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

Market Overview

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. As expectations for reciprocal tariffs in the US have softened, market sentiment has improved, and signs of a bottom in the US stock market are beginning to appear. The crypto market has followed the US stock market's oscillating rebound closely.

This week, Bitcoin fluctuated and rebounded, with MicroStrategy increasing its holdings of Bitcoin by 600 million USD in the past week. The market's main focus revolves around the BSC chain and SOL chain.

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

It is worth noting that large market makers are becoming active on the SOL chain, and there may be over-the-counter trading demand in the near future. The BSC chain has launched a liquidity incentive program totaling $100 million, and FORM benefits as its meme launch platform. On the other hand, the on-chain exchange HYPE was forced to delist due to an attack, losing user trust.

On-chain data analysis

The new demand inflow for Bitcoin continues to weaken, with most short-term investors in a state of loss. The supply of long-term holders has started to increase again. Currently, short-term holders account for 40% of wealth, down from the peak of 50% at the beginning of 2025, and significantly lower than the peak levels of 70-90% in previous cycles, which may be related to the large institutional investment in ETFs this round.

The market value of stablecoins has significantly declined, indicating that funds are seeking safe havens. However, institutional funds have regained optimistic sentiment, breaking the continuous outflow of funds for 5 weeks.

The MVRV-Z Score indicator is currently at 2.0, close to the mid-level of the market. This indicator is in the top range when greater than 6 and in the bottom range when less than 2.

Futures Market

The futures long-short ratio is 1.1, which is at a normal level. The futures open interest has slightly decreased this week, reflecting a lack of clear direction in the market. The funding rate remains low at 0.01%, indicating that the overall market is relatively calm.

Public Chain Ecosystem Development

Bitcoin ecosystem

A certain company continues to increase its holdings by nearly 7,000 Bitcoins and has launched perpetual preferred shares for trading on Nasdaq, demonstrating its strategic determination to maximize its Bitcoin holdings. As of March 23, the total amount of Bitcoins held by the company has reached 506,137 coins, with a cumulative purchase cost of approximately 33.7 billion dollars and an average holding cost of 66,608 dollars.

Ethereum ecosystem

The Ethereum Pectra upgrade has successfully launched on the new Hoodi testnet. This upgrade will add smart contract functionality to wallets, allowing transaction fees to be paid in cryptocurrencies other than ETH.

Celo has successfully migrated to the Ethereum Layer 2 network, adopting Optimism's OP Stack technology. This migration enhances Celo's security, scalability, and interoperability with the Ethereum ecosystem.

Ethereum ecosystem TVL reached 46.288 billion USD, an increase of 1.53% compared to last week.

TON ecosystem

The fully chain-compatible HiBit DEX has launched into the TON ecosystem and is expected to play an important role in connecting the TON ecosystem with other blockchain networks. HiBit DEX combines the advantages of both CEX and DEX, aiming to achieve an efficient trading experience at the level of millions of TPS.

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

Solana ecosystem

Pump.fun has launched its native DEX PumpSwap, further squeezing the survival space of Raydium. Within a week of its launch, PumpSwap has captured 21% of the Solana ecosystem DEX market, with a volume of up to $1.5 billion.

The total locked value of the Solana ecosystem DeFi is 6.809 billion USD, a slight decrease of 0.24% compared to last week.