CoinW Research Institute Weekly Report (March 23, 2026 - March 29, 2026)

2026-03-30 15:32:58

Collection

The total market value of global cryptocurrencies is $2.37 trillion, down from $2.41 trillion last week, representing a decrease of approximately 1.66% this week.

Key Points

The total market capitalization of cryptocurrencies is $2.37 trillion, down from $2.41 trillion last week, a decrease of about 1.66% this week. As of the time of writing, the cumulative net inflow of the U.S. ++Bitcoin Spot++ ETF is approximately $55.93 billion, with a net outflow of $296 million this week; the cumulative net inflow of the U.S. ++Ethereum Spot++ ETF is approximately $11.52 billion, with a net outflow of $206 million this week.
The total market capitalization of stablecoins is $308.7 billion, down from $309.1 billion last week, a decrease of about 0.13%; among them, the market capitalization of ++USDT++ is $184.07 billion, accounting for 59.63% of the total stablecoin market capitalization, slightly down from last week; followed by ++USDC++ with a market capitalization of $77.7 billion, accounting for 25.17%, down about 1.52% from last week’s $78.9 billion; ++DAI++ has a market capitalization of $5.36 billion, accounting for 1.75%, unchanged from last week.
According to DeFiLlama, the total TVL of DeFi this week is $92.769 billion, down from $92.973 billion last week, a decrease of about 0.22%. By public chain classification, the top three public chains by TVL are ++Ethereum++ at 57.03%; Solana at 6.85%; and BNB Chain at 5.69%.
This week, on-chain data shows a trend of differentiated trading, a recovery in users, but a slight withdrawal of funds. In terms of Dex trading volume, Solana ($1.075B, +1.70%) and BNB Chain ($0.784B, +20.06%) performed strongly, while Ton, though smaller in size, saw an increase, and Ethereum fell back to $0.73B (-39.67%), with Sui and Aptos also declining. On the transaction fee side, Ethereum remains around $0.01, Solana rises to $0.003, while other chains generally decrease. On the user side, active addresses increased significantly for Solana (3.725 million, +3.93%), BNB Chain (2.42 million, +2.11%), and Aptos (1.302 million, +60.41%), while Ethereum, Sui, and Ton saw declines. In terms of funds, the TVL of each chain slightly decreased, with Ethereum still leading at $52.80B (-3.17%).
New project focus: Tori Finance is a decentralized yield protocol aimed at bringing market-neutral, institutional-grade yield strategies, which have long been accessible only to institutional investors, on-chain, allowing ordinary users to participate in these strategies through Web3 wallets without high barriers or geographic restrictions. Kairos Swap is a cross-chain decentralized trading protocol dedicated to providing users with efficient and secure multi-chain asset exchange and liquidity mining services, emphasizing the aggregation of on-chain depth through a permissionless AMM mechanism and reducing the costs and frictions of cross-chain transactions. Eureka Builder is a decentralized development and collaboration platform for Web3 developers, aimed at providing teams and individuals with tools and infrastructure to build, deploy, and manage blockchain applications.

Key Points
I. 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 situation
II. Hot Money Trends This Week
Top five VC coins and Meme coins by growth this week
New project insights
III. New Industry Dynamics
Major industry events this week
Major events happening next week
Important financing from last week
IV. Reference Links

I. Market Overview

1. Total cryptocurrency market capitalization/Bitcoin market capitalization ratio

The global ++total cryptocurrency market capitalization++ is $2.37 trillion, down from $2.41 trillion last week, a decrease of about 1.66%.

Data source: Bitcoin dominance from cryptorank, ++https://cryptorank.io/charts/btc-dominance++
Data as of March 29, 2026
As of the time of writing, the market capitalization of ++Bitcoin++ is $1.33 trillion, accounting for 56.12% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $308.7 billion, accounting for 13.03% of the total cryptocurrency market capitalization.

Data source: coingeck, ++https://www.coingecko.com/en/charts++
Data as of March 29, 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 29, 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 $55.93 billion, with a net outflow of $296 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $11.52 billion, with a net outflow of $206 million this week.

Data source: sosovalue, ++https://sosovalue.com/zh/assets/etf++
Data as of March 29, 2026

4. ETH/BTC and ETH/USD exchange rates

ETHUSD: Current price $2,003.94, all-time high $4,946.05, down approximately 59.50% from the all-time high
ETHBTC: Currently 0.030144, all-time high 0.1238

Data source: ratiogang, ++https://ratiogang.com/++
Data as of March 29, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $92.769 billion, down from $92.973 billion last week, a decrease of about 0.22%.

Data source: defillama, ++https://defillama.com++
Data as of March 29, 2026
By public chain classification, the top three public chains by TVL are Ethereum at 57.03%; Solana at 6.85%; and BNB Chain at 5.69%.

Data source: CoinW Research Institute, defillama, ++https://defillama.com++
Data as of March 29, 2026

6. On-chain data

Layer 1 related data
Mainly analyzing the current Layer 1 data related to daily trading volume, daily active addresses, and transaction fees, including ETH, SOL, BNB, TON, SUI, and APTOS.

Data source: CoinW Research Institute, defillama, ++https://defillama.com++
Data as of March 29, 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 on-chain Dex saw increases for Solana ($1.075B, +1.70%), BNB Chain ($0.784B, +20.06%), and Ton ($0.0022B, +22.60%); other chains saw declines, with Ethereum ($0.73B, -39.67%), Aptos ($0.021B, -10.29%), and Sui ($0.032B, -21.42%). In terms of transaction fees, Ethereum continues to maintain around $0.01; Solana ($0.003) increased by 288.70% compared to last week; other chains saw varying degrees of decline, including BNB ($0.00001, -99.90%), Ton ($0.0032, -68.00%), Sui ($0.00119, -29.82%), and Aptos ($0.000001, -2.02%).
Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects the level of user trust in the platform. In terms of daily active addresses, Ethereum (509,000), Ton (112,000), and Sui (248,000) saw declines of 10.06%, 1.48%, and 10.93% respectively compared to last week; other chains saw increases, including BNB Chain (2.42 million, +2.11%), Solana (3.725 million, +3.93%), and Aptos (1.302 million, +60.41%). This week, the overall TVL saw a slight pullback. The figures are as follows: Sui ($0.561B, -3.77%), Solana ($6.32B, -5.13%), Ethereum ($52.80B, -3.17%), BNB Chain ($5.24B, -3.07%), Aptos ($0.293B, -3.63%), and Ton ($0.056B, -3.89%).
Layer 2 related data
According to L2Beat, the total TVL of Ethereum Layer 2 this week is $30.97 billion, down from $31.54 billion last week, a decrease of 1.81%.

Data source: L2Beat, ++https://l2beat.com/scaling/tvs++
Data as of March 29, 2026
This week, Base and Arbitrum have market shares of 35.35% and 17.01%, ranking first and second.

Data source: CoinGecko, ++https://www.coingecko.com/en/chains/layer-2++
Data as of March 29, 2026

7. Stablecoin market capitalization and issuance situation

According to Coinglass, the total market capitalization of stablecoins is $308.7 billion, down from $309.1 billion last week, a decrease of about 0.13%; among them, the market capitalization of USDT is $184.07 billion, accounting for 59.63% of the total stablecoin market capitalization, down from $184.15 billion last week, a decrease of about 0.04%; followed by USDC with a market capitalization of $77.7 billion, accounting for 25.17%, down from $78.9 billion last week, a decrease of about 1.52%; DAI has a market capitalization of $5.36 billion, accounting for 1.75%, unchanged from last week.

Data source: CoinW Research Institute, Coinglass, ++https://www.coinglass.com/pro/stablecoin++
Data as of March 29, 2026
According to Whale Alert, this week, USDC Treasury issued a total of 2.34 billion USDC, and Tether Treasury issued a total of 0.06 billion USDT this week. The total issuance of stablecoins this week is 2.4 billion, down 51.33% from last week’s total issuance of 4.931 billion.

Data source: Whale Alert, ++https://x.com/whale_alert++
Data as of March 29, 2026

II. Hot Money Trends This Week

1. Top five VC coins and Meme coins by growth this week

Top five VC coins by growth in the past week

Data source: CoinW Research Institute, coinmarketcap, ++https://coinmarketcap.com/++
Data as of March 29, 2026
Top five Meme coins by growth in the past week

Data source: CoinW Research Institute, coinmarketcap, ++https://coinmarketcap.com/++
Data as of March 29, 2026

2. New project insights

Tori Finance is a decentralized yield protocol aimed at bringing market-neutral, institutional-grade yield strategies, which have long been accessible only to institutional investors, on-chain, allowing ordinary users to participate in these strategies through Web3 wallets without high barriers or geographic restrictions. The protocol achieves this through two core assets: trUSD, a synthetic dollar backed by trading positions, different from USDC/USDT; and strUSD, a yield-bearing token that automatically accumulates returns, which users earn by staking trUSD. Tori's yields come from various delta-neutral strategies, including short-term money markets, spot and futures arbitrage, futures contract calendar spreads, and options arbitrage, all aimed at capturing pricing opportunities even when market directions change.
Kairos Swap is a cross-chain decentralized trading protocol dedicated to providing users with efficient and secure multi-chain asset exchange and liquidity mining services, emphasizing the aggregation of on-chain depth through a permissionless AMM mechanism and reducing the costs and frictions of cross-chain transactions. The platform supports multi-chain asset swaps, including Ethereum and multiple Layer-1/Layer-2 networks, using automated market makers (AMM) and routing optimization strategies to enhance trading efficiency, while incentivizing liquidity providers through LP rewards, token incentives, and community governance mechanisms. The design goal of Kairos Swap is to build a truly decentralized, highly interoperable cross-chain liquidity network, allowing users to freely exchange assets across chains without relying on centralized intermediaries and participate in ecological governance and profit distribution through protocol tokens, thereby enhancing on-chain capital efficiency and developing cross-chain financial ecosystems.
Eureka Builder is a decentralized development and collaboration platform for Web3 developers, aimed at providing teams and individuals with tools and infrastructure to build, deploy, and manage blockchain applications. The platform supports rapid deployment of smart contracts, modular component integration, and cross-chain project management, while combining community collaboration and incentive mechanisms to help developers efficiently collaborate, share resources, and experiences on-chain. Eureka Builder incentivizes participants to contribute code, complete tasks, and participate in governance through native tokens, enabling developers to not only quickly launch projects but also gain value returns as the ecosystem grows, promoting the entire process of Web3 applications from concept to deployment on-chain.

III. New Industry Dynamics

1. Major industry events this week

On March 23, 2026, Backpack, a Web3 wallet and trading platform in the Solana ecosystem, officially launched its native token BP (Backpack Token) during its token generation event (TGE). The total supply of BP is set at 1 billion tokens, with 25% (approximately 250 million tokens) unlocked directly at TGE and fully allocated to community users, with the majority (approximately 24%) allocated to Backpack point holders, and 1% allocated to Mad Lads NFT holders, with no team, investors, or internal allocations participating in the initial circulation. Future token unlocks will be tied to business milestones, with 37.5% gradually unlocked before the IPO, and another 37.5% unlocked after listing and locked for at least one year, reflecting the project's emphasis on long-term construction and value growth strategies. The BP token model also innovatively introduces a "staking for equity" mechanism, allowing long-term stakers to convert proportionally into a share of Backpack company equity, thereby establishing a connection between token holding and corporate ownership.
On March 25, 2026, Perle Labs officially launched its native token PRL during its token generation event (TGE). The initial circulating supply for this TGE accounts for approximately 17.5% of the total. The overall token distribution is as follows: ecological incentives and community rewards 40%, team 20%, investors 15%, reserves 15%, liquidity support 10%, covering key aspects such as network construction, ecological incentives, and market liquidity. Perle Labs itself provides high-quality on-chain data infrastructure, primarily used for AI model training and optimization, with the PRL token used in the ecosystem to reward contributors, governance decisions, and network collaboration, making it not only a trading tool but also an important carrier of ecological participation and value flow.
Avantis ($AVNT) recently launched a participation-based airdrop campaign, running from March 23, 2026, to March 30, 2026. During this period, users can earn AVNT airdrop eligibility by trading on the protocol, providing liquidity, or interacting with partner ecosystems, including accumulating trading experience points and liquidity experience points in designated activities. The claiming process automatically identifies eligibility by connecting wallets through the official airdrop portal, aiming to reward active users, promote long-term growth of the protocol, and encourage deeper on-chain participation. Avantis is a decentralized perpetual derivatives trading protocol built on the Base network, positioned as a "Universal Leverage Layer," dedicated to integrating leveraged trading of various assets such as cryptocurrencies, foreign exchange, commodities, and indices into the same on-chain ecosystem, while providing incentives, governance rights, and fee discounts for liquidity providers and traders.

2. Major events happening next week

The decentralized derivatives trading platform edgeX announced that its native token EDGE's token generation event (TGE) and listing plan will take place on March 31, 2026. The TGE will allow EDGE to enter the public distribution and circulation phase, while EDGE is expected to assume multiple functions such as governance, fee discounts, incentives, and liquidity incentives after listing. The launch of the EDGE token is closely related to the platform's transformation towards community governance and incentive mechanisms and is seen as a key step in promoting the further development of the decentralized derivatives ecosystem. edgeX is a decentralized derivatives trading protocol focused on perpetual contracts, aiming to provide users with a non-custodial, low-friction on-chain leveraged derivatives trading experience, combining the liquidity of centralized exchanges with the transparency of DeFi.
The token generation event (TGE) for the BASED token is scheduled for March 30, 2026, at which point the token will enter the public distribution and activation phase. The project team has launched a points incentive system to encourage users to trade on the protocol, provide liquidity, and participate in prediction markets, thereby meeting the conditions for future airdrop distribution. Additionally, to enhance user experience and reduce participation barriers, the project announced that on the day of the TGE, airdrop tokens will be directly distributed to users' designated Hyperliquid wallet addresses, and users must set or update their receiving addresses beforehand to ensure eligibility. This airdrop distribution mechanism is based on users' on-chain activity points on the protocol rather than simple registration or token holding snapshots, aiming to reward early participants and ecological contributors. Based is a derivatives trading protocol built on the Base chain (an Ethereum scaling solution), integrating perpetual contracts, spot trading, prediction markets, and payment modules, aiming to provide users with a more complete on-chain trading experience through a "multi-channel trading + prediction market" model.
Orexn plans to start its IDO on March 28, 2026, continuing until March 30, 2026 (UTC) for the public sale of the OXN token, expecting to raise approximately $200,000 at a price of about $0.0069 per token, with limited shares open for community participants to subscribe. This token is the native utility asset of the Orexn ecosystem, used to activate task and reward mechanisms within the platform, participate in community governance, and enhance user rights in ecological activities such as launchpad and launchpool. The platform itself is positioned as a decentralized Web3 launch space and ecological platform, providing users with entry points for early participation in new projects through launchpad, launchpool, tasks (quests), farms, and community activities, while using OXN to incentivize community interaction and value sharing.

3. Important financing from last week

Intercontinental Exchange (ICE) announced a direct investment of $600 million in the decentralized prediction market platform Polymarket as part of its equity financing, while also planning to acquire additional shares from existing shareholders to increase its stake. This investment is not an isolated event but continues the important implementation of its strategic investment plan of up to $2 billion that began in 2025, marking ICE's shift from financial investment to deep binding and long-term layout with Polymarket. Polymarket is a blockchain-based prediction market platform where users can place probability bets and trade on real-world events related to politics, economics, technology, etc., with prices essentially reflecting the market's consensus expectations of future outcomes, thus also seen as a "real-time probability pricing system." (March 27, 2026)
The foreign exchange trading startup XFX, which supports stablecoin trading, announced the completion of a $17 million Series A financing, led by Castle Island Ventures, with participation from Haun Ventures and Coinbase Ventures. XFX is a fintech company focused on stablecoin and fiat currency exchanges, achieving multi-currency exchange and settlement services through on-chain and off-chain integration, addressing the pain points of inefficiency and high costs in current cross-border payments and remittances, providing faster and lower-cost alternatives. This model not only involves the exchange function within stablecoins but also directly touches on FX settlement business between the U.S. dollar and several Latin American fiat currencies, thereby building an infrastructure that matches stablecoin liquidity in the global payments and foreign exchange fields. (March 26, 2026)
Singapore Web3 infrastructure company Startale Labs (also known as Startale Group) announced the completion of its $63 million Series A financing. This round of financing is divided into two phases: an initial investment of approximately $13 million led by Sony Innovation Fund in January, followed by a second closing in March with approximately $50 million from SBI Group, bringing the total to $63 million. This round of financing also received support from other strategic investors, aiming to accelerate the company's construction and implementation in the Web3 infrastructure field. Startale Labs is a Web3 company focused on building on-chain financial infrastructure, particularly focusing on the development of tokenized securities, stablecoins, Layer-2 networks, and settlement infrastructure. (March 26, 2026)
The Web3 luxury watch raffle platform watch.fun (operating within the Solana ecosystem) announced the completion of $8.6 million in financing, led jointly by Crypto.com Capital and Solana Ventures, with other participating institutions not yet fully disclosed. This round of financing aims to support the platform's expansion of its luxury watch drop and raffle products and advance the implementation of its provably fair on-chain drop mechanism and user growth. The watch.fun platform focuses on allowing users to win high-end watches such as Rolex and Audemars Piguet through on-chain random drops and raffle activities at a lower cost, utilizing blockchain mechanisms to achieve transparent and fair drawing processes. Although the official valuation has not been detailed, the project's attention from the Solana ecosystem and crypto investment institutions indicates its investment potential in the "luxury goods + on-chain experience" field. (March 26, 2026)