CoinW Research Institute
Key Points
The total market value of global cryptocurrency is $2.29 trillion, down from $2.31 trillion last week, a decrease of 0.87% this week. As of the time of publication, the total net inflow of the U.S. Bitcoin Spot ETF is approximately $53.4 billion, with a net outflow of $227 million this week; the U.S. Ethereum Spot ETF has a total net inflow of about $11.18 billion, with a net outflow of $10.05 million this week.
The total market value of stablecoins is $312 billion, up from $308 billion last week, an increase of about 1.30%. Among them, USDT has a market value of $186.22 billion, accounting for about 59.68% of the total market value of stablecoins, down about 0.11% from $186.43 billion last week; USDC has a market value of $74.88 billion, accounting for about 24.00%, up about 0.13% from $74.78 billion last week; DAI has a market value of $5.36 billion, unchanged from last week, accounting for about 1.72%.
According to DeFiLlama, the total TVL in DeFi this week is $73.191 billion, down from $73.304 billion last week, a decrease of 0.15%. Divided by public chains, the three public chains with the highest TVL are Ethereum, accounting for 53.14%; BNB Chain, accounting for 7.01%; and Solana, accounting for 6.74%.
This week's main public chains performance (Ethereum, Solana, BNB Chain, Gram, Sui, Aptos):
In terms of on-chain DEX daily trading volume, only Solana achieved growth this week, with a daily trading volume of $1.32 billion (+28.91%); the other chains have varying degrees of decline, with Ethereum ($0.54 billion, -17.43%), BNB Chain ($0.34 billion, -48.72%), GRAM ($0.003 billion, -40.00%), Sui ($0.02 billion, -54.55%), and Aptos ($0.02 billion, -20.00%). Regarding transaction fees, this week Ethereum ($0.01), BNB Chain ($0.00001), and Aptos ($0.000001) remain the same as last week; Solana ($0.00002) decreased by 98.00% from last week, GRAM ($0.0011) and Sui ($0.0006) decreased by 15.38% and 4.76%, respectively, and the overall on-chain trading costs remain low. For daily active addresses, all chains saw a decline this week. In terms of TVL, Ethereum ($38.82 billion, +2.67%) continues to lead; BNB Chain ($5.13 billion, -3.39%) and Solana ($4.93 billion, +2.07%) follow; the other chains are Sui ($0.43 billion, -5.08%), Aptos ($0.12 billion, -3.23%), and GRAM ($0.07 billion, -4.11%).
New projects of interest: Monetrix is a stablecoin protocol built on the Hyperliquid ecosystem, aiming to provide USD stable assets and yield credentials to users through a neutral strategy combination. Hyperdrome is a DEX deployed on Hyperliquid, focusing on trading exchange, liquidity provision, voting, reward distribution, strategy creation, and content workflow to build product experience. Igra Network is a high-performance blockchain network based on Kaspa, characterized by combining Kaspa's BlockDAG technology with complete EVM compatibility. By using Kaspa's high-speed block DAG as the underlying Layer 1, Igra can support higher transaction throughput and lower confirmation delays, suitable for carrying high-frequency on-chain applications.
Table of Contents
Key Points
1. Market Overview
1. Total cryptocurrency market value/Bitcoin market value proportion
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 situation
2. This Week's Hot Money Trends
1. This week's top five VC coins and Meme coins by rise
2. New project insights
3. Industry News
1. This week's major industry events
2. Upcoming major events next week
3. Important financing and investment from last week
4. Reference Links
1. Market Overview
1. Total cryptocurrency market value/Bitcoin market value proportion
The total cryptocurrency market value is $2.29 trillion, down from $2.31 trillion last week, a decrease of 0.87% this week.
Data source: Bitcoin dominance from cryptorank, https://cryptorank.io/charts/btc-dominance
Data as of June 21, 2026
As of the time of publication, the market value of Bitcoin is $1.29 trillion, accounting for 56.26% of the total market value of cryptocurrencies. Meanwhile, the market value of stablecoins is $312 billion, accounting for 13.63% of the total market value of cryptocurrencies.
Data source: coingeck, https://www.coingecko.com/en/charts
Data as of June 21, 2026
2. Fear Index
The cryptocurrency fear index is 21, indicating fear.
Data source: coinglass, https://www.coinglass.com/pro/i/FearGreedIndex
Data as of June 21, 2026
3. ETF inflow and outflow data
As of the time of publication, the total net inflow of U.S. Bitcoin spot ETF is approximately $53.4 billion, with a net outflow of $227 million this week; the total net inflow of U.S. Ethereum spot ETF is approximately $11.18 billion, with a net outflow of $10.05 million this week.
Data source: sosovalue, https://sosovalue.com/zh/assets/etf
Data as of June 21, 2026
4. ETH/BTC and ETH/USD exchange ratio
ETHUSD: Current price is $1,731.88, highest historical price is $4,946.05, down about 64.95% from the highest price.
ETHBTC: Currently 0.027037, highest is 0.1238.
Data source: ratiogang, https://ratiogang.com/
Data as of June 21, 2026
5. Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL in DeFi this week is $73.191 billion, down from $73.304 billion last week, a decrease of 0.15%.
Data source: defillama, https://defillama.com
Data as of June 21, 2026
Divided by public chains, the three public chains with the highest TVL are Ethereum, accounting for 53.14%; BNB Chain, accounting for 7.01%; and Solana, accounting for 6.74%.
Data source: CoinW Research Institute, defillama, https://defillama.com/chains
Data as of June 21, 2026
6. On-chain data (Ethereum, Solana, BNB Chain, Gram, Sui, Aptos)
Layer 1 related data
Mainly analyzing the daily trading volume, daily active addresses, and transaction fees of current major Layer 1 including ETH, SOL, BNB, GRAM, SUI, and APTOS.
Data source: CoinW Research Institute, defillama, https://defillama.com
Data as of June 21, 2026
On-chain Dex daily trading volume and transaction fees: On-chain Dex daily trading volume and transaction fees are core indicators of the activity and user experience of public chains. This week, only Solana achieved growth in daily trading volume, with a daily trading volume of $1.32 billion (+28.91%); the other chains experienced varying degrees of decline, with Ethereum ($0.54 billion, -17.43%), BNB Chain ($0.34 billion, -48.72%), GRAM ($0.003 billion, -40.00%), Sui ($0.02 billion, -54.55%), and Aptos ($0.02 billion, -20.00%). Regarding transaction fees, this week Ethereum ($0.01), BNB Chain ($0.00001), and Aptos ($0.000001) remain unchanged from last week; Solana ($0.00002) decreased by 98.00% from last week, GRAM ($0.0011) and Sui ($0.0006) decreased by 15.38% and 4.76%, respectively, while overall on-chain transaction costs remain low.
Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects users' trust in the platform. In terms of daily active addresses, all chains saw a decline this week, with Solana leading with 3.2001 million active addresses, down 9.05% from last week; the other chains are BNB Chain (1.0856 million, -47.72%), Ethereum (0.4307 million, -20.17%), Sui (0.1123 million, -64.47%), GRAM (0.1074 million, -34.00%), and Aptos (0.0777 million, -18.98%). In terms of TVL, Ethereum ($38.82 billion, +2.67%) continues to lead; BNB Chain ($5.13 billion, -3.39%) and Solana ($4.93 billion, approximately $4.93 billion, +2.07%) follow; the other chains are Sui ($0.43 billion, -5.08%), Aptos ($0.12 billion, -3.23%), and GRAM ($0.07 billion, -4.11%).
Layer 2 related data
According to L2Beat, this week's total TVL for Ethereum Layer 2 is $33.58 billion, an increase from $33.3 billion last week, up 0.84%.
Data source: L2Beat, https://l2beat.com/scaling/tvs
Data as of June 21, 2026
This week, Base and Arbitrum have market shares of 48.4% and 14.93%, respectively, ranking first and second.
Data source: CoinGecko, https://www.coingecko.com/en/chains/layer-2
Data as of June 21, 2026
7. Stablecoin market value and issuance situation
According to Coinglass data, the total market value of stablecoins is $312 billion, up from $308 billion last week, an increase of about 1.30%. Among them, USDT has a market value of $186.22 billion, accounting for about 59.68% of the total market value of stablecoins, down about 0.11% from $186.43 billion last week; USDC has a market value of $74.88 billion, accounting for about 24.00%, up about 0.13% from $74.78 billion last week; DAI has a market value of $5.36 billion, unchanged from last week, accounting for about 1.72%.
Data source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin
Data as of June 21, 2026
According to Whale Alert data, this week USDC Treasury has issued a total of 2.5 billion USDC, and Tether Treasury has issued no USDT this week. The total amount issued this week is 2.5 billion, down about 16.67% from last week's total issuance of stablecoins (3 billion).
Data source: Whale Alert, https://x.com/whale_alert
Data as of June 21, 2026
2. This Week's Hot Money Trends
1. This week's top five VC coins and Meme coins by rise
The top five VC coins by rise in the past week
Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/
Data as of June 21, 2026
The top five Meme coins by rise in the past week
Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/
Data as of June 21, 2026
2. New project insights
Monetrix is a stablecoin protocol natively built on the Hyperliquid ecosystem, aiming to provide users with USD stable assets and yield credentials through a neutral strategy combination. The protocol issues two types of tokens: USDM is a stablecoin pegged to the dollar and anchored to USDC at 1:1; sUSDM is the yield credential obtained by users staking USDM. Its core mechanism involves deploying USDC onto a Delta-neutral investment portfolio on the Hyperliquid platform, creating potential income for stablecoin holders while controlling directional market risks.
Hyperdrome is a DEX deployed on Hyperliquid, focusing on trading exchange, liquidity provision, voting, reward distribution, strategy creation, and content workflow to build product experience. It features introducing an AI-assisted application layer on top of the traditional DEX and ve(3,3) incentive mechanism, helping users understand and compare different trading, liquidity, and yield strategies, as well as preparing and reviewing associated operations before execution.
Igra Network is a high-performance blockchain network based on Kaspa, characterized by integrating Kaspa's BlockDAG technology with complete EVM compatibility. By using Kaspa's high-speed block DAG as the underlying Layer 1, Igra can support higher transaction throughput and lower confirmation delays, suitable for carrying high-frequency on-chain applications. At the same time, its EVM compatibility design allows developers to directly deploy existing Ethereum smart contracts, reducing migration and development costs. Additionally, Igra emphasizes secure cross-chain capabilities, supporting trustless asset transfers between Layer 1 and Layer 2, making it an important infrastructure for smart contracts, DeFi, and high-performance applications in the Kaspa ecosystem.
3. Industry News
1. This week's major industry events
Trust Wallet has launched the SPCXB trading competition. The event lasts two weeks, with a total prize pool of $100,000. Users trading SPCXB (SpaceX bStock tokenized U.S. stocks) within Trust Wallet can enjoy benefits such as zero fees and zero gas fees. SPCXB is a tokenized security launched by bStocks, fully backed 1:1 by real SpaceX stock by a regulated custodian. Users can hold SPCXB anytime, 24/7, gaining exposure to SpaceX stock price fluctuations, dividend distributions, and access to the top DeFi ecosystem of BNB Chain. Trust Wallet is the first supporting wallet for bStocks, currently supporting popular bStocks tokens such as NVDAB and TSLAB, in addition to SPCXB. During the trading competition, users can accumulate trading volume by exchanging SPCXB, with a cumulative volume of $500 winning qualification for awards. The top 200 users on the leaderboard can receive fixed rewards, with a maximum individual reward of $6,000; users not in the top 200 who meet the criteria will share a prize pool of $43,600.
MEET48 has recently launched the 2026 Global Idol Popularity Final (MIPC) and the second phase of the IDOL limited staking event. The 2026 MIPC is currently underway. Users can participate in voting by completing tasks or purchasing scoring cards to support their favorite idols. As the core token of the MEET48 ecosystem, IDOL continues to serve functions such as voting fees, ecological incentives, and community interaction. Additionally, MEET48 launched the second phase of the IDOL limited staking event on June 18, where participants can enjoy a fixed annual yield of 40% and immediately receive yield credentials vIDOL. Users can either hold it until September 30, 2026, for a 1:1 redemption of IDOL, or conduct swap transactions through liquidity pools on Minke Finance.
The trading platform Alph AI announced that it officially supports prediction market trading and launched the 2026 World Cup prediction event, covering championship predictions, golden boot attribution, team advancement, and match results among other related prediction markets. During the event, Alph AI will distribute a $5 pUSD experience coupon to newly registered users and issue fee credits to users who complete trading. Alph AI stated that this launch is a step from Meme launch expansion into prediction markets and more trading scenarios, and it will continue to explore directions including Perp DEX, Stock, RWA, and more in the future.
2. Upcoming major events next week
The MegaETH Terminal Season 1 is scheduled to last until June 23. Eligible users can check their eligibility for the MEGA airdrop. MegaETH opened the airdrop query and reward retrieval channel on June 16, allowing users who participated in the testnet, mainstream interaction, ecosystem applications, and Terminal point activities to connect their wallets to verify eligibility. Tasks of Terminal Season 1 include using ecosystem applications, binding participating wallets, and gaining points through NFT Clan. MegaETH is an Ethereum Layer 2 network aimed at high-performance real-time applications, focusing on improving transaction processing speed and on-chain application response capability. Users should only connect their wallets through the official Terminal page and verify the signature content.
The decentralized derivatives platform GRVT will conduct a new round of points settlement on June 23. Users in the GRVT Rewards Season 2 can accumulate points by trading, providing liquidity, and participation in invited activities, with points issued on a Tuesday cycle. GRVT is a hybrid derivatives trading platform built on ZK technology, seeking to combine the matching efficiency of centralized exchanges with the self-custody mechanism of on-chain assets. Since trading tasks require capital investment and incur transaction fees, participants should control their trading frequency and positions and avoid high-risk transactions solely for potential airdrops.
AI-driven decentralized trading and liquidity analysis platform MapleFi announced that its native token MPFI will start an IDO on BinStarter on June 29, 2026, with a TGE planned for July 1. The public sale price is $0.015/MPFI, aiming to raise $300,000. Tokens obtained by participants will unlock 10% at TGE, with the remaining 90% linear release over the next 90 days. MapleFi primarily provides on-chain trading and market insight services through decentralized trading, liquidity management, and AI-assisted market analysis tools. It's important to note that MapleFi is not affiliated with the institutional-grade lending protocol Maple Finance.
3. Important financing and investment from last week
Stablecoin payment infrastructure company Trace Finance completed a $32 million Series A financing. This round was led by CoinFund, with institutional participation from Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, Chainlink, and HOF Capital. Trace Finance is a fintech company based in Brazil focusing on payment and stablecoin infrastructure in Brazil and Latin America, mainly providing cross-border payments, foreign exchange, and stablecoin deposit and withdrawal services, helping businesses efficiently convert between fiat and stablecoins. (June 17, 2026)
The peer-to-peer crypto wallet El Dorado completed a $9 million Series A financing, led by Paradigm, with participation from Coinbase Ventures and Verda Ventures. El Dorado primarily targets the Latin American market, offering a stablecoin-based peer-to-peer wallet, cross-border payments, and exchange services, allowing users to purchase, hold, and send digital dollars, while exchanging between local payment channels and stablecoins. Currently, El Dorado operates in Colombia, Venezuela, Argentina, Peru, Brazil, Panama, and has expanded to 12 countries in Latin America, processing over 5 million transactions and serving over 100,000 active users. (June 15, 2026)
The digital advertising platform EarnOS completed a $6 million Pre-A round of financing, led by 1kx, with participation from Coinbase Ventures, Circle Ventures, and Social Graph Ventures. Founded in 2024, EarnOS is positioned as a digital advertising and user incentivization platform for Web3 and mainstream brands, allowing third-party brands to reach users through tasks, interactions, and reward mechanisms. EarnOS leverages XION’s Chain Abstraction capabilities to lower the entry barriers for ordinary internet users to participate in on-chain interactions, enabling brand owners to issue incentives and achieve marketing conversions to a broader audience without requiring users to understand complex wallets and on-chain operations. (June 17, 2026)
4. Reference Links
1. Coingecko: https://www.coingecko.com/en/charts
2. Coinglass: https://www.coinglass.com/pro/i/FearGreedIndex
3. Sosovalue: https://sosovalue.com/zh/assets/etf
4. Ratiogang: https://ratiogang.com/
5. Defillama: https://defillama.com
6. L2Beat: https://l2beat.com/scaling/tvs
7. Footprint: https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview
8. Coinglass: https://www.coinglass.com/pro/stablecoin
9. Monetrix: https://x.com/monetrix_xyz
10. Hyperdrome: https://x.com/hyperdromeX
11. Igra Network: https://x.com/Igra_Labs
12. Trace Finance: https://www.tracefinance.com/
13. El Dorado: https://x.com/eldoradoio
14. EarnOS: https://x.com/earnos_io
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