Crypto Market Weekly Report: MicroStrategy Adds $600 Million Bitcoin Investment, PumpSwap Rises Rapidly

macro environment

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. The relaxation of expectations for reciprocal tariffs in the United States has boosted market sentiment, and initial signs of a bottom in the US stock market have emerged. The crypto market has subsequently rebounded with fluctuations.

Market Overview

This week, Bitcoin has fluctuated and rebounded, with a well-known company adding $600 million in Bitcoin investment. The market focus is on the BSC and Solana ecosystems.

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

It is worth noting that:

• SOL: A well-known market maker returns to the market, and there is recent demand for over-the-counter trading.
• FORM: As a meme token issuance platform on the BSC chain, the BSC chain has launched a liquidity incentive program with a total amount of 100 million USD.
• HYPE: A certain on-chain exchange was forced to delist due to suspected attacks from market makers, losing user trust. This reflects the risk that low market cap token contracts are easily manipulated.

on-chain data analysis

The demand for Bitcoin continues to weaken, with most short-term investors in a state of loss, and the supply from long-term holders starting to increase. Currently, short-term holders account for 40% of wealth, down from a peak of 50% at the beginning of 2025. Compared to previous periods, this peak is significantly lower than the 70-90% levels seen in earlier bull markets, possibly related to the participation of large institutional investors in ETFs during this round.

The market value of stablecoins has significantly shrunk, reflecting a trend of funds seeking safety.

Institutional funds have regained optimistic sentiment, breaking the continuous outflow trend of funds for five consecutive weeks.

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

derivatives market

The futures long-short ratio is 1.1, and market sentiment is at a normal level. The open interest has slightly decreased, reflecting relatively light trading in the market. The funding rate remains at a low level of 0.01%.

spot market

Bitcoin rebounded this week amidst fluctuations. Market volatility has significantly decreased, entering a consolidation phase after the sharp decline. Exchanges are accelerating the launch of project tokens supported by VC.

public chain ecosystem development

Bitcoin生态

A well-known company continues to increase its holdings by nearly 7,000 Bitcoins and has launched perpetual preferred stock STRF for trading on Nasdaq, showcasing its strategic determination to continuously expand its Bitcoin holdings.

Ethereum ecosystem

The Ethereum Pectra upgrade successfully launched on the new Hoodi test network. The introduction of EIP-7702 will enable multi-coin payment of gas fees.

Celo has completed the migration to the Ethereum Layer 2 network, utilizing OP Stack technology. This move enhances Celo's security, scalability, and interoperability while maintaining its ultra-low transaction fees.

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

TON ecosystem

The HiBit DEX, which supports full-chain compatibility, has logged into the TON ecosystem and is expected to play an important role in connecting TON with other blockchain networks.

The TON DeFi locked amount is 170.3m, an increase of 14.99%.

Solana ecosystem

Pump.fun has launched its native DEX PumpSwap, forming strong competition against Raydium. Within a week of its launch, PumpSwap captured 21% of the Solana DEX market share, with a trading volume of 1.5 billion dollars.

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