Crypto Market Weekly Report: MicroStrategy Increases Bitcoin Holdings, PumpSwap Volume Soars

Macroeconomic Market Overview

Recently, the US stock market has experienced the most severe adjustment since the pandemic. Currently, the expectation of relaxed tariffs in the United States has boosted market sentiment, and signs of a bottom in the US stock market are beginning to emerge, but they have not yet been fully established. The crypto market has followed the US stock market with a volatile rebound.

Market Review

This week, Bitcoin has rebounded with fluctuations, and a certain company has increased its holdings of Bitcoin by 600 million dollars in the past week. The main focus of the market revolves around the BSC chain and the SOL chain.

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%)

In terms of SOL, a certain market maker has become active again, and there is recent demand for over-the-counter transactions.

FORM is a meme launch platform on the BSC chain, and the BSC chain has launched a liquidity incentive plan with a total amount of 100 million USD.

The HYPE blockchain exchange's treasury was attacked, forcing centralization and delisting for processing, resulting in a loss of trust. Low market cap token contracts are easily manipulated.

On-chain Data Analysis

The new demand for Bitcoin continues to weaken, with most short-term investors in a state of loss, while the supply of long-term holders begins to increase. Currently, short-term holders account for 40% of wealth, down from a peak of 50% at the beginning of 2025, and far below the historical levels of 70-90%, which may be related to institutional investors' participation in ETFs.

The market value of stablecoins has significantly decreased, indicating a risk-averse sentiment among investors. Institutional funds have regained optimism, ending a consecutive five-week outflow of funds.

The MVRV-Z Score indicator is at 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

The long-short ratio is 1.1, indicating normal market sentiment. The open interest has slightly decreased, showing a lack of direction in the market. The funding rate is 0.01%, which is at a relatively low level.

Spot Market

Bitcoin has rebounded this week after fluctuations. Market volatility has significantly decreased, entering a consolidation recovery period after the sharp decline. Exchanges are accelerating the listing of venture capital-supported tokens.

Public Chain Ecosystem Development

BTC ecosystem

A certain company continues to increase its holdings of nearly 7,000 Bitcoins, with its newly launched perpetual preferred stock listed for trading on NASDAQ, demonstrating its strategic commitment to maximizing Bitcoin holdings.

ETH ecosystem

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

Celo has successfully migrated to the Ethereum Layer 2 network, adopting OP Stack technology. This upgrade enhances Celo's security, scalability, and interoperability, reducing block generation time from 5 seconds to 1 second.

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

TON ecosystem

HiBit DEX, fully compatible with the entire chain, has launched in the TON ecosystem, aiming to connect TON with other blockchain networks. HiBit has completed a $5 million financing, which will be used for Layer 2 infrastructure, DEX development, and more.

TON DeFi locked volume 170.3m, up 14.99%.

SOL ecosystem

Pump.fun launched the native DEX PumpSwap, capturing 21% of the Solana ecosystem DEX market within a week, with a volume of 1.5 billion USD. PumpSwap processed over 14 million transactions, generating a fee income of 3.03 million USD.

The SOL ecosystem TVL is 6.809b, a slight decrease of 0.24% compared to last week.