Crypto Market Weekly Report ( 4.20-4.30 ): MicroStrategy increases BTC holdings, PumpSwap volume surges

Market Overview

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. The easing of expectations for reciprocal tariffs in the US has boosted market sentiment, and initial bottom signals are emerging in the US stock market. The crypto market has followed suit with a volatile rebound.

Market Performance

This week, Bitcoin has fluctuated and rebounded. The market mainly focuses on the BSC and Solana ecosystems. The top five tokens with the largest increase include 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%).

In the Solana ecosystem, the activity of market makers has increased. The BSC chain has launched a liquidity incentive program totaling $100 million. A certain on-chain exchange has lost user trust due to suspected attacks.

On-chain Data

The new demand inflow for Bitcoin continues to weaken, and short-term investors are generally in a state of loss. The supply volume of long-term holders has started to increase again. Currently, short-term holders hold 40% of the wealth, down from the peak levels of previous cycles, which may be related to institutional investors investing through ETFs.

The market value of stablecoins has significantly decreased, indicating that funds are seeking safety. Institutional funds have regained optimistic sentiment, breaking the continuous outflow of funds for five weeks.

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

Futures Market

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

Spot Market

Bitcoin has rebounded this week amidst fluctuations. Market volatility has significantly decreased, entering a consolidation phase after the sharp decline. Exchanges are accelerating the listing of venture capital-backed tokens.

Public Chain Ecosystem

Bitcoin ecosystem

A certain company continues to increase its holdings of nearly 7,000 BTC and has launched perpetual preferred shares traded on Nasdaq, demonstrating its strategic determination to continue accumulating BTC. The total amount of BTC 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 testnet. This upgrade introduces the EIP-7702 proposal, which will enable multi-currency payment of gas fees.

A certain public chain has successfully migrated to the Ethereum Layer 2 network, utilizing OP Stack technology. This migration aims to enhance its security, scalability, and interoperability with the Ethereum ecosystem. After the migration, the block generation time of the chain has been reduced from 5 seconds to 1 second, significantly improving transaction speed.

The total locked value in Ethereum DeFi ( TVL ) is 46.288 billion USD, an increase of 1.53% compared to last week.

TON ecosystem

A certain DEX supporting full-chain compatibility has logged into the TON ecosystem and is expected to play an important role in connecting the TON ecosystem with other blockchain networks. This DEX combines the advantages of centralized and decentralized exchanges, aiming to achieve an efficient trading experience and supports permissionless token issuance.

TON DeFi locked volume reached 170.3m USD, up 14.99%.

Solana ecosystem

A certain platform launched its native DEX, further compressing the survival space of other DEXs in the ecosystem. Within a week of its launch, this DEX captured 21% of the Solana ecosystem DEX market, with a volume of up to $1.5 billion. This move solidified the platform's dominance in the meme coin trading sector.

The total locked value of Solana DeFi is $6.809 billion, down 0.24% from last week.