Crypto Market Weekly Review (4.20-4.30)

1. Macroeconomic Liquidity

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. Currently, the expectations for reciprocal tariffs in the US have eased, boosting market sentiment, and signs of a bottom in the US stock market have appeared, but it has not yet been fully established. The crypto market has rebounded following the fluctuations of the US stock market.

2. Market Overview

This week, Bitcoin has fluctuated and rebounded, with the market's main focus on the BSC chain and SOL chain.

Top 5 by increase: ZETA (60%), LAYER (60%), FARTCOIN (50%), MEW (40%), BEAM (40%) Top 5 declines: NTGL (60%), PI (30%), PLUME (20%), SATS (15%), XCN (10%)

• SOL: There is a high demand for large OTC transactions recently.
• FORM: is a token issuance platform on the BSC chain, with a total liquidity incentive plan of 100 million USD launched on the BSC chain.
• HYPE: The on-chain exchange HYPE vault was attacked, leading to a loss of trust due to centralized delisting measures. Low market cap token contracts are easily manipulated.

3. On-chain Data

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

The market value of stablecoins has significantly decreased, indicating a risk-averse sentiment among investors.

Institutional funding sentiment has turned optimistic, ending five consecutive weeks of capital outflow.

The MVRV-Z Score is currently at 2.0, approaching 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.

4. Futures Market

• Long/Short Ratio: 1.1, market sentiment is normal.
• Open interest: This week, the open interest of Bitcoin has slightly decreased, and the market lacks momentum.
• Funding Rate: This week's rate is 0.01%, which is at a relatively low level.

5. Spot Market

Bitcoin rebounded slightly this week. Market volatility has significantly decreased, indicating a consolidation phase after the sharp decline. The market is entering a breather period, and exchanges are accelerating the listing of VC project tokens.

![Crypto market weekly review (4.20—4.30): MicroStrategy adds 600 million in BTC, PumpSwap records 1.5 billion in trading volume this week](https://img-cdn.gateio.im/webp-social/moments-b6f3e2be8a20b3d0a4dbb72849aa2522.webp01

6. Public Chain Ecology

) BTC ecosystem

A certain company continues to increase its holdings of nearly 7,000 bitcoins, and its latest perpetual preferred shares are listed and traded on NASDAQ, demonstrating a strategic determination to continuously maximize its bitcoin holdings.

The company's founder revealed on social media that the company increased its holdings by 6,911 bitcoins at an average price of approximately $84,529 from March 17 to 23, with a total investment of about $584.1 million. 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.

On March 26, the company's perpetual preferred shares officially began trading on NASDAQ, with the financing scale raised from the originally planned $500 million to $722.5 million, and a fixed annual dividend set at 10%.

This product is designed as a high-yield bond-type asset, with the core goal of directing as much capital as possible into Bitcoin investments. As a debt-type instrument, this product operates in the form of dividends rather than relying on capital appreciation returns.

![Crypto market weekly overview (4.20—4.30): MicroStrategy adds 600 million BTC, PumpSwap records 1.5 billion in trading volume this week]###https://img-cdn.gateio.im/webp-social/moments-efb1d7f8a70f14bca9231e1a246e684a.webp(

) ETH ecosystem

The Ethereum Pectra upgrade has been successfully launched on the new Hoodi testnet, and the introduction of EIP-7702 will enable multi-currency payment of gas fees.

The launch of the Hoodi testnet was carried out after encountering issues with the previous Holesky and Sepolia testnets, aiming to ensure that developers can fully test functionalities such as validator exits. Currently, the Hoodi testnet is under close monitoring to ensure the stability and reliability of the upgrade, preparing for the subsequent mainnet deployment.

The Pectra upgrade aims to address multiple challenges faced by the Ethereum network. One of the changes is the addition of smart contract functionality for wallets, allowing wallet software developers to build new convenient features, such as the ability to pay transaction fees in cryptocurrencies other than Ether ###ETH(.

Ethereum developers previously agreed that if everything goes smoothly on Wednesday, Pectra will undergo another approximately 30 days of monitoring before being finally enabled on the Ethereum mainnet.

Celo successfully migrated to the Ethereum Layer 2 network, and the Ethereum network continues to expand.

Celo officially completed its migration to the Ethereum Layer 2 network on March 26. This migration took nearly two years and ultimately adopted Optimism's OP Stack technology. The upgrade aims to enhance Celo's security, scalability, and interoperability with the Ethereum ecosystem. After the migration, Celo's block generation time was significantly reduced from 5 seconds to 1 second, and transaction speeds were greatly improved. At the same time, Celo will continue to maintain its ultra-low transaction fees of less than one cent.

For users, migration means faster transaction confirmations and lower costs. In addition, Celo now has native Ethereum bridging capabilities, reducing reliance on third-party bridges and enhancing security.

Developers will also benefit from this upgrade, as they can more easily build applications on Celo, since Celo is now fully compatible with the Ethereum Virtual Machine )EVM( and can conveniently use Ethereum's development tools and resources.

Data TVL 46.288b, an increase of 1.53% compared to last week.

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

) TON ecosystem

The HiBit DEX, which is fully chain-compatible, has launched in the TON ecosystem and is expected to play an important role in connecting the TON ecosystem with other blockchain networks.

On March 24, Hibit announced the completion of a new round of $5 million financing. This round of funding will be used to further improve the Hibit ecosystem, focusing on advancing Layer 2 infrastructure construction, the development of Hibit DEX, optimization of cross-chain interoperability technology, and deep layout of the AI Agent economy.

As the first core application of the Hibit Layer 2 ecosystem, Hibit DEX combines the advantages of centralized exchange ###CEX( and decentralized exchange )DEX(, aiming to achieve an efficient trading experience at millions of TPS level and supporting permissionless token issuance. At the same time, Hibit DEX also deeply integrates AI Agent economy and Meme community, providing users with a richer trading ecosystem.

Relying on the cross-chain interoperability capabilities of Hibit Layer 2, this DEX is expected to play a key role in connecting the TON ecosystem with other blockchain networks. This capability not only attracts users and liquidity from outside the TON ecosystem but also responds to the growing market demand for seamless transfer of cross-chain assets and data, making interoperability solutions more strategically valuable. As a trading hub supporting multi-chain interactions, Hibit DEX has the potential to become a bridge for TON ecosystem users to enter other blockchain networks, while also providing convenient access to the TON ecosystem for users from other chains, thereby promoting the growth of trading volume and network activity between Hibit and the TON ecosystem.

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

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

) SOL ecosystem

Pump.fun has launched its native DEX PumpSwap, further compressing the survival space of Raydium.

On March 21, Pump.fun officially announced the launch of its decentralized exchange ###DEX(---PumpSwap, marking the platform's transition from a single token issuance platform to a comprehensive platform integrating token issuance and trading.

PumpSwap utilizes a constant product market maker ) AMM ( model, operating similarly to Raydium V4 and Uniswap V2. PumpSwap features instant migration, 0 migration fees ) originally 6 SOL (, stronger liquidity, and creator revenue sharing among other characteristics and functions. Subsequently, a certain percentage of the protocol's revenue will be shared with the token creators. Each transaction on PumpSwap incurs a 0.25% fee, of which 0.20% goes to liquidity providers and 0.05% is allocated to the protocol, however, after the creator revenue sharing function is launched, the fee distribution will change.

After its launch, PumpSwap quickly gained market recognition, capturing 21% of the Solana ecosystem DEX market share within just one week, with a trading volume of up to $1.5 billion. This breakthrough allowed meme coins to seamlessly migrate to PumpSwap for trading, further consolidating Pump.fun's dominant position in the meme coin trading space, and posing strong competition to Raydium. In just one week, PumpSwap processed over 14 million trades, accumulating a trading fee revenue of $3.03 million.

Previously, Raydium announced plans to launch the Meme coin issuance platform LaunchLab, which is widely seen as a response to Pump.fun's self-built AMM ecosystem. However, if Raydium fails to launch LaunchLab in a timely manner and establish a competitive advantage in token issuance and trading experience, its market share may be further compressed, potentially affecting its long-term survival space within the Solana ecosystem.

DeFi Data: TVL 6.809b, down 0.24% from last week.

![Crypto market weekly summary (4.20—4.30): MicroStrategy adds $600 million in BTC, PumpSwap records $1.5 billion in trading volume in a week])https://img-cdn.gateio.im/webp-social/moments-f8c42b45b7e46a8554513e16d02c9866.webp(

![Crypto market weekly overview (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-9fc5db44fb1e7ddd1d60c752c9186671.webp(

![Crypto Market Weekly Review (4.20—4.30): MicroStrategy adds 600 million in BTC, PumpSwap records 1.5 billion in trading volume this week])https://img-cdn.gateio.im/webp-social/moments-a7dc446ffaac739262b2f31eb6676950.webp(

![Crypto market weekly overview (4.20—4.30): MicroStrategy adds 600 million in BTC, PumpSwap records 1.5 billion in trading volume this week])https://img-cdn.gateio.im/webp-social/moments-df8e95156de6a8eafb914c49bc86ccd6.webp(