Crypto Market Weekly Report: MicroStrategy Increases Bitcoin Holdings, PumpSwap Emerges

Market Overview

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. The easing expectations of reciprocal tariffs in the US have boosted market sentiment, and signs of a bottom in the US stock market are beginning to appear. The crypto market has also rebounded with fluctuations.

Overall Market Trends

This week, Bitcoin has fluctuated upwards, with a certain company increasing its holdings of Bitcoin worth $600 million in the past week. The market is mainly focused on projects related to the BSC chain and the SOL chain.

Top five gainers: ZETA (60%), LAYER (60%), FARTCOIN (50%), MEW (40%), BEAM (40%) Top five declines: NTGL (-60%), PI (-30%), PLUME (-20%), SATS (-15%), XCN (-10%)

It is worth noting that:

• SOL: There is significant demand for large over-the-counter transactions in the market.
• FORM: A liquidity incentive program with a total amount of 100 million USD launched on the BSC chain.
• HYPE: Its on-chain exchange treasury was attacked, leading to a trust crisis.

On-chain Data Analysis

The demand for Bitcoin has continued to weaken, and most short-term investors are currently in a state of loss. The supply from long-term holders has started to increase again. Currently, short-term holders account for 40% of total wealth, down from a peak of 50% at the beginning of 2025. Compared to the peak levels of 70-90% in previous bull markets, there is still a gap, which may be related to large institutional investors participating through ETFs.

The market value of stablecoins has significantly decreased, indicating that funds are seeking safety. However, institutional funds have begun to regain optimistic sentiment, ending five consecutive weeks of capital outflows.

The MVRV-Z Score indicator is currently at 2.0, close to the mid-level of the market. When this indicator is greater than 6, it indicates that the market is in the top range, while a value less than 2 indicates that it is in the bottom range.

Derivatives Market

The futures long-short ratio is 1.1, reflecting that market sentiment is at a normal level. This week, the Bitcoin futures open interest has slightly decreased, indicating a lack of strong momentum in the market. The futures funding rate remains at a low level of 0.01%.

Spot Market

Bitcoin has shown a volatile rebound trend this week. The market volatility has significantly decreased, entering a consolidation phase after the sharp decline. Exchanges are accelerating the listing of venture capital-supported tokens.

Public Chain Ecosystem Development

Bitcoin ecosystem

A certain company continues to increase its holdings of nearly 7,000 Bitcoins and has launched perpetual preferred shares for trading on Nasdaq, showcasing its firm Bitcoin holding strategy. As of March 23, the total amount of Bitcoins held by the company has reached 506,137 coins, with a cumulative purchase cost of approximately 33.7 billion dollars and an average holding cost of 66,608 dollars.

Ethereum ecosystem

The Ethereum Pectra upgrade has successfully launched on the new Hoodi testnet. This upgrade will introduce EIP-7702, enabling multi-coin payment of gas fees. Developers are closely monitoring the testnet's operation to prepare for the subsequent mainnet deployment.

Celo 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 low transaction fees.

The total locked value in the Ethereum ecosystem is ( TVL), reaching $4.6288 billion, an increase of 1.53% compared to last week.

TON ecosystem

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

The TON DeFi locked position reached 170.3 million USD, with a week-on-week growth of 14.99%.

Solana ecosystem

Pump.fun has launched its native DEX PumpSwap, which directly competes with Raydium. Within a week of its launch, PumpSwap captured 21% of the Solana ecosystem DEX market, with a trading volume of $1.5 billion. PumpSwap uses a constant product market maker model, offering advantages such as instant migration and zero migration fees.

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