Crypto Market Weekly: BTC Fluctuates and Rebounds, PumpSwap Rises Unexpectedly

Macroeconomic Environment and Market Overview

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. Currently, the expectations for US tariffs have eased, boosting market sentiment, and initial signals of a bottom in the US stock market are emerging, but have not yet been fully established. The crypto market has followed the US stock market in a volatile rebound.

This week, Bitcoin has rebounded after fluctuations, with a large investment institution increasing its holdings of BTC by 600 million dollars in the past week. The main market hotspots are concentrated on the BSC chain and the Solana chain.

Market Performance

The top five cryptocurrencies with the highest gains this week are ZETA, LAYER, FARTCOIN, MEW, and BEAM, with an increase of between 40% and 60%. The ones with significant declines include NTGL, PI, PLUME, etc., with a decrease between 10% and 60%.

In the Solana ecosystem, a well-known market maker has returned to the market, with significant demand for over-the-counter transactions recently. The token launch platform FORM on the BSC chain has been active, related to the $100 million liquidity incentive program launched by the BSC chain. The HYPE project has lost market trust due to its centralized exchange being attacked.

On-chain Data Analysis

The new demand for Bitcoin continues to weaken, with most short-term investors currently in a state of loss, while the supply of long-term holders is starting to grow again. Currently, short-term holders possess 40% of the wealth, down from the peak of 50% in early 2025, and significantly lower than the peak levels of 70-90% in previous bull markets, which may be related to the large-scale entry of institutional investors into the market through ETFs this round.

The market value of stablecoins has significantly declined, indicating a tendency for funds to seek safety. However, institutional funds have regained an optimistic sentiment, ending the previous trend of capital outflows for five consecutive weeks.

The current MVRV-Z Score indicator is 2.0, approaching the midpoint level of the market, indicating that the overall market is in a slightly profitable state.

Derivatives Market

The futures long-short ratio is 1.1, which is at a normal level. This week, the open interest of Bitcoin futures has slightly decreased, reflecting a lack of clear direction in the market. The funding rate for futures remains at a low level of 0.01%.

Spot Market

Bitcoin rebounded this week with fluctuations. Market volatility has significantly decreased, entering a consolidation phase after the sharp decline. Exchanges are accelerating the launch of some venture capital-supported token projects.

Major Public Chain Ecosystem Dynamics

BTC ecosystem

A large investment institution continues to increase its holdings by nearly 7,000 BTC and has launched perpetual preferred shares STRF listed on NASDAQ, demonstrating its strategic determination to maximize its BTC holdings. As of March 23, the total amount of BTC held by the institution has reached 506,137, with a cumulative purchase cost of approximately $33.7 billion and an average holding cost of $66,608.

Ethereum ecosystem

The Ethereum Pectra upgrade has successfully launched on the new Hoodi test network. This upgrade will add smart contract functionality to wallets, allowing users to pay transaction fees with cryptocurrencies other than ETH.

The Celo public chain has completed its migration to the Ethereum Layer 2 network, utilizing Optimism's OP Stack technology. This upgrade significantly enhances Celo's transaction speed and security while maintaining ultra-low transaction fees.

The total locked value (TVL) of the Ethereum ecosystem's DeFi reached 4.6288 billion USD, an increase of 1.53% compared to last week.

( TON ecosystem

The fully chain-compatible HiBit DEX has launched in the TON ecosystem and is expected to play an important role in connecting the TON ecosystem with other blockchain networks. HiBit DEX combines the advantages of centralized and decentralized exchanges, supporting efficient trading and permissionless token issuance.

The TON ecosystem's DeFi locked position has reached 170.3 million USD, an increase of 14.99% compared to last week.

![Crypto market weekly overview (4.20—4.30): MicroStrategy adds 600 million in BTC, PumpSwap records 1.5 billion in trading volume this week])https://img-cdn.gateio.im/webp-social/moments-f8c42b45b7e46a8554513e16d02c9866.webp###

( Solana ecosystem

Pump.fun has launched its native DEX PumpSwap, further compressing the market space of Raydium. Within just one week of its launch, PumpSwap has captured 21% of the Solana ecosystem DEX market, with a trading volume of up to $1.5 billion. PumpSwap offers advantages such as instant migration, zero migration fees, and stronger liquidity.

The total locked value of Solana's DeFi ecosystem is $6.809 billion, a slight decrease of 0.24% compared to last week.

![Crypto Market Weekly Overview (4.20—4.30): MicroStrategy Adds 600 Million in BTC, PumpSwap Records 1.5 Billion in Trading Volume in a Week])https://img-cdn.gateio.im/webp-social/moments-9fc5db44fb1e7ddd1d60c752c9186671.webp###