Crypto Market Weekly Review (4.20-4.30)

Market Overview

In the past few weeks, the US stock market has experienced one of the most severe adjustments since the pandemic. Recently, the easing of expectations regarding US reciprocal tariffs has boosted market sentiment, and bottom signals in the US stock market have begun to emerge, although they have not yet been fully established. The crypto market has followed the US stock market in a volatile rebound.

Market Performance

This week, Bitcoin experienced a volatile rebound. The market mainly revolves around the BSC chain and the Solana chain. Among the top 300 tokens by market capitalization, the top five gainers are ZETA(60%), LAYER(60%), FARTCOIN(50%), MEW(40%), and BEAM(40%). The top five losers are NTGL(-60%), PI(-30%), PLUME(-20%), SATS(-15%), and XCN(-10%).

It is worth noting that:

• The activity of market makers on the Solana chain has increased, and there has been a recent surge in demand for large over-the-counter transactions.
• FORM is a meme token launch platform on the BSC chain, which has launched a liquidity incentive program totaling $100 million.
• A certain blockchain exchange's liquidity pool is suspected to have been attacked, leading to a centralized delisting process that resulted in decreased trust. This reflects the risk that low market cap token contracts can be easily manipulated.

On-chain Data Analysis

The new demand for Bitcoin continues to weaken, with most short-term investors currently in a state of loss. The supply of long-term holders has started to grow again. At present, short-term holders hold 40% of the wealth, down from a peak of 50% at the beginning of 2025. Compared to the peak of 70-90% in previous cycles, the proportion of new investors in this cycle is significantly lower, which may be related to large institutional investors investing through ETFs.

The market value of stablecoins has significantly declined, reflecting a risk-averse sentiment among funds. Institutional fund sentiment has improved, breaking a continuous outflow trend that lasted for 5 weeks.

The long-term trend indicator MVRV-Z Score is currently at 2.0, close to the mid-level of the market. This indicator is considered to be in the top range when it is greater than 6 and in the bottom range when it is less than 2. Currently, MVRV has breached the key level of 1, indicating that holders are generally in a state of loss.

Futures Market

The futures long-short ratio is 1.1, which is at a normal level. Retail sentiment often acts as a contrarian indicator, with below 0.7 indicating fear and above 2.0 indicating greed. This week, Bitcoin futures open interest has slightly decreased, reflecting a lack of clear direction in the market. The futures funding rate remains at a low level of 0.01%, below the bullish active range of 0.05%-0.1% and the bearish active range of -0.1%-0%.

Spot Market

Bitcoin has shown a volatile rebound this week. The market's volatility has significantly decreased, entering a consolidation phase after a sharp decline. The market has welcomed a breather, and 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, demonstrating its strategic determination to maximize Bitcoin holdings. As of March 23, the total amount of Bitcoins held by the company 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 testnet, introducing EIP-7702 to enable multi-currency payment of gas fees. The Pectra upgrade aims to address several challenges facing the Ethereum network, including adding smart contract functionality for wallets. If testing goes smoothly, Pectra is expected to be enabled on the Ethereum mainnet in about 30 days.

In addition, Celo has successfully migrated to the Ethereum Layer 2 network using Optimism's OP Stack technology. This migration has enhanced Celo's security, scalability, and interoperability with the Ethereum ecosystem. After the migration, Celo's block generation time has been reduced from 5 seconds to 1 second, while maintaining transaction fees below one cent.

The total locked value of Ethereum DeFi ( TVL ) reached 46.288b, 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, aiming to provide an efficient trading experience and support permissionless token issuance.

The TON DeFi locked amount reached 170.3m, an increase of 14.99%.

Solana ecosystem

A certain platform has launched its native DEX, further compressing the survival space of existing DEXs. The new DEX adopts a constant product market maker model, featuring instant migration, zero migration fees, and stronger liquidity. Within a week of its launch, it captured 21% of the Solana ecosystem DEX market share, with a trading volume of up to $1.5 billion.

The total locked value of Solana DeFi ( TVL ) is 6.809b, down 0.24% from last week.