CoinW Research Institute
Key points
The global cryptocurrency market capitalization reached $3.22 trillion, up approximately 0.94% from $3.19 trillion last week. As of press time, the cumulative net inflow of Bitcoin spot trading in the US was approximately $57.82 billion, with a net inflow of $1.42 billion this week; the cumulative net inflow of Ethereum spot trading in the US was approximately $12.91 billion, with a net inflow of $479 million this week.
The total market capitalization of stablecoins was $314 billion, up 1.9% from $308.1 billion last week. USDT's market capitalization was $186.9 billion, accounting for 59.5% of the total stablecoin market capitalization, up slightly by about 0.2% from $186.6 billion last week. USDC's market capitalization was $76 billion, accounting for 24.2% of the total stablecoin market capitalization, up about 1.9% from $74.6 billion last week. DAI's market capitalization was $5.36 billion, accounting for 1.7% of the total stablecoin market capitalization, unchanged from last week.
According to DeFiLlama data, the total TVL of DeFi this week was $130.2 billion, up approximately 5.08% from $123.9 billion last week.
Based on public blockchains, the three public blockchains with the highest TVL are Ethereum (58.14%), Solana (6.95%), and Bitcoin (5.68%).
In terms of daily trading volume on DEXs this week, BNB Chain saw the most significant increase, rising from $1.252 billion to $1.93 billion, an increase of approximately 54.15%; Ethereum increased from $650 million to $880 million, an increase of approximately 35.38%; and Solana increased from $2.587 billion to $2.96 billion, an increase of approximately 14.42%. Aptos slightly rebounded to $80 million, an increase of approximately 9.8%; TON remained at a low level of $2 million; and Sui declined significantly, from $142 million to $70 million, a decrease of approximately 50.7%. Regarding transaction fees, overall gas levels remained largely unchanged. Ethereum rose from $0.01 to $0.02; Solana and Sui fell to $0.001 and $0.002 respectively; and BNB Chain, TON, and Aptos remained basically unchanged from last week.
Regarding active addresses this Sunday, Sui saw the most significant growth, rising to 448,000, an increase of approximately 69.7% from 264,000 last week; BNB Chain increased from 2.35 million to 2.72 million, an increase of approximately 15.74%. In contrast, Ethereum fell to 590,000, a decrease of approximately 8%; Solana dropped to 2.23 million, a decrease of approximately 17.4%; TON fell to 97,000, a decrease of approximately 10.9%; Aptos experienced a significant drop, falling to 835,000, a decrease of approximately 37%. In terms of TVL (TVL), most public chains maintained moderate growth: Ethereum rose to $75.6 billion, an increase of approximately 5%; BNB Chain rose to $7.2 billion, an increase of approximately 4.5%; TON rose to $90 million, an increase of approximately 4.7%; Solana rose to $9.06 billion, an increase of approximately 1.3%; Sui remained relatively stable at $1.05 billion; and Aptos increased to $480 million, an increase of approximately 9.1%.
New projects to watch: Bluff is an AI-driven prediction market project whose core positioning is to allow users to bet and gamble around narratives that people truly care about; Pumex focuses on reconstructing the problem of traditional DEXs' heavy reliance on manual operation for LPs and traders through automated and intelligent trading and liquidity management mechanisms; Liqfid is a social financial liquidity layer built on the Base ecosystem, whose core innovation lies in transforming users' social identities into on-chain assets that can generate returns based on the Farcaster social protocol.
Table of contents
Key points
I. Market Overview
1. Total market capitalization of cryptocurrencies / Bitcoin market capitalization ratio
2. Fear Index
3. ETF Inflow and Outflow Data
4. ETH/BTC and ETH/USD exchange rates
5.Decentralized Finance (DeFi)
6. On-chain data
7. Stablecoin Market Cap and Issuance Status
II. Hot Money Flows This Week
1. The top five gainers this week: VC coin and Meme coin
2. New Project Insights
III. New Industry Trends
1. Major Industry Events This Week
2. Major events that will happen next week
3. Key Investment and Financing Activities Last Week
IV. Reference Links
I. Market Overview
1. Total market capitalization of cryptocurrencies / Bitcoin market capitalization ratio
The global cryptocurrency market capitalization is $3.22 trillion, up from $3.19 trillion last week, representing a week-on-week increase of approximately 0.94%.
Data source: Cryptorank, https://cryptorank.io/charts/btc-dominance
Data as of January 18, 2026
As of press time, Bitcoin 's market capitalization was $1.85 trillion, accounting for 57.54% of the total cryptocurrency market capitalization. Meanwhile, stablecoins had a market capitalization of $314 billion, representing 9.77% of the total cryptocurrency market capitalization.
Data source: Coingeck, https://www.coingecko.com/en/charts
Data as of January 18, 2026
2. Fear Index
The cryptocurrency fear index is 43, indicating a neutral level.
Data source: Coinglass, https://www.coinglass.com/pro/i/FearGreedIndex
Data as of January 18, 2026
3. ETF Inflow and Outflow Data
As of press time, the total net inflow into U.S. Bitcoin spot ETFs was approximately $57.82 billion, with a net inflow of $1.42 billion this week; the total net inflow into U.S. Ethereum spot ETFs was approximately $12.91 billion, with a net inflow of $479 million this week.
Data source: Sosovalue, https://sosovalue.com/assets/etf
Data as of January 18, 2026
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Current price $3,220, all-time high $4,946.05, down approximately 34.95% from the high.
ETHBTC: Currently at 0.034653, with an all-time high of 0.1238.
Data source: Ratiogang, https://ratiogang.com/
Data as of January 18, 2026
5.Decentralized Finance (DeFi)
According to DeFiLlama data, the total TVL of DeFi this week was $130.2 billion, up approximately 5.08% from $123.9 billion last week.
Data source: Defillama, https://defillama.com
Data as of January 18, 2026
Based on public blockchains, the three public blockchains with the highest TVL are Ethereum (58.14%), Solana (6.95%), and Bitcoin (5.68%).
Data source: CoinW Research Institute, Defillama, https://defillama.com
Data as of January 18, 2026
6. On-chain data
Layer 1 related data
The analysis primarily focuses on daily trading volume, daily active addresses, and transaction fees of on-chain DEXs, currently covering Layer 1 cryptocurrencies including ETH, SOL, BNB, TON, SUI, and APT.
Data source: CoinW Research Institute, Defillama, https://defillama.com
Data as of January 18, 2026
On-chain DEX Daily Trading Volume and Transaction Fees: On-chain DEX daily trading volume and transaction fees are core indicators for measuring public chain activity and user experience. In terms of daily trading volume, BNB Chain saw the most significant increase this week, rising from $1.252 billion to $1.93 billion, an increase of approximately 54.15%; Ethereum increased from $650 million to $880 million, an increase of approximately 35.38%; and Solana increased from $2.587 billion to $2.96 billion, an increase of approximately 14.42%. Aptos slightly rebounded to $80 million, an increase of approximately 9.8%; TON remained at a low level of $2 million; and Sui declined significantly, from $142 million to $70 million, a decrease of approximately 50.7%. Regarding transaction fees, overall gas levels remained relatively stable. Ethereum rose from $0.01 to $0.02; Solana and Sui fell to $0.001 and $0.002 respectively; BNB Chain, TON and Aptos remained largely unchanged from last week.
Daily Active Addresses (DAU) and TVL: DAU reflects a public chain's ecosystem participation and user stickiness, while TVL reflects users' trust in the platform. In terms of DAU, Sui saw the most significant growth, with its DAU rising to 448,000 this week, up approximately 69.7% from 264,000 last week; BNB Chain increased from 2.35 million to 2.72 million, a rise of approximately 15.74%. In contrast, Ethereum fell to 590,000, a decrease of approximately 8%; Solana dropped to 2.23 million, a decrease of approximately 17.4%; TON fell to 97,000, a decrease of approximately 10.9%; and Aptos experienced a significant drop, falling to 835,000, a decrease of approximately 37%. In terms of TVL (TVL), most public chains maintained moderate growth. Ethereum rose to $75.6 billion, an increase of about 5%; BNB Chain rose to $7.2 billion, an increase of about 4.5%; TON rose to $0.9 billion, an increase of about 4.7%; Solana rose to $9.06 billion, an increase of about 1.3%; Sui remained relatively stable at $1.05 billion; and Aptos rose to $4.8 billion, an increase of about 9.1%.
Layer 2 related data
According to L2Beat data, the total TVL of Ethereum Layer 2 is $39.36 billion, up about 1.82% from $38.6 billion last week.
Data source: L2Beat, https://l2beat.com/scaling/tvs
Data as of January 18, 2026
Base and Arbitrum hold the top positions with market shares of 37.68% and 35.03% respectively. This week, Base ranked first in the TVL of Ethereum Layer 2.
Data source: Footprint, https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview
Data as of January 18, 2026
7. Stablecoin Market Cap and Issuance Status
According to Coinglass data, the total market capitalization of stablecoins is $314 billion, up 1.9% from $308.1 billion last week. USDT's market capitalization is $186.9 billion, accounting for 59.5% of the total stablecoin market capitalization, a slight increase of approximately 0.2% from $186.6 billion last week. USDC's market capitalization is $76 billion, accounting for 24.2% of the total stablecoin market capitalization, up approximately 1.9% from $74.6 billion last week. DAI's market capitalization is $5.36 billion, accounting for 1.7% 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 January 18, 2026
According to Whale Alert data, the USDC Treasury issued a total of 565 million USDC this week, while the Tether Treasury did not issue any USDT. The total issuance of stablecoins this week was 565 million, a decrease of approximately 79.4% compared to the 2.74 billion stablecoins issued last week.
Data source: Whale Alert, https://x.com/whale_alert
Data as of January 18, 2026
II. Hot Money Flows This Week
1. The top five gainers this week: VC coin and Meme coin
The top five performing VC coins in the past week
Data source: CoinW Research Institute, Coinmarketcap, https://coinmarketcap.com/
Data as of January 18, 2026
The top five gainers in the past week: Meme coins
Data source: CoinW Research Institute, Coinmarketcap, https://coinmarketcap.com/
Data as of January 18, 2026
2. New Project Insights
Bluff is an AI-driven prediction market project whose core focus is to allow users to bet and gamble on narratives that people truly care about. Unlike traditional prediction markets that focus on single outcome events, Bluff uses AI to identify and structure social sentiment, trending topics, and narrative trends, transforming vague but high-profile market consensus into tradable prediction targets. This allows users to participate in pricing and arbitrage in the early stages of information dissemination and consensus formation. Bluff aims to upgrade the prediction market from outcome-oriented to narrative-oriented, exploring new possibilities for combining AI with on-chain finance while increasing engagement and entertainment.
Pumex is a strategy-driven decentralized exchange built on the Injective ecosystem. Pumex focuses on resolving the issue of traditional DEXs' heavy reliance on manual operations by liquidity providers (LPs) and traders through automated and intelligent trading and liquidity management mechanisms. Pumex eliminates the need for liquidity providers and traders to frequently adjust positions or parameters manually. Instead, it uses a pre-set and dynamically optimized strategy system to automatically complete matching, market making, and risk control under different market conditions, thereby improving capital efficiency and user experience.
Liqfid is a social finance liquidity layer built on the Base ecosystem. Its core innovation lies in transforming users' social identities into yield-generating on-chain assets based on the Farcaster social protocol. By combining social influence, activity, and on-chain liquidity mechanisms, Liqfid endows previously non-financializable social relationships and identity data with asset attributes, allowing them to participate in DeFi yield distribution and incentive systems. Liqfid aims to bridge the value gap between Social and DeFi, transforming social identity from merely an entry point or label into a composable, priced, and sustainably yield-generating financial element.
III. New Industry Trends
1. Major Industry Events This Week
Fluent has announced the release of its first Press Collection NFT, featuring four tiers of NFTs. Users can unlock different tiers of purchase rights by accumulating social and on-chain reputation. Prices range from 0.2 ETH to 0.5 ETH, with higher tiers offering lower purchase prices. Minting will take place from January 15th to January 21st, with each tier offering its own rewards. Investors participating in the initial offering will have the opportunity to receive 5% of the initial token supply from Fluent's initial offering, with 50% of the tokens unlocking at TGE and the remainder unlocking linearly over six months.
OpenSea CMO Adam Hollander updated the team on the latest developments, stating that they are currently refining the mobile and hyper-liquidity applications. Hollander recommends that users connect and link their wallets to OpenSea. This will allow users to experience the mobile operating system and manage all their portfolios. Secondly, with TGE approaching, this will enable the foundation to gain a comprehensive understanding of users' on-chain history and link current activity to previously dormant wallets. Preparations for TGE are underway, and the foundation will carefully consider historical transaction volumes, with Treasures data from the rewards program also being crucial. This rewards program will continue until TGE, with 50% of the fees from each round going into the rewards pool.
The high-performance blockchain Fogo has launched an airdrop of FOGO tokens, distributing them to approximately 22,300 addresses. Each wallet will receive an average of about 6,700 FOGO tokens, all of which are fully unlocked. Eligible addresses include: Flames Points holders from Phase 1 and Phase 1.5, the first 5,400 early testers, holders of specific Discord roles, and Lil Fogees NFT holders. Eligible addresses can claim their tokens through the official claim portal before April 15, 2026.
Web3 robotics company XMAQUINA has opened its community auction for DEUS tokens, with a 33% allocation. Users can use these tokens for voting, participating in DAO strategy development, and more. These tokens are non-transferable and cannot be traded on any exchange before TGE. The remaining DEUS tokens will follow a 12-month linear unlocking schedule, effective from TGE.
The Base network's Perp DEX protocol RollX has officially launched the ROLL token and opened the first phase of its genesis airdrop distribution. Airdrop claims opened on January 16th, with the deadline for the first batch of claims being January 26th. This airdrop aims to reward early supporters; over 161,000 traders have participated in building the V1 version over the past 18 months.
2. Major events that will happen next week
ETHGas stated that it will take a snapshot on January 19th, which will determine whether users are eligible to participate in the Genesis Harvest. ETHGas also stated that it will comprehensively evaluate eligibility based on proof of pain, social contribution value, and community engagement.
Aster has announced the launch of the second season of its Human vs. AI experiment, which will be conducted on the Aster Chain testnet. This competition will pit 100 human traders against sophisticated AI agents from top-tier labs. Each selected human participant will receive $10,000 in risk-free capital to trade. The total prize pool for this season is $150,000, which will double to $100,000 if the human team wins. The registration list was released on January 20th, and the official competition will be held from January 22nd to 29th.
MagicBlock, an on-chain game engine, will launch a presale of its BLOCK tokens on February 5th. The presale will last for 3 days and will be conducted in two phases: whitelisted addresses will have a 24-hour priority subscription period, followed by a 48-hour open period for all users. Whitelisted addresses must meet one of the following conditions: have previously interacted on-chain with applications built with MagicBlock, or be a core member of the MagicBlock community. Participation methods include a first-come, first-served Bonding Curve (fully unlocked at TGE) and an allocation application (fixed price of 100 million FDV, locked for 1 year). The TGE is currently planned for late Q1/early Q2 of 2026, with the specific timing depending on development progress.
Cross-chain DeFi aggregation platform Infinex announced that its public sale has ended, and TGE will take place on January 30th. The sale had 868 participants, raising 7.214 million USDC, distributing approximately $5 million (5% of the INX supply), and refunding approximately $2.21 million. After identifying and removing approximately $1.2 million in funds from Sybil addresses, the maximum allocation for a single participant was $245,000, and 99.5% of participants received their full allocation. Refunds have now been credited to users' Infinex accounts.
Solana Mobile announced that it will airdrop its native token SKR to Seeker mobile users and ecosystem developers on January 21st. The total supply of SKR tokens is 10 billion, with the initial airdrop of 2 billion tokens, representing 20% of the total supply. After claiming the tokens, users can directly stake SKR with Guardians through Seed Vault Wallet to earn rewards, or they can stake them through the web interface. Solana Mobile also reminds users to prepare a small amount of SOL in advance to cover the on-chain fees required for claiming the tokens.
3. Key Investment and Financing Activities Last Week
Upexi Inc. (NASDAQ: UPXI) has completed its latest post-IPO funding round, raising approximately $36 million, with participation from Hivemind Capital. Founded in 2019, Upexi Inc. initially served Amazon and e-commerce brands as a consumer data platform provider, but has since transformed into a leading publicly traded company with both physical businesses and a crypto asset strategy. (January 13, 2026)
Project Eleven has completed its Series A funding round, raising $20 million. The round was led by several crypto and cutting-edge technology funds, including Coinbase Ventures and Variant Fund. Founded in 2024, Project Eleven focuses on quantum-resistant security solutions. Its core objective is to provide feasible quantum-resistant upgrade paths for existing mainstream protocols before quantum computing threatens traditional cryptographic systems. (January 15, 2026)
Konnex has completed a $15 million Strategic funding round, with participation from LD Capital, Cogitent Ventures, and other institutions. Konnex positions itself as a permissionless marketplace for robotics, targeting robotic motion intelligence models used for autonomous physical labor. Its core goal is to enable robots to autonomously sign on-chain contracts and invoke decentralized Robotic AI service providers without trusted intermediaries, thereby building an open infrastructure for robots as participants in the economic economy. (January 16, 2026)
