CoinW Research Institute Weekly Report (March 2, 2026 - March 8, 2026)

2026-03-09 11:32:05

Collection

The total market value of global cryptocurrencies is $2.37 trillion, up from $2.35 trillion last week, an increase of approximately 0.85% this week.

Key Points

The total market capitalization of cryptocurrencies worldwide is $2.37 trillion, up from $2.35 trillion last week, representing an increase of approximately 0.85% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF is approximately $55.37 billion, with a net inflow of $568 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $11.63 billion, with a net inflow of $23.56 million this week.

The total market capitalization of stablecoins is $306.6 billion, down from $312 billion last week, a decrease of approximately 1.73%; among them, the market capitalization of USDT is $183.89 billion, accounting for 59.9% of the total stablecoin market capitalization, nearly unchanged from last week; followed by USDC with a market capitalization of $77.2 billion, accounting for 25.1%, up approximately 2.65% from last week's $75.2 billion; DAI has a market capitalization of $5.37 billion, accounting for 1.75% of the total stablecoin market capitalization, unchanged from last week.

According to DeFiLlama data, the total TVL of DeFi this week is $95.505 billion, up from $93.143 billion last week, an increase of approximately 2.53%. By public chain classification, the top three public chains by TVL are Ethereum, accounting for 56.92%; Solana, accounting for 6.84%; and BNB Chain, accounting for 6.02%.

This week, the on-chain activity of major public chains has generally weakened. The daily trading volume of DEXs has generally decreased, with Solana ($0.969B, -68.33%), BNB Chain ($0.645B, -51.87%), and Sui ($0.049B, -51.33%) showing relatively significant declines. Ethereum ($0.862B, -36.62%), Ton ($0.0024B, -18.67%), and Aptos ($0.033B, -16.50%) also experienced varying degrees of decline. In terms of transaction fees, overall changes are minimal, with Ethereum, BNB Chain, and Ton maintaining around $0.01, while Solana ($0.003) and Aptos ($0.000001) saw slight increases of 8.30% and 4.81%, respectively, while Sui ($0.00144, -12.94%) experienced a certain decline. In terms of user activity, Sui (179,000, +29.11%) and Ton (117,000, +4.84%) saw an increase in daily active addresses, while other chains saw a decline, with Aptos (928,000, -14.76%), BNB Chain (2.31 million, -13.48%), Ethereum (525,000, -9.29%), and Solana (1.91 million, -6.37%). The overall TVL shows a slight upward trend, with Ethereum's TVL reaching $54.19B (+2.24%) continuing to lead, followed by Solana ($6.54B) and BNB Chain ($5.75B), while the growth of other chains is relatively limited.

New Project Focus: Probable Markets is an on-chain prediction market platform built on BNB Chain that allows users to trade probabilities around real-world events such as politics, sports, finance, and crypto assets. Cyclops is a stablecoin and crypto payment infrastructure platform built for the payment industry, aimed at helping payment service providers (PSPs), acquiring institutions, and merchants quickly integrate digital asset capabilities. QFEX is a 24/7 global trading platform for traditional financial asset trading, which introduces the common perpetual contract model from the crypto market to traditional financial assets, allowing users to trade U.S. stocks, commodities, and foreign exchange around the clock, with leverage of up to approximately 50-100 times.

Key Points

Market Overview
Total Cryptocurrency Market Capitalization / Bitcoin Market Capitalization Ratio
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
Hot Money Trends This Week
Top Five VC Coins and Meme Coins by Growth This Week
New Project Insights
New Industry Dynamics
Major Industry Events This Week
Major Upcoming Events Next Week
Important Financing and Investment from Last Week
Reference Links

1. Market Overview

1. Total Cryptocurrency Market Capitalization / Bitcoin Market Capitalization Ratio

The global total cryptocurrency market capitalization is $2.37 trillion, up from $2.35 trillion last week, representing an increase of approximately 0.85% this week.

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

Data as of March 8, 2026

As of the time of writing, the market capitalization of Bitcoin is $1.32 trillion, accounting for 55.69% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $306.6 billion, accounting for 12.94% of the total cryptocurrency market capitalization.

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

Data as of March 8, 2026

2. Fear Index

The cryptocurrency fear index is 9, indicating extreme fear.

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

Data as of March 8, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF is approximately $55.37 billion, with a net inflow of $568 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $11.63 billion, with a net inflow of $23.56 million this week.

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

Data as of March 8, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $1,956.59, all-time high $4,946.05, down approximately 60.57% from the all-time high.

ETHBTC: Currently 0.029377, all-time high 0.1238.

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

Data as of March 8, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $95.505 billion, up from $93.143 billion last week, an increase of approximately 2.53%.

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

Data as of March 8, 2026

By public chain classification, the top three public chains by TVL are Ethereum, accounting for 56.92%; Solana, accounting for 6.84%; and BNB Chain, accounting for 6.02%.

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

Data as of March 8, 2026

6. On-Chain Data

Layer 1 Related Data

Mainly analyzing 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 March 8, 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. This week, the daily trading volume of each chain has decreased. Among them, Solana ($0.969B, -68.33%), BNB Chain ($0.645B, -51.87%), and Sui ($0.049B, -51.33%) showed relatively large declines; the remaining chains followed with declines, including Ethereum ($0.862B, -36.62%), Ton ($0.0024B, -18.67%), and Aptos ($0.033B, -16.50%). In terms of transaction fees, this week Ethereum ($0.01), BNB Chain ($0.01), and Ton ($0.01) remained stable compared to last week; Solana ($0.003) and Aptos ($0.000001) increased by 8.30% and 4.81%, respectively; Sui ($0.00144) decreased by 12.94% compared to last week.

Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects the level of trust users have in the platform. This week, Sui (179,000, +29.11%) and Ton (117,000, +4.84%) saw increases; the remaining chains all experienced declines, including Aptos (928,000, -14.76%), BNB Chain (2.31 million, -13.48%), Ethereum (525,000, -9.29%), and Solana (1.91 million, -6.37%). This week, the overall TVL has slightly increased, with BNB Chain ($5.75B, +4.13%), Ethereum ($54.19B, +2.24%), Sui ($0.561B, +1.96%), Aptos ($0.316B, +1.94%), Solana ($6.54B, +0.51%), and Ton ($0.060B, +0.07%).

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 is $31.90 billion, up from $31.81 billion last week, with an overall increase of 0.28%.

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

Data as of March 8, 2026

This week, Base and Arbitrum's market shares are 32.68% and 16.46%, ranking first and second.

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

Data as of March 8, 2026

7. Stablecoin Market Capitalization and Issuance

According to Coinglass data, the total market capitalization of stablecoins is $306.6 billion, down from $312 billion last week, a decrease of approximately 1.73%; among them, the market capitalization of USDT is $183.89 billion, accounting for 59.9% of the total stablecoin market capitalization, up from $183.67 billion last week, an increase of about 0.11%; followed by USDC with a market capitalization of $77.2 billion, accounting for 25.1%, up approximately 2.65% from last week's $75.2 billion; DAI has a market capitalization of $5.37 billion, accounting for 1.75% of the total stablecoin market capitalization, unchanged from last week.

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

Data as of March 8, 2026

According to Whale Alert data, this week USDC Treasury issued a total of 3.333 billion USDC, while Tether Treasury issued no USDT this week. The total issuance of stablecoins this week is 3.333 billion, an increase of 23.9% compared to last week's total issuance of 2.69 billion stablecoins.

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

Data as of March 8, 2026

2. Hot Money Trends This Week

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

The top five VC coins by growth in the past week

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

Data as of March 8, 2026

The top five Meme coins by growth in the past week

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

Data as of March 8, 2026

2. New Project Insights

Probable Markets is an on-chain prediction market platform built on BNB Chain that allows users to trade probabilities around real-world events such as politics, sports, finance, and crypto assets. The platform breaks down event outcomes into tradable "shares," with prices fluctuating between $0 and $1, corresponding to the market's judgment of the probability of the event occurring; if the event ultimately occurs, the shares settle at $1, otherwise they become worthless. Probable uses a Central Limit Order Book (CLOB) trading model, forming prices through real buy and sell orders, and combines with UMA Optimistic Oracle for event outcome adjudication, achieving on-chain transparent settlement and verifiable records. The platform emphasizes a low-friction trading experience, such as zero trading fees, gas sponsorship, and flexible fund deposit and withdrawal mechanisms, aiming to allow users to convert their judgments about future events into tradable probability assets.

Cyclops is a stablecoin and crypto payment infrastructure platform built for the payment industry, aimed at helping payment service providers (PSPs), acquiring institutions, and merchants quickly integrate digital asset capabilities. The platform offers features such as crypto payment access, stablecoin settlement, cross-border payments, currency conversion (fiat/stablecoin/crypto assets), and crypto fund receipts and payments, enabling traditional payment companies to support digital asset businesses without building their own blockchain infrastructure. Cyclops was founded by an industry team that previously built crypto products at payment companies, aiming to solve the fragmentation of the crypto payment ecosystem through a unified tech stack, providing a one-stop stablecoin and crypto payment solution for payment institutions, thereby accelerating the application of stablecoins in the global payment system.

QFEX is a 24/7 global trading platform for traditional financial asset trading, which introduces the common perpetual contract model from the crypto market to traditional financial assets, allowing users to trade U.S. stocks, commodities, and foreign exchange around the clock, with leverage of up to approximately 50-100 times. QFEX adopts a Central Limit Order Book (CLOB) architecture, supporting fiat and crypto asset deposits, allowing users to participate in market trading directly without brokers, aiming to build a more efficient, low-cost, and always-on global trading infrastructure.

3. New Industry Dynamics

1. Major Industry Events This Week

On March 5, 2026, the prediction market protocol Opinion completed its OPN token TGE (Token Generation Event), with an initial circulation of approximately 198.5 million tokens (about 19.85%), out of a total supply of 1 billion tokens. The overall airdrop plan for OPN accounts for about 23.5% of the token supply, with 3.5% released at TGE, and the remaining portion to be gradually distributed through subsequent phase activities. The project previously launched an airdrop query platform on March 2, 2026, and required users to complete airdrop address registration before March 1 to determine the token receipt address.

On March 5, 2026, the perpetual contract DEX Paradex based on the Starknet ecosystem launched its DIME token genesis airdrop through its foundation. The airdrop claim opened at 15:00 Beijing time on March 5, with eligible users able to claim tokens through the Paradex platform interface within two weeks; the initial trading time for DIME is set for 22:00 Beijing time on March 5, and initially, it will only be traded on the Paradex platform, with plans to launch on more trading platforms in the future. At the same time, the project updated its token economic model: the community airdrop ratio was increased from 20% to 25%, and the foundation acquired 4.4% of the token supply through XP purchases, reducing the initial circulating supply at TGE to about 24.5% (excluding the foundation's treasury), to strengthen community distribution and optimize the early circulation structure.

On March 4, 2026, CJ, the founder of the decentralized prediction market platform Limitless on the Base chain, stated that to attract users from Opinion, the platform will launch a double points activity for users who traded on Opinion before February 28, 2026. This activity will run from March 2 to April 5, 2026, and eligible users participating in trading on Limitless can earn double points to enhance their future airdrop allocation weight. The official also stated that after the Limitless third season activity ends on May 25, 2026, the platform will conduct a fair, transparent, and immediate airdrop distribution.

Avantis (AVNT) opened its second season airdrop claim on March 5, 2026, allowing users to claim in batches over 4 days, unlocking 25% each day. Additionally, Avantis continues to incentivize traders and liquidity providers through the XP points (Avantis XP) activity, providing a basis for subsequent ecological distribution and potential further airdrops. The project is an on-chain derivatives trading protocol built on the Base ecosystem, supporting synthetic asset perpetual trading of crypto assets, foreign exchange, and commodities, and allowing users to provide liquidity to the market.

2. Major Upcoming Events Next Week

EarnPark plans to launch Token Sale Tier 5 on April 13, 2026, issuing 15 million PARK tokens (approximately 1.5% of the total supply) at a price of $0.018. The project also plans to advance the PARK token TGE and exchange listing after completing the final phase of public fundraising, with the official adjusting the TGE and listing time to the first quarter of 2026, but the specific date is still to be announced; in addition, the platform will distribute approximately $1 million worth of PARK airdrop rewards to community users through the PARK Lounge points system to incentivize early participants and enhance community engagement. EarnPark is a crypto asset management platform that combines CeFi and DeFi yield strategies, providing yield products for assets like BTC, ETH, and USDT through algorithmic strategies.

USD.AI (CHIP) is expected to conduct its TGE (Token Generation Event) in March 2026, at which time the tokens will be 100% unlocked and distributed to participants, and may simultaneously open the trading market. In addition, the project has opened an airdrop KYC and community qualification screening activity before the public offering, mainly targeting users who previously participated in Allo Game ecosystem activities to determine some early token distribution qualifications. Previously, from February 22 to February 27, 2026, USD.AI conducted an ICO public offering on CoinList, issuing at a price of $0.03 per CHIP, selling approximately 647 million tokens (about 6-7% of the total supply), raising approximately $19.4 million in the public offering. The project is a DeFi protocol that combines AI computing power financing and stablecoin issuance, providing financing for AI infrastructure through GPU asset collateral loans.

EarnBIT (EBT) is a crypto ecosystem that combines a cryptocurrency exchange (CEX) with a real-time live streaming platform, allowing users to watch trading live streams, learn strategies, and participate in community interactions directly within the trading interface. The EBT token IEO was launched on September 15, 2025, at an issuance price of $0.05 per token, planning to raise up to approximately $10.2 million through multiple rounds of sales, and ending this round of ICO/IEO on March 15, 2026. According to the issuance schedule, the project's TGE (Token Generation Event) is expected to take place in the second quarter of 2026 (Q2), at which point the tokens will be officially generated and enter market circulation. EBT is the core functional token of the platform, which can be used for trading fee discounts, priority participation in Launchpad projects, staking rewards, and live content incentives and advertising systems.

3. Important Financing and Investment from Last Week

Latin American stablecoin financial application ARQ completed a $70 million financing round, with investors including Sequoia Capital and Founders Fund. ARQ, formerly known as DolarApp, is a stablecoin financial application aimed at Latin American users, providing multi-currency accounts, digital wallets, foreign exchange, and debit card services to help users achieve cross-border fund storage and transfer. The project has built infrastructure connecting traditional banking networks with stablecoin payment systems, enabling users to hold foreign currencies and conduct transactions. (March 4, 2026)

Digital asset trading company Crossover Markets Group completed a $31 million Series B financing round, led by Tradeweb Markets, with participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute, XTX Markets, and Illuminate Financial, valuing the company at approximately $200 million in this round. Crossover was founded in 2022 by seasoned forex market professionals from Jefferies and Euronext FX, dedicated to providing digital asset trading infrastructure for institutional clients. Its core product, CROSSx, adopts an ECN (Electronic Communication Network) model, separating trade execution from custody and credit services. As part of this round of financing, Tradeweb plans to leverage its algorithmic trading technology to route crypto asset orders for institutional clients through the platform, providing them with a direct channel to enter the digital asset market. (March 5, 2026)

The perpetual contract trading platform QFEX announced the completion of a $9.5 million seed round financing, led by Yuri Sagalov (General Catalyst), with participation from Paul Graham and Y Combinator, along with other investors including Nexus Venture Partners, Moonfire Ventures, Goodwater Capital, Liquid2 Ventures, 468 Capital, and Ritual Ventures, as well as several angel investors. QFEX is a hybrid perpetual contract trading platform that supports 24/7 crypto-style perpetual trading of traditional financial assets such as U.S. stocks, indices, foreign exchange, and commodities, offering leverage of up to approximately 50 times. (March 5, 2026)