Crypto Market Weekly Review: BTC Fluctuates and Rebounds, PumpSwap Records Huge Volume This Week

Market View

Macroeconomic Liquidity

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. Currently, expectations for US tariff parity have eased, boosting market sentiment, and signs of a bottom in the US stock market have appeared, although they have not been fully established. The crypto market has followed the US stock market's fluctuations and rebound.

All Market Trends

This week, Bitcoin fluctuated and rebounded, with a certain company increasing its holdings of Bitcoin by 600 million USD in the past week. The market mainly revolves around the BSC chain and SOL chain.

Top 5 gains: ZETA (60%), LAYER (60%), FARTCOIN (50%), MEW (40%), BEAM (40%) Top 5 Declines: NTGL (60%), PI (30%), PLUME (20%), SATS (15%), XCN (10%)

SOL: A certain market maker has become active again, and there is recent demand for over-the-counter trading.

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

HYPE: The on-chain exchange HYPE's treasury suffered a suspected market maker attack, leading to a trust loss due to HYPE's centralized delisting measures. Small token contracts are easily manipulated.

on-chain data

The new demand inflow for Bitcoin continues to weaken, with most short-term investors currently in a state of loss, while the supply from long-term holders is beginning to grow again. Currently, short-term holders possess 40% of the wealth, down from a peak of 50% at the beginning of 2025. This figure is still significantly lower than in previous cycles, when new investors held 70-90% of the wealth at cycle peaks, possibly related to the large institutional investments in this round through ETFs.

The market capitalization of stablecoins has significantly declined, indicating a risk-averse sentiment among investors.

Institutional funds have regained an optimistic attitude, ending five consecutive weeks of outflows.

The current MVRV-Z Score indicator is 2.0, approaching the mid-level of the market. When this indicator is greater than 6, it indicates that the market is in the top area; when it is less than 2, it is in the bottom area. If MVRV falls below the key level of 1, it indicates that holders are generally in a state of loss.

futures market

The futures long-short ratio is 1.1, indicating normal market sentiment. Retail sentiment is usually considered a contrarian indicator; below 0.7 indicates fear, and above 2.0 indicates greed. Recently, the long-short ratio data has fluctuated significantly, reducing its reference significance.

This week, the open interest of Bitcoin futures has slightly decreased, reflecting the market's lack of clear direction.

The futures funding rate remains at a relatively low level of 0.01% this week. Typically, when the rate is between 0.05-0.1%, it indicates high long leverage, which may signal a short-term market top; when the rate is between -0.1% and 0%, it indicates high short leverage, which may signal a short-term market bottom.

spot market

Bitcoin has experienced a rebound this week. Market volatility has significantly decreased, entering a stage of sideways consolidation and recovery after a sharp decline. The market is seeing a breather, and exchanges are accelerating the launch of venture capital-supported tokens.

Public Chain Ecosystem

BTC ecosystem

A certain company continues to increase its holdings of nearly 7,000 BTC, with its newly launched perpetual preferred stock being traded on Nasdaq, demonstrating its strategic determination to maximize its Bitcoin holdings.

The company's founder disclosed on social media that from March 17 to 23, the company purchased an additional 6,911 BTC at an average price of approximately $84,529, totaling an investment of about $584.1 million. Since the beginning of this year, the return on BTC has been 7.7%. As of March 23, the total amount of BTC held by the company reached 506,137, with a cumulative acquisition cost of about $33.7 billion and an average holding cost of $66,608.

On March 26, the company's perpetual preferred stock 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 is designed as a high-yield bond-like asset, with the core goal of directing as much capital as possible into BTC investments. As a debt instrument, this product operates in the form of dividends rather than relying on capital appreciation returns. Its launch further demonstrates the company's strategic commitment to continuously maximizing BTC holdings in any market environment.

ETH ecosystem

The Ethereum Pectra upgrade has been successfully launched on the new Hoodi testnet, and 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 thoroughly test functions such as validator exits. Currently, the Hoodi testnet is under close monitoring to ensure the stability and reliability of the upgrade, preparing for the subsequent mainnet deployment.

The Pectra upgrade aims to address several challenges faced by the Ethereum network. One change 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 in cryptocurrencies other than Ether (ETH).

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

A certain public chain has successfully migrated to the Ethereum Layer 2 network, and the Ethereum network continues to expand.

This independent Layer 1 blockchain, launched in 2020, officially completed its migration to the Ethereum Layer 2 network on March 26. The migration took nearly two years and ultimately adopted a certain technical solution. This upgrade aims to enhance the security, scalability, and interoperability of the public chain with the Ethereum ecosystem. After the migration, the block generation time of the public chain has been significantly reduced from 5 seconds to 1 second, and the transaction speed has improved remarkably. At the same time, the public chain will continue to maintain its ultra-low transaction fees of less than one cent.

For users, migration means faster transaction confirmations and lower costs. In addition, the public chain 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 more easily build applications on this public chain, which is now fully compatible with the Ethereum Virtual Machine (EVM) and can conveniently use Ethereum's development tools and resources.

The CEO of the public chain team stated that this migration is the "homecoming journey" of the public chain, which will combine the powerful network of Ethereum with the speed and cost-effectiveness of the public chain. The co-founder of Ethereum also welcomed the addition of the public chain.

Data TVL 46.288b, an increase of 1.53% compared to last week.

TON ecosystem

A certain DEX with full chain compatibility has entered the TON ecosystem and is expected to play an important role in connecting the TON ecosystem with other blockchain networks.

On March 24, the DEX announced the completion of a new round of $5 million in financing. This round of financing will be used to further improve its ecosystem, focusing on advancing Layer 2 infrastructure construction, DEX development, cross-chain interoperability technology optimization, and the in-depth layout of the AI Agent economy.

As the first core application of the project's Layer 2 ecosystem, this DEX combines the advantages of centralized exchanges (CEX) and decentralized exchanges (DEX), aiming to achieve an efficient trading experience at millions of TPS level, while supporting permissionless token issuance. At the same time, this DEX also deeply integrates the AI Agent economy and Meme community, providing users with a richer trading ecosystem.

Relying on its Layer 2 cross-chain interoperability capabilities, 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 beyond 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. As a trading hub supporting multi-chain interaction, this DEX has the potential to become a bridge for TON ecosystem users to enter other blockchain networks while also providing convenient access to the TON ecosystem for users from other chains, thereby promoting the growth of trading volume and network activity with the TON ecosystem.

The TON DeFi lock-up volume is 170.3m, an increase of 14.99%.

SOL ecosystem

A certain platform has launched its native DEX, further compressing the survival space of other DEXs.

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

This DEX adopts a constant product automated market maker (AMM) model, operating similarly to other well-known DEXs. The DEX features instant migration, 0 migration fees (previously 6 SOL), stronger liquidity, and creator profit sharing. Afterward, a certain percentage of the protocol revenue will be shared with token creators. Each transaction on the DEX incurs a 0.25% fee, of which 0.20% goes to liquidity providers and 0.05% is allocated to the protocol; however, after the creator profit sharing feature goes live, the fee distribution will change.

The DEX quickly gained market recognition after its launch, capturing 21% of the Solana ecosystem DEX market share within just one week, with a volume reaching 1.5 billion USD. This breakthrough allows meme coins to seamlessly migrate to this DEX for trading, further consolidating the platform's dominant position in the meme coin trading field and creating strong competition for other DEXs. In just one week, the DEX processed over 14 million transactions, with a cumulative trading fee revenue of 3.03 million USD.

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

Solana DeFi data: TVL 6.809b, down 0.24% from last week.

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