Key Takeaways
1. The total market value of global cryptocurrencies is $3.48 trillion, up 0.87% from $3.45 trillion last week. As of press time, the total net inflow of US Bitcoin spot ETFs is about $41.77 billion, with a net inflow of $603 million this week; the total net inflow of US Ethereum spot ETFs is about $2.51 billion, with a net inflow of $41.59 million this week.
2. The total market value of stablecoins is 245 billion US dollars, of which USDT has a market value of 151.3 billion US dollars, accounting for 61.75% of the total market value of stablecoins; followed by USDC with a market value of 60.8 billion US dollars, accounting for 24.82% of the total market value of stablecoins; DAI has a market value of 3.66 billion US dollars, accounting for 1.49% of the total market value of stablecoins.
3. According to DeFiLlama data, the total TVL of DeFi this week is $114.469 billion, down about 2.25% from last week ($117.1 billion). Divided by public chains, the three public chains with the highest TVL are Ethereum, accounting for 53.08%; Solana, accounting for 7.97%; and Tron, accounting for 5.65%.
4. From the on-chain data, this week, the major public chains showed obvious differentiation in terms of activity and user experience. From the perspective of daily trading volume and transaction fees, BNB chain and SUI chain performed well, with trading volume increasing by 86.37% and 19.4% respectively; the rest of the chains declined, among which TON had the largest decline of 55.71%, followed by ETH (-34.34%) and Aptos (-19.79%). In terms of transaction fees, Ethereum dropped sharply by 86.67%, and TON also declined; BNB chain remained basically the same. In terms of daily active addresses and TVL, ETH and Solana active addresses increased by 13.59% and 60.47% respectively, and other chains generally declined, with SUI chain declining the most significantly (-91.44%), and BNB and TON also declined by 15.97% and 12.26% respectively. The overall TVL has not changed much, and each chain is basically the same as last week, with a slight decrease.
5. New Projects to Watch: XSY is a DeFi capital management platform that focuses on providing transparent, efficient, and scalable liquidity solutions for protocols, vaults, and investors, and is committed to unlocking complex on-chain structured strategies. SpaceComputer is a satellite-based blockchain verification layer project that aims to build an orbital root of trust by deploying space infrastructure to provide secure and reliable transaction verification and threat protection for interstellar finance. Perpl is the native pricing engine in the Monad ecosystem, designed for efficiency and composability, and aims to provide an excellent trading experience on the Monad parallel EVM.
1. Market Overview
1. Total cryptocurrency market capitalization/Bitcoin market capitalization share
The total market value of global cryptocurrencies is $3.48 trillion, up 0.87% from $3.45 trillion last week.
Data source: Cryptorank
Data as of May 18, 2025
As of press time, Bitcoin’s market cap is $2.09 trillion, accounting for 60.1% of the total cryptocurrency market cap. Meanwhile, stablecoins’ market cap is $245 billion, accounting for 7.04% of the total cryptocurrency market cap.
Data source: coingeck
Data as of May 18, 2025
2. Fear Index
The Crypto Fear Index is at 71, indicating panic.
Data source: coinglass
Data as of May 18, 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$41.77 billion, with a net inflow of US$603 million this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$2.51 billion, with a net inflow of US$41.59 million this week.
Data source: sosovalue
Data as of May 18, 2025
4. ETH/BTC and ETH/USD exchange ratios
ETHUSD: Current price: $2,430.38 USD, historical high price: $4,878 USD, a drop of about 50.18% from the highest price
ETHBTC: Currently 0.023147, the highest in history is 0.1238
Data source: ratiogang
Data as of May 18, 2025
5. Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL of DeFi this week is $114.469 billion, down about 2.25% from last week ($117.1 billion).
Data source: defillama
Data as of May 18, 2025
Divided by public chains, the three public chains with the highest TVL are Ethereum chain, accounting for 53.08%; Solana chain, accounting for 7.97%; Tron, accounting for 5.65%.
Data source: CoinW Research Institute, defillama
Data as of May 18, 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 May 18, 2025
Daily trading volume and transaction fees: Daily trading volume and transaction fees are the core indicators for measuring the activity of public chains and user experience. In terms of daily trading volume, BNB chain and SUI chain increased by 86.37% and 19.4% respectively. The rest of the chains have all declined, with TON being the most significant, down 55.71%, followed by ETH down 34.34%, Aptos down 19.79%, and BNB chain not declining significantly. In terms of transaction fees, this weeks BNB chain was the same as last week, TON chain and ETH chain declined, and the rest of the chains increased. Among them, the Ethereum chain decreased by 86.67%; Solana increased by 110%, Aptos increased by 124 times, and the rest of the chains did not change significantly.
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 and Solana increased by 13.59% and 60.47% respectively this week, while the rest of the chains were declining. SUI chain dropped significantly by 91.44%, BNB dropped by 15.97%, Ton dropped by 12.26%, and Aptos dropped slightly, not significantly. This week, the TVL of each chain dropped slightly compared to last week, almost flat, with no obvious changes.
Layer 2 Data
According to L2B eat data, the total TVL of Ethereum Layer 2 is 37.34 billion US dollars, a 2.4% decrease from last week ($ 38.26 billion) this week.
Data source: L2Beat
Data as of May 18, 2025
Base and Arbitrum took the top spot with 38.86% and 33.28% market shares respectively, and their overall share increased.
Data source: footprint
Data as of May 18, 2025
7. Stablecoin market value and issuance
According to Coinglass data, the total market value of stablecoins is US$245 billion, of which USDT has a market value of US$151.3 billion, accounting for 61.75% of the total market value of stablecoins; followed by USDC with a market value of US$60.8 billion, accounting for 24.82% of the total market value of stablecoins; and DAI with a market value of US$3.66 billion, accounting for 1.49% of the total market value of stablecoins.
Data source: CoinW Research Institute, Coinglass
Data as of May 18, 2025
According to Whale Alert data, USDC Treasury issued a total of 92 million USDC this week, and Tether Treasury issued a total of 2 billion USDT this week. The total amount of stablecoins issued this week was 2.092 billion, a decrease of about 41.88% from the total amount of stablecoins issued last week (3.6 billion).
Data source: Whale Alert
Data as of May 18, 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 May 18, 2025
Top 5 Meme Coins That Gained in the Past Week
Data source: CoinW Research Institute, coinmarketcap
Data as of May 18, 2025
2. New Project Insights
XSY is a DeFi capital management platform founded by the former Algorand, Paxos, and FPG teams. It focuses on providing transparent, efficient, and scalable liquidity solutions for protocols, vaults, and investors, and is committed to unlocking complex on-chain structured strategies. The project has received support from top institutions such as Protagonist, Borderless Capital, and Avalanche Fund.
SpaceComputer is a satellite-based blockchain verification layer project that aims to build an Orbital Root of Trust by deploying space infrastructure to provide secure and reliable transaction verification and threat protection for interstellar finance.
Perpl is the native pricing engine in the Monad ecosystem, designed for efficiency and composability, and aims to provide an excellent trading experience on the Monad parallel EVM. The project has received $9.25 million in financing led by Dragonfly to further expand its development and deployment on Monad.
3. New Industry Trends
1. Major industry events this week
On May 17, the REX project launched an airdrop event, open to users with at least 196 Binance Alpha points. Eligible users can consume 15 Alpha points on the Alpha event page to receive 3,935 REX tokens starting at 7:00 UTC on May 17. The claim period is 24 hours, and failure to confirm within the deadline will be deemed as automatic waiver of airdrop qualifications.
On May 16, Alaya AI (AGT) launched the 17th TGE event on Binance Wallet. Users with 186 or more Binance Alpha points can participate through the Alpha event page. The subscription time is from 3 pm to 5 pm (UTC+ 8) on the same day.
On May 15, Binance launched the NXPC airdrop. Users with Alpha points ≥ 187, or points between 143-186 and UID ending with 9, can receive 198 NXPC. The redemption will consume 15 Alpha points and must be confirmed on the Alpha activity page within 24 hours, otherwise it will be deemed as a forfeit.
On May 16, Farcaster officially announced that it had distributed WCT token airdrop rewards to some users. This airdrop covered a very small number of users, and each address received about 14.5 WCT, worth about $7.
On May 14, AI project Privasea AI announced the PRAI token economics, with a total supply of 1 billion, 9.04% for early contributors, 13.45% for investors, 10.05% for the treasury, and 8% for the team. On the same day, Binance Wallet launched Privasea AIs TGE from 18:00 to 20:00 (UTC+ 8) that night, and qualified users were required to use Alpha points to participate in the subscription.
2. Big events coming up next week
Solana Ecosystem DePIN Project CUDIS will launch TGE in June and will distribute airdrops to community users during this period. Users must register the Solana main wallet on the official website before May 25, otherwise it may affect the eligibility for airdrops. CUDIS is a DePIN project in the Solana ecosystem, focusing on the on-chain recording and incentive mechanism of health data through wearable devices (such as smart rings).
Bombie officially announced that its native token BOMB will soon start TGE. Unlike traditional GameFi projects that regard TGE as a short-term monetization node, Bombie positions this TGE as the starting point for the long-term value release of the ecosystem based on a sustainable ecological model and user stickiness. The project has completed user accumulation and content deployment before TGE, and has strengthened the binding of user behavior and token value with the new game CapyBomb through the IAS mechanism, laying the foundation for continued growth after TGE.
Modular blockchain project Sophon announced that its native token SOPH will officially conduct TGE in May 2025 and will be fully transferable in Q2. The total supply of SOPH is 10 billion, and the distribution will cover node incentives, ecological reserves, investors and consultants. Before TGE, the project has accumulated more than 450 million US dollars of TVL through node sales and points activities, laying a solid community and funding foundation for the launch of the token.
On May 15, Cardano founder Charles Hoskinson announced that the privacy sidechain Midnight will launch an airdrop event called Glacier Drop, distributing governance tokens NIGHT and privacy transaction tokens DUST for free to approximately 37 million retail users on 8 mainstream blockchains. The project focuses on user rights and does not have institutional shares. It aims to promote community participation and is expected to release the mainnet by the end of 2025.
3. Important investment and financing last week
Openverse Network announced the completion of a strategic financing of US$11 million, with participation from well-known institutions such as Castrum Capital, TB Ventures, DuckDAO and Asva Capital. Openverse is a Layer 0 hub network based on blockchain, which proposes the concept of completely open protocol cross-chain and is committed to achieving the free transmission of value (Token/NFT/message) between chains, metaverse and traditional Internet, and promoting the construction of global value Internet infrastructure. (May 12, 2025)
The Blockchain Group (ALTBG), the first Bitcoin vault listed company in Europe, announced that it has successfully raised approximately 12.1 million euros through the issuance of convertible bonds in Luxembourg through its subsidiary. The exclusive investor in this round of financing is Adam Back, a Bitcoin pioneer and co-founder of Blockstream, and will be used to accelerate his strategic layout of Bitcoin Vault Company. This financing allows Adam Back to convert the bonds into up to 17.17 million shares of ALTBG under certain market conditions, reflecting his confidence in the long-term growth potential of the project. (May 12, 2025)
Gnosis has acquired Singapore-based on-chain financial operations platform HQ.xyz for $14.95 million. The investment includes $8.95 million from the GnosisDAO treasury, which was approved by a DAO vote in January 2025, and $6 million from Gnosis Ltd. for operating expenses over the next two years. The acquisition is one of the largest investments in the Gnosis ecosystem. HQ.xyz will be renamed Gnosis HQ and integrated into the Gnosis ecosystem, which includes Gnosis Chain, Gnosis Pay, and associated projects such as Safe and CoW Swap. (May 14, 2025)
4. Reference Links
1. Openverse Global: https://www.openverse.network/
2.The Blockchain Group: https://www.theblockchain-group.com/
3.Headquarters: https://www.hq.xyz/
4.XSY: https://xsy.fi/
5.KYD Labs: https://www.kydlabs.com/
6.Space Computer: https://www.spacecomputer.io/
7.Perpl: https://perpl.xyz/
