU) launched a limited-time airdrop event on May 30, issuing rewards to users who completed designated transactions on a specific platform. During the event, eligible users have the opportunity to receive GOCHU airdrops and platform points rewards, with a total of more than 4.2 billion airdrops. At the same time, points can be used to participate in other event prize pools. This move aims to increase user participation and expand GOCHUs market influence.
On May 30, Backpack distributed badge airdrops to platinum users as a thank you for their long-term support. The project owner said that badges are pre-benefits of the upcoming points system, and points will carry more future rights and interests in the Backpack ecosystem. Before the official launch of Season 2, Backpack took the lead in launching the Season Extra: Benefit Month series of activities, creating surprise branches through multiple reward mechanisms. At present, the first module - the daily trading competition has been launched, and participants can share a daily prize pool of 50,000 to 100,000 US dollars.
On May 29, the Assisterr project announced that Binance Alpha will be the first platform to list Assisterr AI (ASRR), and trading will be open on May 30, with the specific time to be determined. Eligible users can use Binance Alpha points to claim the airdrop on the Alpha event page, and the relevant event page and rules will also be launched on May 30.
On May 29, the Reddio (RDO) project announced that users with 193 or more Binance Alpha points can participate in RDO’s exclusive Token Generation Event (TGE) subscription event. The subscription will be exclusively open through Binance Wallet from 16:00 to 18:00 Beijing time on May 29, 2025.
On May 28, Sophon announced that it had opened airdrop claims to early contributors for 60 days. On the same day, Binance stated that eligible users with at least 195 Alpha points can claim 1,250 SOPH airdrop tokens on the Alpha event page starting at 20:05 that evening. Claiming will consume 15 points and must be confirmed within 24 hours, otherwise it will be considered abandoned.
On May 27, the PFVS project launched an airdrop reward activity, issuing 875 PFVS tokens as rewards to users who performed well in the Binance Alpha activity. Eligible users must hold at least 204 Alpha points and consume 15 points on the event page to complete the claim. This airdrop is intended to motivate early supporters of the community. The claim period is 24 hours, and it will be deemed abandoned after the expiration of the period.
2. Big events coming up next week
The LayerEdge project was officially launched on the Binance Alpha platform on June 2. Users can use Alpha points to claim airdrop rewards through the Binance Alpha event page. This airdrop aims to give back to community supporters and promote LayerEdges innovative verification layer technology, which aggregates and verifies zero-knowledge proofs, improves the efficiency of data settlement and verification based on PoS chains and aggregation chains, and achieves seamless connection with the Bitcoin network.
On May 30, OpenSea announced that the fully upgraded OpenSea 2 (OS 2) platform was officially open to the public, supporting 19 blockchain token transactions, marking a strategic shift from the NFT market to the broader crypto market. At the same time, the platform launched a new reward system called Voyages, where users can earn XP points by completing on-chain transactions and other operations. In the future, SEA tokens will be issued through token generation events (TGEs), and users can redeem the tokens with accumulated XP points, further enriching the community incentive mechanism.
The Katana network, incubated by Polygon Labs and GSR, was officially launched at the end of May and deployed through the Conduit platform. The Katana Foundation announced that it will airdrop KAT tokens to POL stakers on the Ethereum mainnet, with the total amount of airdrops accounting for about 15% of the total supply. This airdrop plan is seen as a return to the Polygon ecosystem, and the specific time and details will be announced later. Katanas mainnet access will be officially opened in late June.
Lagrange Labs, the developer of the ZK network, will open registration for the LA token airdrop until June 2. This airdrop accounts for 10% of the total LA supply and is open to users who have participated in the Turing Roulette game and completed identity and uniqueness verification. In the future, the LA token will be used as a core asset to pay for ZK proof fees and staking purposes, promote the implementation of the ZK ecological economic system built on EigenLayer, and become one of the recent airdrop opportunities worth paying attention to.
3. Important investment and financing last week
Conduit has completed a $37 million Series A financing round, led by Paradigm and Haun Ventures. Other participants include Coinbase Ventures, Bankless Ventures, Robot Ventures and other well-known institutions, as well as several angel investors. Conduit provides customizable blockchain infrastructure services, especially in Rollup technology. It allows developers to quickly deploy Rollups based on OP Stack, significantly improving application performance to 100 times that of the Ethereum mainnet. (May 28, 2025)
Bitcoin investment company Twenty One Capital announced that it has raised an additional $100 million in convertible senior secured notes, bringing the total financing to $685 million, in preparation for a SPAC merger with Nasdaq-listed Cantor Equity Partners. The company is controlled by iFinex (Bitfinexs parent company) and Tether, with SoftBank as a minority shareholder. Strike CEO Jack Mallers will lead the merged company. With the mission of accelerating Bitcoin adoption and education, Twenty One has invested $458 million in Bitcoin and is committed to building an institutional Bitcoin asset management platform. (May 29, 2025)
FreysaAI, a crypto AI project developed on the Base blockchain, has raised $30 million from investors including Coinbase Ventures and Selini Capital. The project is committed to creating a personal AI digital twin. Selini Capital confirmed that it participated in Freysas token round involving its native FAI token, but did not disclose specific financing details. (May 29, 2025)
4. Reference links
Oncade: https://www.oncade.xyz/
Donut: https://donutbrowser.ai/
Cooking.City: https://cooking.city/
Rumi Labs: http://rumilabs.io/
Conduit: https://www.conduit.financial/
Twenty One Capital: https://xxi.money/
Eternis AI: https://www.eternis.ai/
