Crypto Market Weekly Overview (March 20 - March 30)

Macroeconomic Situation

In recent weeks, the US stock market has experienced one of the most severe adjustments since the pandemic. Currently, expectations for US tariff policies have eased, boosting market sentiment, and signals of a bottom in the US stock market have begun to emerge, although they have not yet been fully established. The crypto market has followed the US stock market's fluctuations and rebounded.

Market Trends

This week, Bitcoin has fluctuated and rebounded. The market's main focus revolves around the BSC chain and Solana 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%

It is worth noting that:

• Solana: There has been recent off-market demand for shipments.
• FORM: is a meme coin launch platform on the BSC chain, which has launched a liquidity incentive program with a total amount of 100 million USD.
• HYPE: The treasury of this on-chain exchange is suspected to have been attacked, leading to urgent delisting actions that resulted in a loss of trust. Small-cap contracts are easily manipulated.

On-chain data

The new demand flow for Bitcoin continues to weaken, with most short-term investors in a state of loss, while the supply from long-term holders begins 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 significantly lower than the levels of 70-90% seen in previous cycles, which may be related to the large institutional investment in ETFs during this round.

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

Institutional capital flows have regained optimism, breaking the continuous outflow situation for 5 weeks.

The MVRV-Z Score is 2.0, close to the mid-level of the market. When this indicator is greater than 6, it indicates a top range, and when it is less than 2, it indicates a bottom range.

Futures Market

• Long and short ratio: 1.1, market sentiment is normal.
• Open interest: This week, Bitcoin open interest has slightly decreased, and the market lacks clear trends.
• Funding rate: This week's rate is 0.01%, which is on the low side.

Spot Market

Bitcoin has rebounded this week amid fluctuations. Market volatility has significantly decreased, marking a period of consolidation following a sharp decline. The market is experiencing a breather, and exchanges are accelerating the launch of VC project tokens.

Public Chain Ecology

Bitcoin ecosystem

A certain company continues to increase its holdings by nearly 7,000 bitcoins, and its newly launched perpetual preferred stocks are listed for trading on Nasdaq, demonstrating its strategic determination to maximize its bitcoin holdings.

The company's founder disclosed on a social platform that from March 17 to 23, the company increased its holdings by 6,911 bitcoins 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 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 stock officially began trading on Nasdaq, with the financing scale raised from the original $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 objective of channeling as much capital as possible into Bitcoin investments. As a debt instrument, this product operates in the form of dividends rather than relying on capital appreciation returns.

Ethereum 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 conducted 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 upgrades, preparing for the subsequent mainnet deployment.

The Pectra upgrade aims to address several 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 convenience features, such as the ability to pay transaction fees in cryptocurrencies other than Ether.

Ethereum developers previously agreed that if everything goes smoothly on Wednesday, Pectra will undergo approximately 30 more 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 the transaction speed was significantly 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, up 1.53% from last week.

TON ecosystem

The HiBit DEX, with full chain compatibility, has launched into the TON ecosystem and is expected to play an important role in connecting the TON ecosystem with other blockchain networks.

On March 24, 2025, Hibit announced the completion of a new round of financing totaling $5 million. This round of financing will be used to further improve the Hibit ecosystem, with a focus on advancing Layer 2 infrastructure development, Hibit DEX growth, optimization of 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 level, and supports 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 will not only attract users and liquidity from outside the TON ecosystem but also meets the growing market demand for seamless transmission of cross-chain assets and data, making interoperability solutions more strategically valuable. As a trading hub that supports 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 on other chains, thereby promoting the growth of trading volume and network activity between Hibit and the TON ecosystem.

TON DeFi locked amount 170.3m, up 14.99%.

Solana ecosystem

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

On March 21, 2025, 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 both token issuance and trading.

PumpSwap adopts a constant product automated market maker model, functioning similarly to Raydium V4 and Uniswap V2. PumpSwap features instant migration, 0 migration fees, stronger liquidity, and creator revenue sharing, among other characteristics and functionalities. Subsequently, a certain percentage of the protocol revenue will be shared with 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 launch of the creator revenue sharing feature, the fee distribution will change.

After its launch, PumpSwap quickly gained market recognition, capturing 21% of the Solana ecosystem DEX market share within just a 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 creating strong competition for Raydium. In just one week, PumpSwap processed over 14 million transactions, with a total trading fee revenue of $3.03 million.

Previously, Raydium announced plans to launch the Meme coin issuance platform LaunchLab, which was widely viewed 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 in the Solana ecosystem.

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