CoinW Research Institute
Key Points
The global total market capitalization of cryptocurrencies is $2.86 trillion, up from $2.71 trillion last week, an increase of about 5.54% this week. As of the time of writing, the cumulative total net inflow of the U.S. Bitcoin spot ETF is approximately $55.16 billion, with a net inflow of $6.21 million this week, bringing the total asset net value to $102.53 billion, an increase of about 1.26% from last week's $101.25 billion; the cumulative total net inflow of the U.S. Ethereum spot ETF is approximately $13.25 billion, with a net outflow of $140 million this week, and the total asset net value is $16.72 billion, an increase of approximately 24.87% from last week's $13.39 billion.
The total market capitalization of stablecoins is $30.7 billion, down about 0.36% from last week's $30.81 billion. Among them, USDT has a market capitalization of $18.335 billion, accounting for approximately 59.72% of the total market capitalization of stablecoins, a decrease of about 0.02% from last week's $18.338 billion; USDC has a market capitalization of $7.427 billion, accounting for approximately 24.19%, an increase of about 0.07% from last week's $7.422 billion; DAI has a market capitalization of $459 million, accounting for approximately 1.50%, unchanged from last week.
According to DeFiLlama data, the total TVL of DeFi this week is $88.172 billion, down about 5.60% from last week's $93.402 billion. Broken down by public chains, the three chains with the highest TVL are Ethereum, which occupies 56.46%; Solana with 6.65%; and BNB Chain with 6.32%.
On-chain data (Ethereum, Solana, BNB Chain, Gram, Sui, Aptos):
This week, the overall activity of mainstream public chains rebounded, with TVL remaining stable and slightly increasing; Ethereum maintains the largest capital scale, and Gas fees remain low. In terms of daily trading volume on on-chain Dex, this week, all chains except Ethereum saw growth, with Sui ($0.05B, +233.33%) growing the most, followed by BNB Chain ($1.56B, +148.80%), Gram ($0.004B, +100.00%), and Aptos ($0.01B, +100.00%) also achieving significant growth; Solana ($1.92B, +24.11%) continues to maintain the highest trading volume, while Ethereum ($0.83B, -3.49%) experienced a slight decline. In terms of trading fees, Sui ($0.0006, +100.00%) and Gram ($0.0007, +16.67%) increased, while Solana decreased; Ethereum, BNB Chain, and Aptos remained the same as last week. In terms of daily active addresses, this week, Aptos (54,000, +46.92%) saw the largest increase, while Sui (119,100, +30.40%) and BNB Chain (1.96 million, +18.79%) also experienced significant growth; Ethereum and Gram slightly increased, while Solana saw a decline. In terms of TVL, Ethereum ($49.53B, +0.04%) remains the top, and BNB Chain ($5.97B, +1.26%) is slightly above Solana ($5.93B, +1.82%). Among other chains, Aptos and Sui saw growth, while Gram experienced a decline.
New Project Focus: EntropyIO is an on-chain derivatives project based on Hyperliquid, which expands the coverage of perpetual contracts from crypto assets to global stocks, commodities, indices, and relevant targets of unlisted companies through the HIP-3 mechanism that allows third parties to independently deploy trading markets. RWAperp is an on-chain perpetual contract trading platform for real-world assets, allowing users to use USDC as collateral and settlement assets to trade price changes for stocks, indices, and commodities. Deadstock is an RWA trading and liquidity platform aimed at physical collectibles, developed by ATH Labs, currently focusing on PSA-graded Pokémon cards.
Table of Contents
Key Points
1. Market Overview
1. Total market capitalization of cryptocurrencies / Bitcoin market share
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 capitalization and issuance
2. Hot Money Trends This Week
1. Top five VC coins and Meme coins this week
2. New project insights
3. New Industry Trends
1. Major industry events this week
2. Major events happening next week
3. Important investments and financing from last week
4. Reference Links
1. Market Overview
1. Total market capitalization of cryptocurrencies / Bitcoin market share
The global total market capitalization of cryptocurrencies is $2.86 trillion, up from $2.71 trillion last week, an increase of about 5.54% this week.
Data source: Bitcoin dominance from cryptorank, https://cryptorank.io/charts/btc-dominance
Data as of September 20, 2026.
As of the time of writing, the market capitalization of Bitcoin is $1.63 trillion, accounting for approximately 57.22% of the total market capitalization of cryptocurrencies. Meanwhile, the market capitalization of stablecoins is $30.7 billion, accounting for approximately 10.74% of the total market capitalization of cryptocurrencies.
Data source: coingeck, https://www.coingecko.com/en/charts
Data as of September 20, 2026.
2. Fear Index
The cryptocurrency fear index is 72, indicating greed, up about 28.57% from last week's 56.
Data source: coinglass, https://www.coinglass.com/pro/i/FearGreedIndex
Data as of September 20, 2026.
3. ETF Inflow and Outflow Data
As of the time of writing, the cumulative total net inflow of the U.S. Bitcoin spot ETF is approximately $55.16 billion, with a net inflow of $6.21 million this week, and the total asset net value is $102.53 billion, an increase of about 1.26% from last week's $101.25 billion; the cumulative total net inflow of the U.S. Ethereum spot ETF is approximately $13.25 billion, with a net outflow of $140 million this week, and the total asset net value is $16.72 billion, an increase of approximately 24.87% from last week's $13.39 billion.
Data source: sosovalue, https://sosovalue.com/zh/assets/etf
Data as of September 20, 2026.
4. ETH/BTC and ETH/USD Exchange Rates
ETHUSD: Current price $2,684.38, historical highest price $4,946.05, down approximately 45.58% from the highest price.
ETHBTC: Currently at 0.032833, the historical highest is 0.1238.
Data source: ratiogang, https://ratiogang.com/
Data as of September 20, 2026.
5. Decentralized Finance (DeFi)
According to DeFiLlama data, the total TVL of DeFi this week is $88.172 billion, a decrease of about 5.60% from last week's $93.402 billion.
Data source: defillama, https://defillama.com
Data as of September 20, 2026.
Broken down by public chains, the three chains with the highest TVL are Ethereum, accounting for 56.46%; Solana, accounting for 6.65%; and BNB Chain, accounting for 6.32%.
Data source: defillama, https://defillama.com/chains
Data as of September 20, 2026.
6. On-chain Data (Ethereum, Solana, BNB Chain, Gram, Sui, Aptos)
Layer 1 Related Data
Primarily analyzing current Layer 1 data related to ETH, SOL, BNB, GRAM (formerly TON), SUI, and APTOS based on daily trading volume, daily active addresses, and transaction fees.
Data source: CoinW Research Institute, defillama, https://defillama.com
Data as of September 20, 2026.
Daily Trading Volume and Transaction Fees on On-chain Dex: Daily trading volume and transaction fees on on-chain DEX are important indicators of public chain ecosystem activity and user trading experience. From this week's data, the trading activity of mainstream public chains has significantly rebounded, with BNB Chain, Sui, and Solana all achieving growth, with BNB Chain and Sui showing the most prominent increase; Gas fees are generally still low, but Sui and Gram have risen. In terms of daily trading volume on on-chain Dex, this week, all chains except Ethereum have seen growth, with Sui ($0.05B, +233.33%) growing the largest, followed by BNB Chain ($1.56B, +148.80%), Gram ($0.004B, +100.00%), and Aptos ($0.01B, +100.00%) also achieving significant growth; Solana ($1.92B, +24.11%) continues to maintain the highest trading volume, while Ethereum ($0.83B, -3.49%) saw a slight decline. In terms of transaction fees, Sui ($0.0006, +100.00%) and Gram ($0.0007, +16.67%) increased, while Solana ($0.0008, -11.11%) decreased; Ethereum ($0.01), BNB Chain ($0.00001), and Aptos ($0.000001) remained unchanged from last week.
Daily Active Addresses and TVL: Daily active addresses reflect the engagement and user retention of public chains, while TVL reflects the level of trust users have in the platform. From this week's data, most public chains saw an uptick in user activity, particularly Aptos, Sui, and BNB Chain; TVL remained stable with a slight increase, with Gram showing a more noticeable decline. In terms of daily active addresses, this week, Aptos (54,000, +46.92%) saw the largest increase, Sui (119,100, +30.40%), and BNB Chain (1.96 million, +18.79%) also experienced significant growth; Ethereum (497,800, +13.13%) and Gram (137,200, +4.17%) saw slight increases, while Solana (2.03 million, -10.18%) experienced a decline. Regarding TVL, Ethereum ($49.53B, +0.04%) continues to hold the top position; BNB Chain ($5.97B, +1.26%) is slightly higher than Solana ($5.93B, +1.82%). Among other chains, Aptos ($0.06B, +9.09%) and Sui ($0.47B, +3.52%) saw growth, while Gram ($0.05B, -9.09%) experienced a decline.
Layer 2 Related Data
According to L2Beat data, this week, the total TVL of Ethereum Layer 2 is $34.02 billion, approximately a 3.69% increase from last week's $32.81 billion.
Data source: L2Beat, https://l2beat.com/scaling/tvs
Data as of September 20, 2026.
This week, the market shares for Base and Arbitrum One are 56.55% and 13.66%, ranking first and second, respectively.
Data source: CoinGecko, https://www.coingecko.com/en/chains/layer-2
Data as of September 20, 2026.
7. Stablecoin Market Capitalization and Issuance
According to Coinglass data, the total market capitalization of stablecoins is $30.7 billion, down about 0.36% from last week's $30.81 billion. Among them, USDT has a market capitalization of $18.335 billion, accounting for approximately 59.72% of the total market capitalization of stablecoins, a decrease of about 0.02% from last week's $18.338 billion; USDC has a market capitalization of $7.427 billion, accounting for approximately 24.19%, an increase of about 0.07% from last week's $7.422 billion; DAI has a market capitalization of $459 million, accounting for approximately 1.50%, unchanged from last week.
Data source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin
Data as of September 20, 2026.
According to Whale Alert data, this week, USDC Treasury issued a total of 2.7 billion USDC, and Tether Treasury did not issue any USDT this week. The total issuance of stablecoins this week is 2.7 billion, an increase of about 14.4% from last week's 2.36 billion.
Data source: Whale Alert, https://x.com/whale_alert
Data as of September 20, 2026.
2. Hot Money Trends This Week
1. Top Five VC Coins and Meme Coins this Week
The top five VC coins with the highest increases in the past week
Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/
Data as of September 20, 2026.
The top five Meme coins with the highest increases in the past week
Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/
Data as of September 20, 2026.
2. New Project Insights
EntropyIO is an on-chain derivatives project based on Hyperliquid, which expands the coverage of perpetual contracts from crypto assets to global stocks, commodities, indices, and relevant targets of unlisted companies through the HIP-3 mechanism that allows third parties to independently deploy trading markets. The platform is provided by RedStone for price oracle services, passing external price data to trading contracts. Unlike purchasing stocks or stock tokens, users in EntropyIO trade contracts that track the prices of related targets, not acquiring corresponding company shares or shareholder rights. Its product direction is to allow on-chain users to participate in more traditional markets and pre-IPO asset price trades within the same trading infrastructure. On August 24, 2026, EntropyIO disclosed it completed a $14 million financing round with investors including Ribbit Capital.
RWAperp is an on-chain perpetual contract trading platform for real-world assets, initially supporting X Layer networks, allowing users to use USDC as collateral and settlement assets to trade price changes for stocks, indices, and commodities. Unlike platforms that directly issue stock tokens, RWAperp provides derivative contracts that track target prices, and users do not hold corresponding stocks or physical assets, nor do they gain shareholder rights. The platform also plans to launch an AI trading assistant and a stablecoin strategy vault, which are currently marked as "coming soon." RWAperp disclosed it completed a $2 million financing round in September 2026, with a valuation of $50 million, and investors include Brad Bao, Tim Shi, Phil Duan, among others.
Deadstock is an RWA trading and liquidity platform aimed at physical collectibles, developed by ATH Labs, currently focusing on PSA-graded Pokémon cards. The platform connects to the Japanese card supply and custody system, generating on-chain digital assets based on real cards in a 1:1 manner, allowing users to open packs, buy, sell and hold corresponding assets online, as well as exchange on-chain assets for actual cards, thus transforming collectibles that originally had low liquidity and high cross-regional transaction costs into instantly settleable on-chain assets. Deadstock was established in 2026 and is deployed on Arbitrum, announcing completion of a $2.5 million seed round financing led by Bullish Capital on September 14, 2026.
3. New Industry Trends
1. Major Industry Events This Week
The digital asset trading execution platform tread.fi completed the genesis allocation of the TREAD token on September 16. TREAD has a fixed total supply of 100 million, with no issuance mechanism set, of which 15.2% is for genesis user allocation and 35.5% for the community and ecology. The genesis allocation is primarily determined based on users' previous participation in tread.fi activities in seasons zero, one, and 1.5 and platform usage, with eligible users not needing to make additional on-chain claims; the tokens are directly sent to previously registered HyperCore addresses and fully unlocked at allocation. TREAD mainly serves as a platform utility token, with holders eligible for transaction fee discounts and other rights according to platform rules.
The AI-native blockchain Ritual Foundation announced the RITUAL token economic model and community airdrop rules. The initial total supply of RITUAL is 10 billion, with 50 million allocated for community airdrops, accounting for 0.5% of the total supply, and will be fully unlocked when the Ritual public mainnet launches. The airdrop primarily covers long-term participants in ecological construction such as Infernet node operators, early users of Frenrug, long-term community members, and ambassadors. Eligible users will claim their airdrop through a dedicated page after the mainnet goes live, although specific dates for mainnet launch and claiming have yet to be announced.
Startale launched the "September Harvest" incentive activity on September 17, which will last until September 30. Users can earn up to 200 STAR points by completing designated on-chain tasks. Activities include depositing at least 10 USDC into the Startale App to earn 40 points, cumulatively depositing 30 USDC to earn an additional 50 points, exchanging at least $20 worth of ETH for USDSC to earn 20 points, and depositing at least 20 USDSC into a treasury and continuously holding for 7 days to earn 40 points; qualified referrers and new users will also receive 50 points each.
2. Major Events Happening Next Week
The physical AI data network Axis Robotics will open community sales subscriptions for AXIS starting September 21, lasting until September 28. The sale is conducted via Sonar, with a unit price of $0.10 corresponding to a fully diluted valuation of $100 million, aiming to raise 1 million USDC, and plans to sell 10 million AXIS, which is 1% of the total supply. Each qualifying participant has a minimum purchase of $100 and a maximum of $100,000; if subscriptions exceed the amount, the final allocation will be determined proportionally. The AXIS obtained from the sale will unlock 10% at TGE, followed by a 6-month lock-up period, with the remaining 90% being released linearly over the next 6 months.
The decentralized wireless network DAWN will launch the USD.infra Vault on September 22 and simultaneously enter the first season of Bytes points. Users can mint USD.infra using USDC and deposit it into the vault to earn sUSD.infra while accumulating Bytes points based on asset balance, participation time, and asset usage. Official rules indicate that merely holding can earn points, while using assets for lending, collateral, providing liquidity, or interest rate markets can yield higher weightage; users participating earlier may also gain additional multipliers during specific point cycles.
Starknet plans to reopen strkBTC Faucet registration on September 22, offering a new round of free strkBTC for users who did not participate before. Users need to first register using a qualifying X account, and once selected, they can connect their Starknet wallets to receive a random amount of strkBTC, with each selected user expected to receive about $0.25 to $100 worth of strkBTC. The first portion of rewards will be received in standard strkBTC format, while another portion of privacy strkBTC can be claimed after users complete privacy pool wallet registration.
3. Important Investments and Financing from Last Week
Kaiko announced the completion of a $57 million Series B extension financing round, led by S&P Global, with participation from BNP Paribas, Nasdaq Ventures, Coinbase Ventures, and others. Kaiko is a data and analytics service provider for digital asset markets established in 2014, primarily supplying market data, asset pricing, indices, and market monitoring services for financial institutions, asset management firms, and regulatory bodies. It provides data infrastructure for digital asset trading, risk management, and tokenized financial products by integrating centralized trading platform data with on-chain market data. (September 14, 2026)
USD.AI announced a $40 million stablecoin revolving credit facility provided by K3 Capital, secured by sUSDai, supporting on-demand withdrawals, repayments, and reuse. USD.AI is a decentralized credit protocol aimed at AI infrastructure, developed by Permian Labs, primarily funding equipment procurement and business expansion for power operators by collateralizing GPU hardware, and connects on-chain stablecoin funds with real-world computing assets. (September 15, 2026)
Evernorth secured $30 million in debt financing, funded by NH Investment & Securities. Evernorth is a digital asset treasury company established in 2025, with former Ripple executive Asheesh Birla as its CEO, primarily focusing on asset holding and active management around XRP, enhancing asset utilization efficiency through institutional lending, on-chain yield strategies, and ecological participation, as well as providing exposure to XRP for investors through public capital markets, linking traditional financial capital with the XRP ecosystem. (September 18, 2026)
4. Reference Links
1. Coingeck: 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. EntropyIO: https://entropy.io/
10. RWAperp: https://www.rwaperp.xyz/
11. Deadstock: https://deadstock.gg/
12. Kaiko: https://www.kaiko.com/
14. Evernorth: https://www.evernorth.xyz/
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