Crypto Market Weekly Report ( 4.20-4.30 ): Market warming up, PumpSwap rises prominently

Macroeconomic Environment and Market Overview

Recently, the crypto market has rebounded following the performance of the US stock market. The easing expectations around US tariff policies have boosted overall market sentiment. Although bottom signals have appeared in the US stock market, they have not yet been fully established. The crypto market, on the other hand, is showing a volatile upward trend.

This week, Bitcoin has fluctuated and rebounded, with a large institutional investor continuing to increase its holdings significantly. The main focus of the market is concentrated on the BSC and Solana ecosystems.

Notable cryptocurrency performance:

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

In the Solana ecosystem, a well-known market maker has returned to the market, and there is a recent demand for large over-the-counter trades.

On the BSC chain, FORM, as a popular meme token issuance platform, benefits from the $1 billion liquidity incentive program launched by the chain.

The HYPE exchange has encountered a suspected market maker attack, leading to the forced delisting and processing, which has resulted in a loss of trust. This reflects the risk that small-cap tokens can easily be 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 of long-term holders has started to increase again. Currently, short-term holders hold 40% of the wealth, down from a peak of 50% in early 2025. Compared to previous bull markets, this figure is still significantly low, possibly related to the participation of large institutional investors in ETF investments in this round.

The market capitalization of stablecoins has significantly declined, reflecting an increase in risk-aversion sentiment among investors.

Institutional funds have regained optimism, ending a continuous outflow of funds for five 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 is usually considered the market top area; when it is less than 2, it is regarded as the bottom area.

Futures Market Conditions

The futures long-short ratio is 1.1, which is at a normal level. Retail investor sentiment is often a contrarian indicator, with below 0.7 indicating panic and above 2.0 indicating excessive optimism.

The Bitcoin futures open interest has slightly decreased this week, reflecting a lack of clear direction in the market.

The funding rate remains at a low level of 0.01%. Typically, a rate between 0.05% and 0.1% indicates heavy long leverage, which is a short-term top signal for the market; a rate between -0.1% and 0% indicates heavy short leverage, often a short-term bottom signal for the market.

Spot Market Trends

Bitcoin has shown a fluctuating rebound trend this week. The market volatility has significantly decreased, entering a consolidation phase following a sharp decline. Taking advantage of this breather in the market, exchanges are accelerating the listing of venture capital-supported tokens.

Public Chain Ecosystem Development

Bitcoin ecosystem

A large institutional investor continues to increase its holdings by nearly 7,000 bitcoins. The company's newly launched perpetual preferred shares are listed and traded on Nasdaq, demonstrating its ongoing strategic commitment to maximizing its bitcoin holdings.

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 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-type asset, with the core goal of directing as much capital as possible into Bitcoin investments.

Ethereum ecosystem

The Ethereum Pectra upgrade has been successfully launched on the new Hoodi testnet. 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 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 conveniences, such as the ability to pay transaction fees with cryptocurrencies other than Ether (ETH).

Ethereum developers previously agreed that if everything goes smoothly on Wednesday, Pectra will undergo about 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, an independent Layer 1 blockchain launched in 2020, 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 has been significantly reduced from 5 seconds to 1 second, and transaction speeds have improved noticeably. At the same time, Celo will continue to maintain its ultra-low transaction fees of under one cent.

For users, migration means faster transaction confirmations and lower costs. In addition, Celo now has native Ethereum bridging capabilities, reducing dependence 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 shows that the total locked value in the Ethereum ecosystem is 46.288 billion USD, up 1.53% from last week.

( TON ecosystem

The HiBit DEX with full-chain compatibility 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 financing of 5 million USD. 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 exchange )CEX### and decentralized exchange (DEX), aiming to achieve an efficient trading experience at the level of millions of TPS 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 aligns with the growing market demand for seamless transfer of cross-chain assets and data, making interoperability solutions more strategically valuable.

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

( Solana ecosystem

A certain platform has launched its native DEX, further compressing the survival space of existing trading platforms.

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

The newly launched DEX uses a constant product market maker ) AMM ### model, operating similarly to existing mainstream DEXs. This DEX features instant migration, zero migration fees, stronger liquidity, and creator revenue sharing. Afterward, a certain percentage of protocol revenue will be shared with the token creators. A fee of 0.25% is charged for each transaction on this DEX, of which 0.20% goes to liquidity providers and 0.05% is allocated to the protocol; however, after the creator revenue sharing feature is launched, the fee distribution will change.

The new DEX quickly gained market recognition after its launch, 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 allows meme coins to seamlessly migrate to the new DEX for trading, further consolidating the platform's dominant position in the meme coin trading space and posing strong competition to existing DEXs. In just one week, the new DEX processed over 14 million transactions, accumulating trading fee revenue of $3.03 million.

Previously, existing DEX announced plans to launch a Meme coin issuance platform, which is generally seen by the market as a response to the platform's self-built AMM ecosystem. However, if the existing DEX fails to timely launch new products and establish a competitive advantage in token issuance and trading experience, its market share may further shrink, potentially affecting its long-term survival space in the Solana ecosystem.

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