Crypto Market Weekly Overview: MicroStrategy Continues to Increase the Position in BTC, PumpSwap Rises Unexpectedly

Market Viewpoint

macro liquidity

Recently, the US stock market experienced one of the most severe adjustments since the pandemic. The easing of expectations regarding US reciprocal tariffs has boosted market sentiment, and signals of a bottom in the US stock market have emerged, although they have not yet been fully established. The crypto market has rebounded following the fluctuations of the US stock market.

overall market trend

This week, Bitcoin fluctuated and rebounded, with MicroStrategy increasing its position in BTC worth 600 million dollars within a week. The market focus is mainly on the BSC and Solana ecosystems.

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

• Solana ecosystem: Well-known market makers are returning to the market, and there is recent demand for over-the-counter trading.
• FORM: As a meme token issuance platform on the BSC chain, benefiting from the $1 billion liquidity incentive program launched by BSC.
• HYPE: Its on-chain exchange treasury suffered a suspected market maker attack, and the centralized delisting process has led to a loss of trust. Low market cap token contracts are easy to manipulate.

on-chain data

The new demand inflow for Bitcoin continues to weaken, with short-term investors generally in a state of loss, while the supply from long-term holders has begun to rebound. Currently, short-term holders possess 40% of the wealth, down from a peak of 50% in early 2025. Compared to previous cycles, the proportion of wealth held by new investors at the cycle peak this round is significantly lower, possibly related to large institutional investments in ETFs.

The market value of stablecoins has significantly declined, and there is a clear risk-averse sentiment among investors.

Institutional funds have regained optimism, breaking the trend of continuous outflows for 5 weeks.

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

futures market

• Futures long-short ratio: 1.1, market sentiment is normal.
• Futures open interest: This week, BTC open interest has slightly decreased, and the market lacks a clear direction.
• Funding rate: This week's rate is 0.01%, which is at a relatively low level.

spot market

Bitcoin fluctuated and rebounded this week. Market volatility has significantly decreased, entering a consolidation phase after the sharp decline. Exchanges are accelerating the listing of tokens backed by VC investments.

Public Chain Ecosystem

BTC ecosystem

A certain encryption company continues to increase the position of nearly 7,000 BTC, and its newly launched perpetual preferred stock is listed and traded on NASDAQ, highlighting its strategic determination to maximize its BTC holdings.

The company's founder disclosed on social media that from March 17 to 23, the company increased its position by purchasing 6,911 BTC at an average price of approximately $84,529, with a total investment of about $584.1 million. As of March 23, the total amount of BTC held by the company has reached 506,137, with a cumulative purchase cost of about $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 USD to 722.5 million USD, and a fixed annual dividend set at 10%.

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

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 testnet, aiming to ensure that developers can fully test functions such as validator exit. 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 several challenges facing 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 with cryptocurrencies other than ETH.

Ethereum developers previously agreed that if the tests go smoothly, Pectra will undergo approximately 30 more days of monitoring before being finally enabled on the Ethereum mainnet.

Celo has 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 a certain technical solution. The upgrade aims to enhance Celo's security, scalability, and interoperability with the Ethereum ecosystem. After the migration, Celo's block generation time has been significantly reduced from 5 seconds to 1 second, and transaction speed has improved markedly. 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, because Celo is now fully compatible with the Ethereum Virtual Machine (EVM) and can conveniently use Ethereum's development tools and resources.

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

TON ecosystem

The HiBit DEX with full chain compatibility has landed 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 financing of $5 million. This round of financing will be used to further improve the Hibit ecosystem, focusing on advancing Layer 2 infrastructure construction, the development of Hibit DEX, optimizing cross-chain interoperability technology, and deepening the layout of the AI Agent economy.

As the first core application of the Hibit Layer 2 ecosystem, Hibit DEX combines the advantages of centralized exchanges and decentralized exchanges, aiming to achieve an efficient trading experience at millions of TPS levels, and supports permissionless token issuance. At the same time, Hibit DEX 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 aligns with the growing market demand for seamless transmission of cross-chain assets and data, making interoperability solutions more strategically valuable.

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

SOL ecosystem

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

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

PumpSwap adopts a constant product market maker ( AMM ) model, operating similarly to a certain DEX V4 and a certain DEX V2. PumpSwap features instant migration, 0 migration fees ( originally 6 SOL ), stronger liquidity, creator revenue sharing, and other characteristics and functions. Subsequently, a certain percentage of the protocol 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, but after the creator revenue sharing feature 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 reaching $1.5 billion. This breakthrough allows 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 certain DEXs. In just one week, PumpSwap processed over 14 million transactions, accumulating a total trading fee revenue of $3.03 million.

Previously, a certain DEX announced plans to launch the Meme coin issuance platform LaunchLab, which was widely seen by the market as a response to Pump.fun's self-built AMM ecosystem. However, if the certain DEX 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 in the Solana ecosystem.

Solana DeFi TVL reached 6.809b, down 0.24% from last week.