Crypto Market Weekly Report: MicroStrategy Continues to Increase Bitcoin Holdings, PumpSwap Weekly Volume Exceeds 1.5 Billion Dollars

Macroeconomic Environment and Market Overview

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. The easing expectations for reciprocal tariffs have boosted market sentiment, showing initial signs of a bottom in the US stock market, although it has not yet been fully established. The cryptocurrency market has rebounded following the fluctuations of the US stock market.

This week, Bitcoin has been fluctuating upwards, with MicroStrategy increasing its holdings by 600 million dollars in Bitcoin over the past week. The main focus of the market is concentrated on the BSC chain and Solana chain ecosystems.

Market Performance

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

It is worth noting:

• On the Solana chain, the market maker JUMP is becoming active again, with a recent demand for large over-the-counter trades.
• FORM is a meme token launch platform on the BSC chain, which recently launched a liquidity incentive program totaling $100 million.
• The on-chain exchange HYPE was forced to delist due to a suspected attack on its vault, losing user trust. This also reflects the risk of small token contracts being easily manipulated.

On-chain Data Analysis

The new demand for Bitcoin continues to weaken, and most short-term investors are currently in a state of loss. The supply from long-term holders has begun to increase again. Currently, short-term holders possess 40% of the wealth, a decrease from the peak of 50% at the beginning of 2025. This peak is still significantly lower than in previous periods, possibly related to the investment of large institutional investors in ETFs during this round.

The market capitalization of stablecoins has significantly declined, indicating a demand for safe-haven assets. However, institutional funds have regained an optimistic sentiment, ending a continuous outflow of funds for five weeks.

The MVRV-Z Score indicator is currently at 2.0, close to the mid-level of the market. When this indicator is greater than 6, it usually indicates that the market is in the top region; when it is less than 2, it may be in the bottom region.

Derivatives Market

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

Spot Market

Bitcoin has shown a volatile rebound trend this week. The market volatility has significantly decreased, entering a stage of horizontal consolidation and recovery after a sharp decline. This has provided the market with a breathing opportunity, and exchanges have also accelerated the pace of launching new coins supported by venture capital.

Public Chain Ecosystem Development

Bitcoin ecosystem

MicroStrategy continues to aggressively increase its holdings of Bitcoin, purchasing approximately 6,911 coins in the past week at an average price of $84,529, totaling about $584.1 million. As of March 23, MicroStrategy's total Bitcoin holdings have reached 506,137 coins, with a cumulative purchase cost of about $33.7 billion and an average holding cost of $66,608.

MicroStrategy has listed perpetual preferred shares named STRF on the Nasdaq, raising a financing scale of $722.5 million, with an annual fixed dividend rate of 10%. This further highlights the company's strategic determination to continuously expand its Bitcoin holdings.

Ethereum ecosystem

The Ethereum Pectra upgrade has successfully launched on the new Hoodi testnet. This upgrade introduces the EIP-7702 proposal, which will enable multi-coin payment of gas fees. If the testing goes smoothly, Pectra is expected to go live on the Ethereum mainnet in about 30 days.

Celo has officially completed its migration to the Ethereum Layer 2 network, utilizing Optimism's OP Stack technology. This upgrade significantly enhances Celo's transaction speed and security while maintaining extremely low transaction costs. This migration also strengthens Celo's interoperability with the Ethereum ecosystem.

The total locked value in the Ethereum ecosystem ( TVL ) reached 4.6288 billion USD, an increase of 1.53% compared to last week.

TON ecosystem

HiBit DEX, supporting full-chain interoperability, has launched in the TON ecosystem, and is expected to become an important bridge connecting TON with other blockchain networks. HiBit recently completed a $5 million financing round, and the funds will be used to improve its ecosystem, focusing on developing Layer 2 infrastructure, DEX, cross-chain technology, and AI Agent economy.

The TON DeFi locked volume reached 170.3 million dollars, an increase of 14.99% compared to last week.

Solana ecosystem

Pump.fun has launched its native DEX PumpSwap, which poses strong competition to Raydium. PumpSwap adopts a constant product market maker model, featuring advantages such as instant migration and zero migration fees. Within a week of its launch, PumpSwap captured 21% of the Solana DEX market share, with a volume of 1.5 billion USD, processing over 14 million transactions.

The total locked value of Solana DeFi is $680.9 million, a slight decrease of 0.24% compared to last week.