Crypto Market Weekly Overview

Market Perspective

macro liquidity

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. The easing expectations of reciprocal tariffs have boosted market sentiment, and signs of a bottoming out in the US stock market have begun to emerge, although they are not yet fully confirmed. The crypto market has followed suit with a rebound in line with the fluctuations of the US stock market.

full market行情

Bitcoin has rebounded this week, with a well-known company increasing its holdings of Bitcoin worth $600 million in the past week. The market's main focus is on the BSC chain and the SOL chain.

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

It is worth noting that:

• SOL: A well-known market maker returns to the market, with recent demand for over-the-counter trading.
• FORM: As a meme token issuance platform on the BSC chain, the BSC chain has launched a liquidity incentive program with a total amount of 100 million USD.
• HYPE: The on-chain exchange HYPE has suffered a loss of trust due to a suspected attack on its treasury by a certain market maker, leading to a centralized delisting. Low market cap token contracts are easily manipulated.

on-chain data

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

The market value of stablecoins has significantly declined, reflecting a risk-averse sentiment among investors. However, institutional funds have regained an optimistic attitude, breaking a trend of capital outflows that lasted for five consecutive weeks.

The current MVRV-Z Score indicator is 2.0, close to the mid-level of the market. When this indicator is greater than 6, it typically indicates that the market is in the top range; when it is less than 2, it is in the bottom range. Currently, the MVRV has fallen below the key level of 1, indicating that holders are generally in a state of loss.

futures market

The futures long-short ratio is 1.1, reflecting normal market sentiment. Retail investor sentiment is often a contrary indicator; below 0.7 indicates panic, while above 2.0 indicates greed. However, the long-short ratio data can be quite volatile, reducing its reference significance.

This week, the Bitcoin futures open interest has slightly decreased, indicating a lack of clear direction in the market. The futures funding rate remains at a low level of 0.01%. Generally speaking, a rate between 0.05-0.1% indicates heavy long leverage, which may signal a short-term market top; a rate between -0.1% and 0% indicates heavy short leverage, which may signal a short-term market bottom.

Spot Market

Bitcoin has shown a volatile rebound this week. Market volatility has significantly decreased, entering a consolidation phase after the sharp decline. The market is experiencing a brief respite, and exchanges are accelerating the listing of venture capital-backed tokens.

Public Chain Ecosystem

BTC ecosystem

A well-known company continues to increase its holdings of nearly 7,000 Bitcoins, with its newly launched perpetual preferred shares listed on NASDAQ, demonstrating its strategic determination to maximize its Bitcoin holdings.

The company's founder disclosed on social media that the company has increased its holdings by 6,911 bitcoins at an average price of about $84,529 from March 17 to March 23, with a total investment of approximately $584.1 million. As of March 23, 2025, the total amount of bitcoins 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 to $722.5 million, and a fixed annual dividend set at 10%. This product aims to serve as a high-yield bond asset, with the core goal of directing as much capital as possible into Bitcoin investments.

ETH ecosystem

The Ethereum Pectra upgrade has been successfully launched on the new Hoodi testnet, introducing EIP-7702 which will enable multi-currency payment of gas fees. The launch of the Hoodi testnet follows issues encountered with the previous Holesky and Sepolia testnets, aimed at ensuring developers can fully test functionalities such as validator exits.

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 with cryptocurrencies other than Ether.

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

On the other hand, 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. After the upgrade, Celo's block generation time has been significantly reduced from 5 seconds to 1 second, and transaction speed has improved significantly. 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. Additionally, 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 build applications on Celo more easily now that Celo is fully compatible with the Ethereum Virtual Machine (EVM) and can conveniently use Ethereum's development tools and resources.

The ETH ecosystem TVL reached 46.288b, an increase of 1.53% compared to last week.

TON ecosystem

The HiBit DEX, which is fully chain-compatible, has launched within 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, aimed at further improving the Hibit ecosystem, with a focus on advancing Layer 2 infrastructure development, Hibit DEX growth, cross-chain interoperability technology optimization, and the deep layout of the AI Agent economy.

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 deeply integrates AI Agent economy and Meme community to provide 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 transfer of cross-chain assets and data.

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

SOL ecosystem

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

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 (AMM) model, operating similarly to the V4 version of a certain DEX and the V2 version of a well-known DEX. PumpSwap features instant migration, 0 migration fees, stronger liquidity, and creator revenue sharing, among other characteristics and functions. 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, once the creator revenue sharing feature is launched, the fee distribution will change.

PumpSwap quickly gained market recognition after its launch, capturing 21% of the Solana ecosystem DEX market share within just one week, with a trading volume reaching $1.5 billion. This breakthrough allowed meme coins to seamlessly migrate to PumpSwap for trading, further solidifying Pump.fun's dominant position in the meme coin trading sector. In just one week, PumpSwap processed over 14 million transactions, generating a total trading fee revenue of $3.03 million.

Previously, a certain DEX platform announced plans to launch a Meme coin issuance platform called LaunchLab, which was widely seen as a response to Pump.fun's self-built AMM ecosystem. However, if the platform fails to timely launch LaunchLab and establish a competitive advantage in token issuance and trading experience, its market share may be further compressed.

The TVL of the SOL ecosystem DeFi reached 6.809b, a decrease of 0.24% compared to last week.