Jan 26 – Feb 2, 2026 On-Chain Resilience Amid Market Plunge

Market Overview

• Global Market Cap: $2.70 Trillion (down 11.5% WoW).
• BTC Dominance: 57.76% (Market Cap: $1.56 Trillion).
• Fear & Greed Index: 13 (Extreme Fear), reflecting a sharp market correction and pessimistic sentiment.
• ETF Capital Flows:
  • BTC ETFs: Weekly net outflow of $1.49 Billion (Cumulative inflow: $55.01 Billion).
  • ETH ETFs: Weekly net outflow of $327 Million (Cumulative inflow: $11.97 Billion).

Capital Flows & Stablecoins

• Total Market Cap: $310 Billion (slight decrease of 0.26%).
• Competitive Landscape: USDT (59.7%) leads, followed by USDC (22.6%).
• New Supply: 1.688 Billion newly issued this week (100% USDC), signaling continued institutional or compliant capital entry despite secondary market weakness.

On-Chain Ecosystem Performance

DeFi Overview

• Total TVL: $105.9 Billion (down 9.6%).
• Distribution by Chain: Ethereum (56.45%), Solana (7.95%), BNB Chain (5.7%).

Layer 1 Activity

• Solana: Strongest resilience; DEX volume rose 49.4% ($4.71B), and TVL increased by 6.9% against the market trend.
• Ethereum: Surge in activity; DEX volume jumped 192.7%, and daily active addresses grew by 78%.
• Aptos: Explosive growth in daily active addresses, up 63.3% (reaching 1.56M), though TVL dropped 14.3%.
• Sui/TON: Experienced significant pullbacks in both TVL and user activity.

Layer 2 Dynamics

• Total TVL: $33.68 Billion (down 8.1%).
• The Top Two: Base (36.26%) remains at the top spot, maintaining its lead over Arbitrum (34.81%).

Key Projects & Industry Updates

New Projects to Watch

• Polaris: A self-scaling stablecoin OS for DeFi, focusing on sustainable yield generation.
• Probable: A native prediction market protocol on BNB Chain (backed by YZi Labs).
• SectorOne: A native high-performance DEX within the MegaETH ecosystem, specializing in dynamic liquidity.

Key Event Reminders

• Feb 2: ZAMA Pre-TGE subscription begins; Rainbow Wallet launches CCA auction on Uniswap.
• Feb 3 - Feb 7: Flying Tulip (founded by Andre Cronje) starts a $200M public sale on CoinList.
• Feb 3: Usual Protocol’s USUALx unstaking window closes and processes requests.
• Feb 9: MegaETH Public Mainnet Launch, introducing a KPI-linked token release mechanism.

References