Crypto Market Weekly Report ( 4.20-4.30): MicroStrategy increased its holding of 600 million Bitcoin, PumpSwap's weekly volume reached 1.5 billion.

Macro Market

Recently, the US stock market has experienced one of the most severe adjustments since the COVID-19 pandemic. Currently, the expectations for US tariffs have eased, boosting market sentiment, and signs of stabilization have appeared in the US stock market, but a comprehensive confirmation of the bottom has not yet been established. The crypto market has followed the fluctuations of the US stock market and rebounded.

Overall Market Trends

This week, Bitcoin has fluctuated and rebounded, with MicroStrategy increasing its holdings by 600 million USD in Bitcoin within a week. Market hotspots are focused on the BSC and Solana ecosystems.

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

• Solana: A certain market maker returns to the market, and there is recent demand for over-the-counter trading.
• FORM: A meme coin launch platform on the BSC chain, BSC has launched a $100 million liquidity incentive program.
• HYPE: The on-chain exchange HYPE's liquidity pool is suspected of being attacked by a certain market maker, leading HYPE to take centralized delisting measures and resulting in a loss of trust. Low market cap token contracts are easily manipulated.

On-chain data

The new demand for Bitcoin continues to weaken, with most short-term investors in a loss position, while the supply from long-term holders begins to increase. Currently, short-term holders account for 40% of total wealth, down from a peak of 50% at the beginning of 2025. Compared to the 70-90% peaks in previous cycles, this is significantly low, possibly related to this round of large institutional investment in ETFs.

The market value of stablecoins has significantly decreased, indicating a risk-averse sentiment in the capital.

Institutional funds regain optimism, breaking the trend of outflows for five consecutive weeks.

The MVRV-Z Score indicator is 2.0, close to the midpoint 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

• Long/Short Ratio: 1.1, market sentiment is normal.
• Open interest: This week, the Bitcoin open interest has slightly decreased, and the market lacks a clear direction.
• Funding rate: This week's rate is 0.01%, which is relatively low.

Spot Market

Bitcoin rebounded this week with fluctuations. Market volatility has significantly decreased, entering a consolidation phase after the sharp decline. Exchanges are accelerating the launch of venture capital-backed tokens.

Public Chain Ecosystem

Bitcoin ecosystem

A certain technology company continues to increase its holdings of nearly 7,000 Bitcoins and has listed perpetual preferred stock STRF on Nasdaq, demonstrating its strategic determination to maximize its Bitcoin holdings.

Ethereum ecosystem

The Ethereum Pectra upgrade was successfully launched on the Hoodi testnet, and EIP-7702 will enable multi-coin payment of gas fees.

A certain mobile payment public chain has completed its migration to the Ethereum Layer 2 network, utilizing a certain technology stack. This upgrade aims to enhance security, scalability, and interoperability.

Ethereum TVL reaches 46.288b USD, up 1.53% from last week.

TON ecosystem

A certain DEX supporting full-chain interoperability has launched in the TON ecosystem and is expected to play an important role in connecting TON with other blockchains.

TON DeFi locked volume is 170.3m USD, up 14.99%.

Solana ecosystem

A certain platform has launched a native DEX, further squeezing the survival space of a certain DEX. The new DEX captured 21% of the Solana DEX market within a week of its launch, with a volume of 1.5 billion dollars.

Solana DeFi locked volume is 6.809 billion USD, down 0.24% from last week.