CoinW Research Institute Weekly Report (2025.12.15 - 2025.12.21)

CoinW Research Institute

Key Points

The total market capitalization of cryptocurrencies worldwide is $3.09 trillion, down from $3.22 trillion last week, representing a 4.03% decrease this week. As of the time of writing, the cumulative net inflow for the U.S. Bitcoin Spot ETF is approximately $57.41 billion, with a net outflow of $497 million this week; the cumulative net inflow for the U.S. Ethereum Spot ETF is approximately $12.44 billion, with a net outflow of $643 million this week.

The total market capitalization of stablecoins is $307.9 billion, with USDT having a market cap of $186.7 billion, accounting for 60.92% of the total stablecoin market cap; followed by USDC with a market cap of $77 billion, accounting for 25.01%; and DAI with a market cap of $5.36 billion, accounting for 1.74% of the total stablecoin market cap.

According to DeFiLlama, the total TVL of DeFi this week is $119.6 billion, down from $121.4 billion last week, a decrease of approximately 1.48%. By public chain classification, the top three public chains by TVL are Ethereum at 68.25%; Solana at 8.35%; and Bitcoin at 6.75%.

This week, the performance of various public chains showed significant divergence. In terms of daily trading volume on-chain DEXs, only BNB Chain (+27.11%) and Sui (+12.93%) saw growth, while Ton (-28.00%) and Ethereum (-26.74%) experienced declines, and Solana (-4.11%) and Aptos (-0.58%) saw slight decreases. Overall, transaction fees remained relatively stable, with Ethereum, BNB Chain, and Ton remaining flat compared to last week, while Sui (-13.92%) and Aptos (-8.16%) decreased, and Solana increased by 64.22%. In terms of users and funds, daily active addresses saw growth for all chains except for Solana (-6.74%) and Sui (-0.27%), with Ethereum (+28.12%) and Aptos (+21.83%) leading in growth. TVL remained under pressure overall, with only Sui seeing a slight increase of 4.14%, while the other public chains experienced moderate pullbacks of 1% to 3%.

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