Crypto Market Weekly Overview: MicroStrategy Increases BTC Holdings, PumpSwap Volume Soars

Macroeconomic Environment and Market Overview

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. The expectation of a slowdown in US tariff policies has boosted market sentiment, and the US stock market shows signs of bottoming out, but it has not yet fully formed. The crypto market has fluctuated and recovered along with the US stock market.

This week, Bitcoin fluctuated and rebounded, and MicroStrategy increased its holdings of Bitcoin by $600 million within a week. The market focus is mainly on the BSC chain and the Solana chain.

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

On the Solana chain, the market maker JUMP has become active again, with recent demand for over-the-counter trading. FORM is a meme token launch platform on the BSC chain, which has introduced a $100 million liquidity incentive program. The HYPE exchange's treasury has allegedly been attacked by market makers, leading to the forced delisting of certain assets and a loss of trust. Small-cap token contracts are easy to manipulate.

On-chain data analysis

The new demand for Bitcoin continues to weaken, with most short-term investors in a state of loss, while the supply from long-term holders is starting to grow again. Currently, short-term holders possess 40% of the wealth, down from a peak of 50% at the beginning of 2025. This peak is significantly lower than the 70-90% levels seen in previous cycles, which may be related to the involvement of large institutional investments in ETFs this time.

The market value of stablecoins has significantly decreased, indicating a risk-averse sentiment in the funds. Institutional funds have regained optimism, ending a five-week trend of capital outflows.

The MVRV-ZScore indicator is currently at 2.0, approaching the mid-range of the market. This indicator is in the top range when it is greater than 6, and in the bottom range when it is less than 2.

Futures Market Situation

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

Spot Market Performance

Bitcoin has rebounded this week amid 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 Development

Bitcoin ecosystem

MicroStrategy continues to increase its holdings by nearly 7,000 BTC. The newly launched STRF perpetual preferred stock is listed on the Nasdaq, highlighting its strategic determination to maximize Bitcoin holdings. As of March 23, MicroStrategy holds a total of 506,137 BTC, with a cumulative purchase cost of approximately $33.7 billion and an average holding cost of $66,608.

Ethereum ecosystem

The Ethereum Pectra upgrade successfully launched on the new Hoodi testnet. The introduction of EIP-7702 will enable multi-currency payment of gas fees. Celo has completed its migration to the Ethereum Layer 2 network, utilizing Optimism's OP Stack technology, significantly enhancing transaction speed and network interoperability. The total locked value in Ethereum DeFi is $4.6288 billion, up 1.53% from 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 TON with other blockchain networks. HiBit has completed a new round of financing of $5 million to promote Layer 2 infrastructure, DEX development, cross-chain technology optimization, and AI Agent economic layout. The DeFi lock-up volume in TON has reached $170.3 million, an increase of 14.99%.

Solana ecosystem

Pump.fun launched its native DEX PumpSwap, capturing 21% of the Solana DEX market share within a week, with a volume of $1.5 billion, posing strong competition to Raydium. The total locked value in Solana DeFi is $6.809 billion, a slight decrease of 0.24% compared to last week.