Crypto Market Weekly: BTC fluctuates and rebounds, PumpSwap rises abruptly

Macroeconomic Environment and Market Overview

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. As expectations for US tariffs have eased, market sentiment has improved, and bottom signals for the US stock market are beginning to appear. The crypto market is following closely behind the US stock market's rebound.

This week, Bitcoin experienced a fluctuating Rebound, and a well-known institution increased its holdings of BTC worth 600 million dollars in the past week. The market is mainly focused on the BSC and SOL ecosystems.

The top five tokens with the highest increase are ZETA(60%), LAYER(60%), FARTCOIN(50%), MEW(40%), and BEAM(40%). The ones with the largest decline include NTGL(-60%), PI(-30%), PLUME(-20%), SATS(-15%), and XCN(-10%).

It is worth noting that a well-known market maker in the SOL ecosystem has made a comeback, with a recent demand for large-scale over-the-counter transactions. FORM, as a meme token launch platform on the BSC chain, has attracted attention, and BSC has launched a liquidity incentive program totaling $100 million. On the other hand, the HYPE project was forced to be delisted due to an attack on its treasury, losing user trust.

On-chain Data Analysis

Bitcoin's new demand continues to weaken, and most short-term investors are currently in a state of loss. The supply of 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, and far below the peak levels of 70-90% in previous cycles. This may be related to the large institutional investments in ETFs this time around.

The market value of stablecoins has significantly decreased, indicating that funds are seeking safe havens. However, institutional funds have regained optimism, breaking the continuous trend of outflows for five weeks.

The current MVRV-Z Score indicator is 2.0, close to the middle level of the market. This indicator reflects the overall profitability status of the market; a value greater than 6 indicates a top range, while a value less than 2 indicates a bottom range.

Futures Market Trends

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

Spot Market Performance

Bitcoin has fluctuated and rebounded this week. Market volatility has significantly decreased, entering a consolidation phase following the crash. Major trading platforms are accelerating the launch of venture capital-supported token projects.

Public Chain Ecosystem Development

Bitcoin ecosystem

A well-known institution continues to increase its holdings by nearly 7,000 BTC and has launched perpetual preferred shares STRF listed on NASDAQ, demonstrating its strategic commitment to maximizing 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 been successfully launched on the new Hoodi testnet. This upgrade introduces EIP-7702, which will implement the functionality of multi-currency payment of gas fees. If testing goes smoothly, Pectra is expected to go live on the Ethereum mainnet in about 30 days.

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 ultra-low transaction fees.

The total locked value (TVL) of Ethereum DeFi 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, supporting efficient trading and permissionless token issuance.

TON DeFi locked position reached 170.3m, up 14.99%.

![Crypto market weekly overview (4.20—4.30): MicroStrategy increases BTC holdings by 600 million, PumpSwap records 1.5 billion in trading volume this week])https://img-cdn.gateio.im/webp-social/moments-efc6e175c719655ddcc7197ec5595203.webp###

( Solana ecosystem

Pump.fun launched its native DEX PumpSwap, further compressing Raydium's market space. Within a week of its launch, PumpSwap captured 21% of the Solana ecosystem DEX market share, with a trading volume reaching 1.5 billion USD. PumpSwap adopts the AMM model and features instant migration, zero migration fees, and other characteristics.

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

![Crypto market weekly review (4.20—4.30): MicroStrategy adds 600 million to BTC, PumpSwap records 1.5 billion in trading volume this week])https://img-cdn.gateio.im/webp-social/moments-e4e7364b5543adf8e2788b79df9edc02.webp###