CoinW Research Institute Weekly Report (January 19, 2026 - January 25, 2026)

2026-01-26 12:26:05

Collection

The total market value of global cryptocurrencies is $3.05 trillion, down from $3.22 trillion last week, representing a decrease of 5.27% this week.

CoinW Research Institute

Key Points

The total market capitalization of cryptocurrencies worldwide is $3.05 trillion, down from $3.22 trillion last week, representing a decrease of 5.27% this week. As of the time of writing, the total net inflow of the U.S. Bitcoin spot ETF is approximately $56.49 billion, with a net outflow of $1.33 billion this week; the total net inflow of the U.S. Ethereum spot ETF is approximately $12.30 billion, with a net outflow of $611 million this week.

The total market capitalization of stablecoins is $310.8 billion, down from $314 billion last week, a decrease of 1.02%; among them, the market capitalization of USDT is $186.7 billion, accounting for 60.07% of the total stablecoin market capitalization, down from $186.9 billion last week, a decrease of about 0.11%; followed by USDC with a market capitalization of $72.4 billion, accounting for 23.29%, down from $76 billion last week, a decrease of about 4.74%; DAI has a market capitalization of $5.36 billion, accounting for 1.72%, unchanged from last week.

According to DeFiLlama data, the total TVL of DeFi this week is $117.2 billion, down from $130.2 billion last week, a decrease of about 9.98%. By public chain classification, the three public chains with the highest TVL are Ethereum, accounting for 57.81%; Solana, accounting for 6.75%; and Bitcoin, accounting for 5.71%.

From the on-chain core data this week, trading activity has generally rebounded, but TVL has broadly declined. In terms of daily trading volume on on-chain DEXs, only BNB Chain ($1.59 billion, -17.62%) and Aptos ($69.74 million, -4.31%) saw declines, while other mainstream public chains experienced increases, with Sui rebounding from $70 million last week to $121 million, a weekly increase of 72.86%; Solana ($3.152 billion, +6.49%) and Ethereum ($1.127 billion, +28.07%) also saw slight recoveries, while Ton remains at a low of $6.8 million. In terms of transaction fees, both BNB Chain and Ton remain at $0.01; Ethereum ($0.01, -50%) and Aptos ($0.000002, -11.97%) saw declines, while Solana ($0.002, +100%) and Sui ($0.003, +28.16%) increased. In terms of daily active addresses, only BNB Chain (2.7 million, -0.74%) saw a slight decline, while other chains experienced growth, with Sui rising from 448,000 to 664,000, a weekly increase of 48.36%; Solana (2.71 million, +21.52%) and Ton (123,000, +27.92%) followed closely; Aptos (955,000, +14.32%) and Ethereum (668,000, +13.30%) saw relatively moderate increases. TVL has declined across the board, including Ethereum ($67.35 billion, -10.91%), BNB Chain ($6.64 billion, -7.78%), Solana ($7.87 billion, -13.19%), Aptos ($420 million, -13.33%), Ton ($79 million, -12.3%), and Sui ($850 million, -19.14%).

New Project Focus: HyperLend is a crypto asset lending platform built on the Hyperliquid EVM blockchain, aiming to make crypto asset lending more efficient, transparent, and secure. Lazbubu is a Web3 native AI companion smart agent built on BNB Chain, which anchors and records interactions between users and AI (such as chatting, decision-making, adventure activities, etc.) on the blockchain through its unique DAT (Data Anchoring Token) mechanism, making this behavioral data sustainably verifiable and truly owned by users. Cork Protocol is a "programmable risk layer" infrastructure protocol aimed at the decentralized finance (DeFi) market, dedicated to building standardized risk pricing, hedging, and trading tools for on-chain assets (such as yield-bearing stablecoins, treasury tokens, liquid staking/re-staking tokens, and real-world assets RWA).

Key Points

I. Market Overview

Total Market Capitalization of Cryptocurrencies / Bitcoin Market Capitalization Share
Fear Index
ETF Inflow and Outflow Data
ETH/BTC and ETH/USD Exchange Rates
Decentralized Finance (DeFi)
On-chain Data
Stablecoin Market Capitalization and Issuance

II. Hot Money Trends This Week

Top Five VC Coins and Meme Coins by Growth This Week
New Project Insights

III. New Developments in the Industry

Major Industry Events This Week
Major Upcoming Events Next Week
Important Investments and Financing Last Week

IV. Reference Links

I. Market Overview

1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Capitalization Share

The global total market capitalization of cryptocurrencies is $3.05 trillion, down from $3.22 trillion last week, a decrease of 5.27% this week.

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

Data as of January 25, 2026

As of the time of writing, the market capitalization of Bitcoin is $1.74 trillion, accounting for 57.05% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $310.8 billion, accounting for 10.19% of the total cryptocurrency market capitalization.

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

Data as of January 25, 2026

2. Fear Index

The cryptocurrency fear index is 19, indicating extreme fear.

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

Data as of January 25, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the total net inflow of the U.S. Bitcoin spot ETF is approximately $56.49 billion, with a net outflow of $1.33 billion this week; the total net inflow of the U.S. Ethereum spot ETF is approximately $12.30 billion, with a net outflow of $611 million this week.

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

Data as of January 25, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $2,875.99, all-time high $4,878.26, down approximately 41.78% from the peak.

ETHBTC: Currently at 0.032840, all-time high 0.1238.

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

Data as of January 25, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $117.2 billion, down from $130.2 billion last week, a decrease of about 9.98%.

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

Data as of January 25, 2026

By public chain classification, the three public chains with the highest TVL are Ethereum, accounting for 57.81%; Solana, accounting for 6.75%; and Bitcoin, accounting for 5.71%.

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

Data as of January 25, 2026

6. On-chain Data

Layer 1 Related Data

Mainly analyzing daily transaction volume, daily active addresses, and transaction fees for major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS.

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

Data as of January 25, 2026

On-chain DEX daily trading volume and transaction fees: On-chain DEX daily trading volume and transaction fees are core indicators of public chain activity and user experience. In terms of daily trading volume on on-chain DEXs, only BNB Chain ($1.59 billion) and Aptos ($69.74 million) saw declines of 17.62% and 4.31%, respectively; other chains saw increases, with Sui rising from $70 million to $121 million, an increase of 72.86%; Ethereum ($1.127 billion) and Solana ($3.152 billion) saw slight recoveries of 28.07% and 6.49%, respectively; Ton remains at a low of $6.8 million. In terms of transaction fees, this week BNB Chain ($0.01) and Ton ($0.01) remained stable; Ethereum ($0.01) and Aptos ($0.000002) saw declines of 50% and 11.97%, respectively; Solana ($0.002) and Sui ($0.003) saw increases of 100% and 28.16%, respectively.

Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects user trust in the platform. In terms of daily active addresses, this week only BNB Chain (2.7 million) saw a slight decline of 0.74%, while other chains experienced increases. Sui rose from 448,000 to 664,000, an increase of 48.36%; followed by Ton (123,000) and Solana (2.71 million), which grew by 27.92% and 21.52%, respectively; Aptos (955,000) and Ethereum (668,000) saw relatively smaller increases of 14.32% and 13.30%. This week, TVL has generally declined, with BNB Chain at $6.64 billion (-7.78%), Ethereum at $67.35 billion (-10.91%), Ton at $7.9 million (-12.3%), Solana at $7.87 billion (-13.19%), Aptos at $420 million (-13.33%), and Sui at $850 million (-19.14%).

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $36.64 billion, down 6.91% from last week ($39.36 billion).

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

Data as of January 25, 2026

Base and Arbitrum occupy the leading market share, with Base's market share declining over the past week and Arbitrum's increasing.

Data Source: footprint, https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview

Data as of January 25, 2026

7. Stablecoin Market Capitalization and Issuance

According to Coinglass data, the total market capitalization of stablecoins is $310.8 billion, down from $314 billion last week, a decrease of 1.02%; among them, the market capitalization of USDT is $186.7 billion, accounting for 60.07% of the total stablecoin market capitalization, down from $186.9 billion last week, a decrease of about 0.11%; followed by USDC with a market capitalization of $72.4 billion, accounting for 23.29%, down from $76 billion last week, a decrease of about 4.74%; DAI has a market capitalization of $5.36 billion, accounting for 1.72%, unchanged from last week.

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

Data as of January 25, 2026

According to Whale Alert data, this week USDC Treasury issued a total of 1.34 billion USDC, and Tether Treasury issued a total of 1 billion USDT this week. The total issuance of stablecoins this week is 2.34 billion, an increase of 314.16% compared to last week's total issuance of 565 million stablecoins.

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

Data as of January 25, 2026

II. Hot Money Trends This Week

1. Top Five VC Coins and Meme Coins by Growth This Week

The top five VC coins by growth over the past week

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

Data as of January 25, 2026

The top five Meme coins by growth over the past week

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

Data as of January 25, 2026

2. New Project Insights

HyperLend is a crypto asset lending platform built on the Hyperliquid EVM blockchain, with the core goal of making crypto asset lending more efficient, transparent, and secure. Users can deposit their digital assets into the platform to earn returns or borrow against collateralized assets, with the entire process completed on-chain, ensuring clear visibility of fund flows and rules, and leveraging the high liquidity advantages of the Hyperliquid ecosystem to enhance capital efficiency. In the future, HyperLend also plans to expand into trading scenarios such as options and spot leverage, deeply integrating with Hyperliquid DEX, gradually developing into a more complete on-chain financial infrastructure.

Lazbubu is a Web3 native AI companion smart agent built on BNB Chain, which anchors and records interactions between users and AI (such as chatting, decision-making, adventure activities, etc.) on the blockchain through its unique DAT (Data Anchoring Token) mechanism, making this behavioral data sustainably verifiable and truly owned by users. Compared to traditional AI, Lazbubu's growth is not temporary but accumulates an on-chain "growth history" through continuous interactions, allowing AI to evolve in a personalized manner, while users can view, manage, and even combine their data records, achieving data sovereignty and privacy control.

Cork Protocol is a "programmable risk layer" infrastructure protocol aimed at the decentralized finance (DeFi) market, dedicated to building standardized risk pricing, hedging, and trading tools for on-chain assets (such as yield-bearing stablecoins, treasury tokens, liquid staking/re-staking tokens, and real-world assets RWA). Cork's core technology allows asset managers and issuers to create customized exchange markets, enhancing the redemption liquidity, risk transparency, and market confidence of these assets, thereby making complex on-chain risks quantifiable and tradable. This mechanism provides liquidity buffers, risk coverage, and higher capital efficiency for stablecoins, long-term held assets, and real assets on-chain, helping to drive institutional capital into the crypto market while narrowing the risk infrastructure gap between traditional finance and decentralized finance.

III. New Developments in the Industry

1. Major Industry Events This Week

Solana Mobile's native token SKR officially launched on January 21, 2026, at 02:00 UTC, with a total supply of 10 billion tokens, positioned for ecological governance, incentives, and staking assets. Meanwhile, tokens including airdrops, community treasury, and liquidity distribution will be unlocked. 30% of the tokens (approximately 3 billion) are reserved for Seeker phone users and ecological developers, with about 20% (nearly 2 billion) starting distribution on January 21, 2026, targeting over 100,000 users and nearly 200 developers, with specific airdrop amounts determined based on device ownership, DApp activity, and other factors. Users can connect their wallets through the Seed Vault Wallet and apply for airdrops within 30 days after the TGE opens. Solana Mobile is a mobile ecological project under Solana Labs, building a mobile-first Web3 ecosystem through its second-generation smartphone Seeker, connecting hardware, decentralized applications, governance, and token incentives across multiple layers.

ETHGas completed its airdrop snapshot at 00:00 (UTC) on January 19, 2026, to identify eligible historical active users, and officially welcomed the TGE (Token Generation Event) on January 21, 2026, at 13:00 (UTC), simultaneously launching token listing and airdrop distribution. This airdrop primarily targets early users of the protocol, those who participated in official tasks, or generated real Gas behavior, aiming to incentivize core contributors and promote early participation in the ecosystem. As an infrastructure project focused on optimizing Ethereum Gas fees and block space, ETHGas aims to enhance the predictability and programmability of transaction costs, reducing users' reliance on Gas fluctuations. Its tokens will be used for protocol governance and ecological incentives, marking the project's transition from the underlying infrastructure phase to a new stage of community-driven governance.

Somate (SOMT) plans to hold its Token Generation Event (TGE) on February 12, 2026, at 13:00 (UTC), unlocking 20% of the tokens on that day, with the remaining portion released linearly over 6 months. Previously, Somate launched its IDO on Spores Network from January 22 to January 24, 2026, with an issuance price of approximately $0.05/SOMT, raising about $200,000, with participants required to complete KYC and stake according to platform rules. Somate (SOMT) is a Web3 platform aimed at content creators and social scenarios, dedicated to reshaping content creation, distribution, and value return models through a token incentive mechanism.

Chimp Exchange (also known as ChimpX AI, token CHIMP) conducted its recent IDO from January 23 to January 24, 2026, with an issuance price of approximately $1.50/CHIMP. 25% of the tokens will be unlocked at TGE, with the remaining portion released linearly over 3 months, but the specific date for TGE has not yet been announced. Chimp Exchange is a Web3 trading platform that integrates AI-assisted trading with decentralized trading infrastructure, aiming to lower the barriers for users to participate in on-chain trading and asset management through smart strategies, automation tools, and data analysis capabilities.

2. Major Upcoming Events Next Week

The crypto wallet Rainbow officially announced that its native token RNBW will launch key airdrop and token generation (TGE) arrangements: the airdrop snapshot will be taken on January 26, 2026, at 16:20 EST (UTC 21:20), at which time the system will record users' Rainbow Points balances to determine airdrop eligibility and shares. The formal airdrop distribution plan for RNBW is scheduled for February 5, 2026. Previously, Rainbow announced its token economics: the total supply of RNBW is 1 billion tokens, with 15% allocated for airdrops, about 3% for CoinList community pre-sales, 47% for the treasury, 12.2% for the team, 7.8% for investors, and 15% for the community; it is estimated that about 20% of the tokens will be in circulation at TGE (including airdrop and pre-sale releases).

HyperLend announced on January 20, 2026, that it will launch its native token HPL and is about to welcome its Token Generation Event (TGE), with the specific date yet to be officially announced; shortly after TGE, token staking and locking functions will be launched. In the token economics of HPL, about 30.14% is allocated for ecosystem growth and incentives, 25% for genesis distribution, 22.5% for core contributors, 17.36% for strategic investors, and 5% for liquidity. Strategic investors will unlock 10% of their allocation at TGE and subsequently unlock according to established locking and linear release arrangements. HyperLend is a decentralized lending protocol built on the Hyperliquid HyperEVM blockchain, dedicated to providing efficient and secure asset lending and liquidity services for ecosystem users, serving as the credit infrastructure for the entire Hyperliquid ecosystem.

Infinex's native token INX plans to hold its Token Generation Event (TGE) on January 30, 2026. Previously, the project completed a public offering from January 3 to 6, 2026, raising approximately $7.21 million, corresponding to 5% of the token supply, and refunded excess subscription funds to investors after the completion. As a super application platform for cross-chain aggregated DeFi, Infinex aims to significantly lower user entry barriers and simplify the overall operational experience of decentralized finance through a unified account system, seamless cross-chain experience (covering multiple networks such as Ethereum, Solana, Base, etc.), and Gas abstraction technology.

AntDrop will conduct its IDO on Spores / KingdomStarter and other launchpads from February 1 to February 3, 2026 (UTC), with an issuance price of approximately $0.01/ANT, targeting a fundraising goal of about $200,000. The token distribution is set to unlock 10% at the future TGE, with the remaining portion released linearly over 6 months, with the TGE date to be announced later. AntDrop is a multi-chain airdrop and token distribution infrastructure platform aimed at Web3 communities and projects, designed to connect users and project parties through task rewards, smart distribution, and transparent incentive mechanisms, supporting users in completing tasks to earn points and participate in airdrops and ecological activities.

3. Important Investments and Financing Last Week

BitGo successfully completed its initial public offering (IPO) on the New York Stock Exchange (NYSE). The company issued approximately 11.82 million shares at a price of $18 per share, raising approximately $212.8 million in capital. Based on the issuance price, BitGo's post-IPO valuation exceeds $2 billion. BitGo trades publicly on the NYSE under the stock code BTGO, marking not only an important milestone in its own development but also the first major IPO event in the crypto industry in 2026, seen as a sign of traditional capital market recognition of crypto asset infrastructure businesses. BitGo is a U.S. crypto asset custody and digital asset infrastructure company founded in 2013, primarily providing secure wallet custody, asset protection, staking, settlement, and other compliance services for institutional clients (such as exchanges, hedge funds, asset management companies, etc.), helping these institutions securely manage and utilize cryptocurrencies like Bitcoin and Ethereum. (January 22, 2026)

Fintech and asset tokenization company Superstate announced the completion of approximately $82.5 million in Series B financing, led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, ParaFi, and other institutions. Superstate is a technology company focused on leveraging blockchain technology to drive the tokenization of traditional financial securities, currently managing over $1.23 billion in tokenized assets, including funds based on U.S. government securities (USTB) and crypto arbitrage funds (USCC). (January 22, 2026)

River announced the completion of a strategic financing round of approximately $12 million. In this round of financing, TRON DAO, under Justin Sun, invested approximately $8 million as the lead investor, with other significant investors including the Maelstrom Fund founded by Arthur Hayes, The Spartan Group, and several Nasdaq-listed companies and institutions from the U.S. and Europe as strategic investors. River is a crypto protocol building cross-chain stablecoins and on-chain liquidity infrastructure, with its core product being satUSD, a stablecoin that can be natively minted and used across multiple blockchains, aimed at solving the fragmentation of cross-chain assets and the dispersion of liquidity. (January 22, 2026)