Key Takeaways
The total market value of global cryptocurrencies is $3.51 trillion, up 7.98% from $3.23 trillion last week. As of press time, the total net inflow of US Bitcoin spot ETFs is about $48.87 billion, with a net inflow of $2.22 billion this week; the total net inflow of US Ethereum spot ETFs is about $4.18 billion, with a net inflow of $283 million this week.
The total market value of stablecoins is US$251.6 billion, of which USDT has a market value of US$157.6 billion, accounting for 62.64% of the total market value of stablecoins; followed by USDC with a market value of US$61.6 billion, accounting for 24.48% of the total market value of stablecoins; and DAI with a market value of US$5.36 billion, accounting for 2.13% of the total market value of stablecoins.
According to DeFiLlama data, the total TVL of DeFi this week is $113.4 billion, up about 9.8% from $103.2 billion last week. Divided by public chains, the three public chains with the highest TVL are Ethereum, accounting for 55.84%; Solana, accounting for 7.59%; and Bitcoin, accounting for 5.69%.
From the on-chain data, in terms of daily trading volume, BNB and Sui are the only chains with rising trading volume this week, increasing by 53% and 5% respectively, while the rest are declining, with Aptos falling the most by 88%. In terms of transaction fees, Solanas costs have risen significantly, soaring nearly 9.7 times; ETH fees have dropped by 60%, Aptos has risen by 33%, and the rest have changed slightly. In terms of daily active addresses, Sui, TON and ETH active addresses have increased significantly, increasing by 40%, 27% and 16% respectively; in terms of TVL, only Aptos has fallen significantly (-88%), and other public chains have all risen slightly, with Sui, Solana and ETH increasing by 13%, 11% and 10% respectively.
New projects to watch: Spekter Games is a blockchain game development company that focuses on gameplay first, Web3 as a supplement. Its first Rogue-lite game Spekter Agency can be played directly on Telegram, increasing user engagement through social incentives and passive income. OpenRouter is a platform that provides unified access to multiple AI language models, providing standardized APIs and deployment tools to help developers efficiently integrate and switch mainstream models such as OpenAI and Anthropic. Byzanlink is a protocol focused on the tokenization of real-world assets (RWA). Through tools such as account abstraction and asset settlement, it helps companies build decentralized asset applications that connect TradFi and DeFi.
Table of contents
Key Takeaways
Table of contents
1. Market Overview
1. Total cryptocurrency market value/Bitcoin market value share
2. Fear Index
3. ETF inflow and outflow data
4. ETH/BTC and ETH/USD exchange ratio
5.Decentralized Finance (DeFi)
6. On-chain data
7. Stablecoin market value and issuance
2. Hot money trends this week
1. VC coins and Meme coins with the highest growth this week
2. New Project Insights
3. New trends in the industry
1. Major industry events this week
2. Big events coming up next week
3. Important investment and financing last week
4. Reference links
1. Market Overview
1. Total cryptocurrency market value/Bitcoin market value share
The total market value of global cryptocurrencies is $3.51 trillion, up 7.98% from $3.23 trillion last week.
Data source: Cryptorank
Data as of June 29, 2025
As of press time, Bitcoin’s market cap is $2.16 trillion, accounting for 61.5% of the total cryptocurrency market cap. Meanwhile, stablecoins’ market cap is $251.6 billion, accounting for 7.16% of the total cryptocurrency market cap.
Data source: coingeck
Data as of June 29, 2025
2. Fear Index
The Crypto Fear Index is at 52, indicating neutrality.
Data source: coinglass
Data as of June 29, 2025
3. ETF inflow and outflow data
As of press time, the U.S. Bitcoin spot ETF has accumulated a total net inflow of approximately US$48.87 billion, with a net inflow of US$2.22 billion this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$4.18 billion, with a net inflow of US$283 million this week.
Data source: sosovalue
Data as of June 29, 2025
4. ETH/BTC and ETH/USD exchange ratio
ETHUSD: Current price $2,510.85, historical high price $4,878.26, a drop of about 48.57% from the highest price
ETHBTC: Currently 0.023090, the highest in history is 0.1238
Data source: ratiogang
Data as of June 29, 2025
5. Decentralized Financing (Defi)
According to DeFiLlama, the total TVL of DeFi this week is $113.4 billion, up about 9.8% from $103.2 billion last week.
Data source: defillama
Data as of June 29, 2025
Divided by public chains, the three public chains with the highest TVL are Ethereum chain, accounting for 55.84%; Solana chain, accounting for 7.59%; Bitcoin, accounting for 5.69%.
Data source: CoinW Research Institute, defillama
Data as of June 29, 2025
6. On-chain data
Layer 1 Data
The main data of Layer 1 including ETH, SOL, BNB, TON, SUI and APT are analyzed mainly from the perspective of daily transaction volume, daily active addresses and transaction fees.
Data source: CoinW Research Institute, defillama, Nansen
Data as of June 29, 2025
Daily trading volume and transaction fees: Daily trading volume and transaction fees are core indicators for measuring the activity of public chains and user experience. In terms of daily trading volume, only BNB chain and Sui chain increased this week, up 53% and 5% respectively; the rest of the chains decreased, of which Aptos decreased significantly by 88%, TON decreased by 45%, and the remaining ETH and Solana decreased by 33% and 24% respectively. In terms of transaction fees, BNB and TON remained unchanged this week, SUI chain decreased slightly by 6%, ETH decreased by 60%, Aptos increased by 33%, and Solana increased significantly, by about 9.7 times.
Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of the public chain, and TVL reflects the users trust in the platform. From the perspective of daily active addresses, ETH, TON and SUI chains have increased this week, with an increase of 16%, 27% and 40% respectively; the other three chains have all declined slightly, with a decrease of 19%, 8% and 4% respectively. In terms of TVL, only Aptos fell by 88% this week, and the rest of the chains have all increased slightly, with Sui chain, Solana and ETH increasing by 13%, 11% and 10% respectively, and BNB and TON increasing by 6% and 8% respectively.
Layer 2 Data
According to L2B eat data, the total TVL of Ethereum Layer 2 is 32.49 billion US dollars, an overall increase of 7.16% this week compared with last week ($ 30.32 billion).
Data source: L2Beat
Data as of June 29, 2025
Base and Arbitrum took the top spot with 36.03% and 34.08% market shares respectively, and their overall share increased.
Data source: footprint
Data as of June 29, 2025
7. Stablecoin market value and issuance
According to Coinglass data, the total market value of stablecoins is US$251.6 billion, of which USDT has a market value of US$157.6 billion, accounting for 62.64% of the total market value of stablecoins; followed by USDC with a market value of US$61.6 billion, accounting for 24.48% of the total market value of stablecoins; and DAI with a market value of US$5.36 billion, accounting for 2.13% of the total market value of stablecoins.
Data source: CoinW Research Institute, Coinglass
Data as of June 29, 2025
According to Whale Alert data, USDC Treasury issued a total of 485 million USDC this week, and Tether Treasury issued no additional USDC this week. The total amount of stablecoins issued this week was 485 million, down 86.68% from the total amount of stablecoins issued last week (3.64 billion).
Data source: Whale Alert
Data as of June 29, 2025
2. Hot money trends this week
1. The top five VC coins and meme coins with the highest growth this week
Top five VC coins with the highest growth in the past week
Data source: CoinW Research Institute, coinmarketcap
Data as of June 29, 2025
Top 5 Meme Coins That Gained in the Past Week
Data source: CoinW Research Institute, coinmarketcap
Data as of June 29, 2025
2. New Project Insights
Spekter Games is a game development company that focuses on integrating traditional gameplay with blockchain technology. It was founded by veteran game developer Taehoon Kim and is committed to creating a gameplay first, Web3 supplemented gaming experience. Its first game, Spekter Agency, is a Rogue-lite action game that runs on Telegram. Players can experience it without downloading the app, and it increases user engagement through passive accumulation and social incentive mechanisms.
OpenRouter is a platform that provides unified access to multiple AI language models, aiming to simplify the process of developers and enterprises using AI technology. Through a standardized API, users can easily access and switch between multiple mainstream models including OpenAI, Anthropic, etc., without having to connect to each service provider separately. OpenRouter provides a unified interface and deployment tools to help users compare model performance more efficiently and integrate it into actual applications.
Byzanlink is a protocol focused on the tokenization of real-world assets (RWA), dedicated to connecting traditional finance (TradFi) and decentralized finance (DeFi). The protocol provides tools such as account abstraction, asset tokenization, and settlement and payment, helping companies to easily build decentralized asset management and trading applications with blockchain integration capabilities, allowing users to participate and obtain institutional-level real asset returns.
3. New trends in the industry
1. Major industry events this week
Mango Network officially launched the $MGO token airdrop and TGE on June 24. This airdrop is aimed at early testnet participants and community contributors, accounting for 5% of the total token supply. After users complete relevant interactive tasks during the snapshot period and meet the conditions, they can receive the airdrop as soon as the TGE is launched and use it for multiple incentive activities within the ecosystem.
CESS Network officially held a token generation event (TGE) on June 26, 2025, announcing the launch of the mainnet and the issuance of its native token $CESS, which will become the core asset for network governance, storage incentives, and ecological participation. On the same day, the project launched the Interstellar Expedition airdrop event for DeShare testnet users, node operators, and community participants. Users can obtain airdrop qualifications by completing tasks (such as test upload/download, daily quiz, inviting friends) and quality node operations, with a total of 1,000,000+ points of rewards to be claimed.
Sahara AI officially launched the Token Generation Event (TGE) on June 26, 2025 and launched the Knowledge Drop airdrop plan, distributing $SAHARA tokens to users who have contributed to its data platform before May 31, with a total of 28 million tokens distributed, some of which can be claimed immediately, and the rest will be unlocked in stages. The airdrop began to be distributed on June 29, marking the official entry of Sahara into the token economy operation stage.
Moonveil officially launched TGE and opened airdrops on June 27. About 6% of the total allocation was used for airdrops, which were immediately released to eligible closed community members, and then entered the governance and ecological use stage. Previously, the team opened airdrop qualification inquiries from June 24 to 26. Users can verify whether they hold at least 500 Moon Beams and valid Moonveil badges through the official website or airdrop query tool to participate in the airdrop.
Blum officially launched the $BLUM token generation event (TGE) on June 27. The airdrop targets include early test users, community governance participants and some partners. After the TGE, $BLUM will be used as the core equity token circulating within the platform for staking, governance and multiple protocol interactions, further promoting community-led decentralized development.
Kittenswap is a decentralized exchange (DEX) built on HyperEVM. The project officially opened for airdrop applications on June 28, 2025. 35% of KITTEN tokens have been airdropped to early users in the form of veKITTEN.
2. Big events coming up next week
Fragmetric opened the airdrop claim window from July 1 to August 1, and all tokens issued are immediately available without lock-up. Previously, the team took a snapshot of users holding fragSOL, fragJTO and participating in DeFi-related activities on June 23-24, 2025, and confirmed the airdrop qualifications, and then launched the official qualification query tool on June 26. The project announced that 10% of the total supply (about 100 million $FRAG) will be used for the first round of airdrops, of which 8% will be allocated to Season 1 LF(ra)G event contributors.
NodeOps will officially launch the $NODE Token Generation Event (TGE) on June 30, 2025. This round of TGE will be open to qualified early supporters. This TGE marks the entry of NodeOps into the formal token economy stage, building a long-term incentive mechanism and ecological governance foundation for its decentralized node management platform.
Endless Clouds Foundation officially announced the $END token economic model on June 28, 2025: the total supply of tokens is 500 million, and the initial circulation is 155.5 million (accounting for 31.1%). 17.5% of them will be used for airdrop distribution, specifically for early players and community contributors; the remaining tokens will be allocated to the team (20%), the ecological fund (10%) and the community reward program (32.45%). The overall design is aimed at activating the game ecology and community governance in the long term. The specific TGE event will be announced later.
Nemesis is conducting an airdrop event from June 20 to July 25, 2025. The official announcement is that each user can receive 200 NEMESIS after completing social tasks and passing wallet verification. The total airdrop pool is 33,300,000, which is expected to be distributed to qualified user wallets on July 30. The project has not yet announced the TGE plan, but through this airdrop, it is actively attracting early community participants and building a decentralized ecological foundation.
3. Important investment and financing last week
Niural announced the completion of a $31 million Series A round led by Marathon Management Partners. Niural is a compliant crypto payroll platform that built a low-gas-fee real-time payroll payment protocol based on Polygon, supports fiat and cryptocurrency payments, and is equipped with a Web3 human resources system that can handle tax and employment compliance risks. This round of financing will be used to accelerate the creation of an AI intelligent operations center for CFOs. (June 26, 2025)
Prediction market platform Kalshi announced that it has completed a $185 million financing, with a valuation of $2 billion, led by crypto venture capital firm Paradigm, with Sequoia Capital and others as early investors. Kalshi was founded in 2018 and participated in the incubation of Y Combinator. It is a prediction market platform under federal supervision in the United States, which supports users to recharge with cryptocurrency and conduct contract transactions and predict profits based on the results of real events (such as sports, finance, entertainment, etc.). Kalshi can operate legally and compliantly in the United States, and provides users with a wealth of tutorials, market data and other tools to help improve prediction strategies and trading capabilities. (June 26, 2025)
Blockchain software and service provider Digital Asset announced the completion of a $135 million strategic financing round led by DRW Venture Capital and Tradeweb Markets, with participation from BNP Paribas, Circle Ventures, Citadel Securities, DTCC, Virtu Financial, Paxos and other traditional financial and crypto giants. Digital Asset is the developer of the privacy blockchain Canton Network, focusing on configurable privacy technology, and has attracted institutions such as Goldman Sachs and Bank of New York Mellon to test RWA (real world asset) applications on its platform. (June 24, 2025)
Decentralized trading platform GTE announced the completion of a $15 million Series A financing round, led exclusively by crypto leader Paradigm. GTE was incubated by MegaETH Labs and built on the EVM-compatible MegaETH blockchain. It uses a central limit order book (CLOB) + AMM hybrid architecture, aiming to achieve performance and liquidity comparable to centralized exchanges such as Binance and Coinbase. GTE focuses on solving the high latency and high transaction cost problems faced by traditional DEXs, bringing users a more efficient, low-slippage on-chain trading experience. (June 23, 2025)
DeFi infrastructure company Veda announced that it has completed $18 million in financing, led by CoinFund. Veda is committed to providing native yield infrastructure for protocols and applications. Users deposit their assets into Vedas smart contracts, and the platform then securely deploys the funds to various DeFi protocols to realize returns. The new funds will be used to promote the development of its modular vault framework, allowing developers to provide simplified and transparent crypto yield products without exposing users to the complex logic of DeFi. (June 23, 2025)
4. Reference links
1. Niural: https://www.niural.com/
2. Kalshi: https://kalshi.com/
3. Digital Asset: https://www.digitalasset.com/
4. GTE: https://www.gte.xyz/
5. Veda: https://veda.tech/
6. Spekter Games: https://www.spekter.games/
7. OpenRouter: https://openrouter.ai/
8. Byzanlink: https://www.byzanlink.com/
