Key Takeaways
The total market value of global cryptocurrencies is $3.97 trillion, up 2.06% from $3.89 trillion last week. As of press time, the total net inflow of US Bitcoin spot ETFs is about $54.75 billion, with a net inflow of $2.39 billion this week; the total net inflow of US Ethereum spot ETFs is about $7.49 billion, with a net inflow of $2.18 billion this week.
The total market value of stablecoins is US$268 billion, of which USDT has a market value of US$161.6 billion, accounting for 60.3% of the total market value of stablecoins; followed by USDC with a market value of US$64.46 billion, accounting for 24.05% of the total market value of stablecoins; DAI has a market value of US$5.37 billion, accounting for 2% of the total market value of stablecoins.
According to DeFiLlama data, the total TVL of DeFi this week is $141.5 billion, up 11.24% from $127.2 billion last week. By public chain, the three public chains with the highest TVL are Ethereum chain accounting for 56.29%; Solana chain accounting for 7.49%; and Bitcoin chain accounting for 5.46%.
From the chain data, except for Sui and BNBChain, which are basically the same as last week, the daily trading volume of other public chains has changed significantly. Among them, the following public chains have performed most significantly, Toncoin has increased by 700% compared with last week, Ethereum has increased by 35% compared with last week, and Solana has decreased by about 26% compared with last week; in terms of transaction fees, except for Ethereum, which has increased by 150% compared with last week, Aptos, Toncoin and Solana have decreased by 90%, 66% and 33% respectively compared with last week; from the perspective of daily active addresses, except for Aptos, which has a slight decline, the overall public chains are on an upward trend, among which Sui has the most significant growth, an increase of 68% compared with last week; from the perspective of TVL, the overall public chains are on an upward trend, among which Toncoin has increased by 62% compared with last week, and Ethereum has increased by 15% compared with last week.
Innovative projects to watch: TAPEDRIVE is a Solana native storage network that bundles data into on-chain tapes and uses a novel proof-of-access mining model to protect and retrieve content; Robin is a yield-based prediction market where users can earn passive income by trading the outcomes of future events; SyFu is a Web3 wallet service that aims to unlock the value of payment data, which is the only proof of economic contribution to daily consumer activities.
Table of contents
1. Key Points
1. Total cryptocurrency market value/Bitcoin market value share
3. ETF inflow and outflow data
4. ETH/BTC and ETH/USD exchange ratio
5. Decentralized Finance (DeFi)
7. Stablecoin market value and issuance
1. The top five VC coins and meme coins with the highest growth this week
1. Major industry events this week
2. Big events coming up next week
3. Important investment and financing last week
1. Market Overview
1. Total cryptocurrency market value/Bitcoin market value share
The total market value of global cryptocurrencies is 3.97 trillion U.S. dollars, compared with 3.89 trillion U.S. dollars last week, and the total market value of cryptocurrencies increased by 2.06% this week.
Data source: Cryptorank
As of press time, Bitcoin ’s market cap is $2.33 trillion, accounting for 58.81% of the total cryptocurrency market cap. Meanwhile, stablecoins’ market cap is $268 billion, accounting for 6.75% of the total cryptocurrency market cap.
Data source: coingeck
2. Fear Index
The cryptocurrency fear index is at 72, indicating greed.
Data source: coinglass
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$54.75 billion, with a net inflow of US$2.39 billion this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$7.49 billion, with a net inflow of US$2.18 billion this week.
Data source: sosovalue
4. ETH/BTC and ETH/USD exchange ratio
ETHUSD: Current price is $3,739, historical highest price is $4,878, a drop of about 23.65% from the highest price.
ETHBTC: Currently 0.031922, the historical high is 0.1238.
Data source: ratiogang
5. Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL of DeFi this week is $141.5 billion, up 11.24% from $127.2 billion last week.
Data source: defillama
Divided by public chains, the three public chains with the highest TVL are Ethereum chain accounting for 56.29%; Solana chain accounting for 7.49%; Bitcoin chain accounting for 5.46%.
Data source: CoinW Research Institute, defillama, data as of July 20, 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 July 20, 2025
Daily trading volume and transaction fees: Daily trading volume and transaction fees are the core indicators to measure the activity of public chains and user experience. This week, except for Sui and BNBChain, which were basically the same as last week, the daily trading volume of other public chains has changed significantly. Among them, the following public chains performed the most significantly, Toncoin increased by 700% compared with last week, Ethereum increased by 35% compared with last week, and Solana decreased by about 26% compared with last week; in terms of transaction fees, except for Ethereum, which increased by 150% compared with last week, Aptos, Toncoin and Solana decreased by 90%, 66% and 33% respectively compared with last week.
● Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of the public chain, and TVL reflects the degree of user trust in the platform. From the perspective of daily active addresses, except for Aptos, which has a slight decline, the overall public chain is on an upward trend, among which Sui has the most significant growth, an increase of 68% over last week; from the perspective of TVL, the overall public chain is on an upward trend, among which Toncoin has increased by 62% over last week, and Ethereum has increased by 15% over last week.
Layer 2 Data
● According to L2B eat data, the total TVL of Ethereum Layer 2 is 41.1 billion US dollars, an overall increase of 11.6% from 36.67 billion US dollars last week.
Data source: L2Beat, data as of July 20, 2025
Base and Arbitrum occupy the top row with 37.59% and 33.83% market share respectively. This week, Base still ranks first in Ethereum Layer 2s TVL.
Data source: footprint, data as of July 20, 2025
7. Stablecoin market value and issuance
According to Coinglass data, the total market value of stablecoins is $268 billion. Among them, the market value of USDT is $161.6 billion, accounting for 60.3% of the total market value of stablecoins; followed by USDC with a market value of $64.46 billion, accounting for 24.05% of the total market value of stablecoins; and DAI with a market value of $5.37 billion, accounting for 2% of the total market value of stablecoins.
Data source: CoinW Research Institute, Coinglass, data as of July 20, 2025
According to Whale Alert data, the USDC Treasury issued a total of 2.55 billion USDC this week, and the Tether Treasury issued a total of 2 billion USDT. The total amount of stablecoins issued this week was 4.55 billion, an increase of about 91.74% compared with the total amount of stablecoins issued last week, which was 2.373 billion.
Data source: Whale Alert, data as of July 20, 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 July 20, 2025
Top 5 Meme Coins That Gained in the Past Week
Data source: CoinW Research Institute, coinmarketcap, data as of July 20, 2025
2. New Project Insights
TAPEDRIVE is the Solana-native storage network that bundles data into on-chain tapes and uses a novel proof-of-access mining model to protect and retrieve content.
Robin is a yield-based prediction market where users can earn passive income by trading the outcomes of future events. Unlike traditional prediction markets where funds sit idle, Robin invests all matching funds into DeFi protocols, generating real returns over the life of the market.
SyFu is a Web3 wallet service that aims to unlock the value of payment data, which is the only proof of economic contribution to daily consumer activities. SyFus cutting-edge product allows users to connect their credit card payment data and upgrade their NFTs. By creating a symbiotic relationship between data and NFTs, SyFu is revolutionizing the way individuals interact with payment data and digital assets.
3. New trends in the industry
1. Major industry events this week
Yala, the Bitcoin native liquidity protocol, announced that it will open Season 1 airdrop applications on the 16th, with a claim period of 1 month. The total amount of this round of airdrops is 34 million YALA, accounting for 3.4% of the total supply. The rewards cover mainnet and testnet participants, content contributors and early supporters. The snapshot time is July 8, 2025.
Ethereum SVM L2 network Eclipse announced that the ES token airdrop application was opened on July 16, and ES will be issued simultaneously on the Eclipse mainnet, Ethereum mainnet and Solana network.
USD1 Ecosystem Womens Power Meme Project Dora will issue the first batch of 500,000 Dora airdrop rewards to participating users of the USD1 officially supported StakeStone USD1 full-chain treasury. Previously, the USD1 LiquidityPad full-chain treasury released by StakeStone has reached a deposit limit of 2 million US dollars, and the new deposit limit may be increased in the future.
The parallel multi-party computing network Ika has launched an airdrop query portal, where users can connect to their wallets for query. In addition, token claims will be open on the 17th. The initial supply of IKA is 10 billion, more than 50% will be allocated to the community, of which 6% will be distributed through the first community airdrop when the mainnet is launched.
OpenZK Network, a Layer 2 network developed based on ZK Rollup technology, has launched the OZK staking function, allowing users to earn network rewards. In addition, OpenZK is currently testing a new function that allows ozETH and OZK to be used as Gas on the Layer 2 network.
2. Big events coming up next week
The public beta of Sahara AI Data Services Platform will be launched on July 22, and anyone can participate in the construction of AI and receive real token rewards. At the same time, the platform will also provide new ways to earn and additional incentives from exclusive partners, and will be open to the world.
The deadline for claiming the first phase of Sparks Ignition airdrop is July 22. The Ignition program is the first airdrop activity launched by Spark, which aims to distribute tokens to early supporters and ecosystem participants through a multi-stage distribution mechanism, further expand the community scale and promote early growth of the network.
The Starknet Foundation announced the launch of the STRK Delegated Staking Program, which aims to support ecosystem builders who contribute to decentralization, security, and network resilience by delegating STRK tokens to network validators. The Foundation stated that it will complete the evaluation and announcement of the delegated objects before August 31, and eligible validators will receive a delegation amount of up to 5 million STRKs matching their own stakes at a 1:1 ratio. Applicants are required to run a complete Starknet validator node and maintain a high online rate and responsiveness.
Web3 infrastructure platform Caldera Foundation has announced the opening of ERA airdrop applications. Wallets that have successfully pre-claimed their allocations must claim their tokens before August 1st.
3. Important investment and financing last week
Hilbert Group, with a financing amount of US$31.21 million, was founded in 2020. It is an investment company specializing in quantitative algorithmic trading strategies in the digital asset market. (July 15, 2025)
Spiko has completed a $22 million Series B financing round, with investors including Index Ventures, Bpifrance, Blockwall, Zach Abrams, Nik Storonsky, etc. Spiko focuses on providing tokenized money market fund services to European companies, and users can obtain daily returns by investing in low-risk assets such as eurozone and US Treasury bonds. The platform uses blockchain technologies such as Ethereum and Arbitrum, and has currently processed more than $900 million in liquidity. (July 17, 2025)
Ephemera has completed a $20 million Series B financing round, with investors including Andreessen Horowitz, Faction, USV, Coinbase Ventures, etc. Ephemera is a decentralized messaging protocol that develops XMTP infrastructure for users who are committed to decentralized technology and the future of the chain. (July 17, 2025)
Gamesquare, $70 million in funding, is a publicly traded company focused on the esports and gaming industries. GameSquare (NASDAQ: GAME) is on a mission to change the way brands and game publishers connect with their users. (July 17, 2025)
