A weekly review of the crypto market (420-4.30): Micro-strategy increased its holdings of BTC by 600 million, and PumpSwap recorded 1.5 billion trading volume in a week
Reprinted from panewslab
03/31/2025·1MA. Market view,
1. Macro liquidity
- Money liquidity improves. In the past few weeks, the U.S. stock market has experienced one of the fastest adjustments since the epidemic. Currently, the softening of US reciprocal tariff expectations has boosted market sentiment. The bottom signal of US stocks has emerged, but it has not yet been fully implemented. The crypto market followed the US stock market's volatile rebound.
2. The whole market
Top 300 market value increase list:
- BTC rebounded volatilely this week, and micro-strategy increased its position in BTC by US$600 million in the past week. The main market line revolves around the BSC chain and the SOL chain.
Top 5 gains
|
Increase
|
Top 5 losses
|
Decline
---|---|---|---
ZETA
|
60%
|
NTGL
|
60%
LAYER
|
60%
|
PI
|
30%
FARTCOIN
|
50%
|
PLUME
|
20%
MEW
|
40%
|
SATS
|
15%
BEAM
|
40%
|
XCN
|
10%
- SOL: Market maker JUMP has returned to the world, and OTC needs to be shipped in the near future.
- FORM: It is the BSC chain meme launch platform, and BSC chain launches a liquidity incentive plan with a total amount of US$100 million.
- HYPE: The on-chain exchange HYPE vault was suspected to be attacked by JELLYJELLY market maker, and HYPE centralized removal of the shelves and lost trust. Small coin contracts are easy to manipulate.
3. On-chain data
New demand inflows of BTC continue to weaken, most short-term investors are now in a loss-making state, and supply from long-term holders is starting to grow again. Currently, short-term holders hold 40% of their wealth, reaching a peak of 50% in early 2025. This peak is still significantly lower than in previous cycles, when the wealth held by new investors reached a peak of 70-90% at the cyclical peak, which may be related to the round of large institutional investors investing in ETFs.
Stablecoin market value has dropped sharply, and funds are safe-haven
Institutional funds regained optimism and broke the outflow for five consecutive weeks.
The long-term trend indicator MVRV-ZScore uses the total market cost as the basis to reflect the overall market profit status. When the indicator is greater than 6, it is the top range; when the indicator is less than 2, it is the bottom range. MVRV fell below key level 1, and holders were generally in a loss state. The current indicator is 2.0, approaching the middle of the market.
4. Futures Quotes
Futures long-short ratio: 1.1, market sentiment is normal. Retail investors' sentiment is mostly reverse indicators, with fear below 0.7 and greedy above 2.0. The long-short ratio data fluctuates greatly, and the reference significance is weakened.
Futures Position: BTC Position fell slightly this week, and the market lacked market conditions.
Futures Fund Rate: The weekly rate is 0.01% low. The fee rate is 0.05-0.1%, with more long leverage, which is the short-term top of the market; the fee rate is -0.1-0%, with more short leverage, which is the short-term bottom of the market.
5. Spot market
BTC rebounded volatilely this week. The market volatility has dropped sharply, which is a period of recovery from sideways fluctuations after a plunge. The market is at a respite, and the exchange accelerates the entry of VC coins.
B. Public chain ecology
1. BTC Ecology
Strategy continues to increase its holdings of nearly 7,000 Bitcoins, and its latest perpetual preferred stock STRF is listed on the Nasdaq, demonstrating its strategic determination to continue to maximize its Bitcoin holdings.
Strategy founder Michael Saylor disclosed on the X platform that the company has increased its holdings of 6,911 bitcoins at an average price of about US$84,529 from March 17 to March 23, with a total investment of approximately US$584.1 million, and a BTC yield of 7.7% year-to-date. As of March 23, 2025, the total amount of Bitcoin held by Strategy has reached 506,137, with a cumulative purchase cost of approximately US$33.7 billion, and an average holding cost of US$66,608.
On March 26, Strategy's Strife Perpetual Preferred Stock (STRF) was officially traded on Nasdaq, with financing scale rising from the original $500 million to $722.5 million, and a 10% annualized fixed dividend was set.
The STRF is designed as a high-yield bond asset, with its core goal of directing as much money as possible to Bitcoin investment. As a debt-based instrument, STRF operates in the form of dividends rather than relying on returns on capital appreciation. The launch of this product further demonstrates Strategy's strategic determination to continue to maximize Bitcoin holdings in any market environment.
2. ETH ecology
Ethereum Pectra upgrade has been successfully launched on the new Hoodi test network, and the introduction of EIP-7702 will enable multi-currency payment of gas fees
The Ethereum Pectra upgrade has been successfully launched on the new Hoodi test network. The launch of the Hoodi test network was conducted after previous Holesky and Sepolia test networks encountered problems, aiming to ensure that developers can fully test features such as validator exit. Currently, the Hoodi test network is being closely monitored to ensure the stability and reliability of the upgrade and prepare for subsequent mainnet deployments.
The Pectra upgrade is designed to solve several challenges facing the Ethereum network. One of the changes is the addition of smart contract capabilities to the wallet, allowing wallet software developers to build new convenience features such as the ability to pay transaction fees in cryptocurrencies other than ETH.
Ethereum developers previously agreed that if everything goes well on Wednesday, Pectra will be monitored for about 30 days and then eventually enable it on the Ethereum mainnet.
Celo successfully migrated to Ethereum Layer 2 network, and the Ethereum network continues to expand.
Celo, an 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 finally adopted Optimism's OP Stack technology. The upgrade aims to improve Celo's security, scalability and interoperability with the Ethereum ecosystem. After the migration, Celo's block generation time was greatly shortened from 5 seconds to 1 second, and the transaction speed was significantly improved. Meanwhile, Celo will continue to keep its ultra-low transaction fees below one cent.
For users, migration means faster transaction confirmation and lower costs. In addition, Celo now has native Ethereum bridge function, reducing dependence on third-party bridges and improving security.
Developers will also benefit from this upgrade, and they can build applications on Celo more easily, because Celo is now fully compatible with Ethereum Virtual Machine (EVM) and can easily use Ethereum’s development tools and resources.
Marek Olszewski, CEO and co-founder of cLabs, said the migration was Celo's "journey home" that combines Ethereum's powerful network with Celo's speed and economy. Ethereum co-founder Vitalik Buterin also welcomed Celo's joining.
Data TVL is 46.288b, up 1.53% from last week.
3. TON Ecology
The full-chain compatibility of HiBit DEX logs into the TON ecosystem and is expected to play an important role in connecting the TON ecosystem with other blockchain networks.
On March 24, 2025, Hibit announced the completion of a new round of US$5 million financing. This round of financing will be used to further improve the Hibit ecosystem, focusing on promoting Layer 2 infrastructure construction, Hibit DEX development, cross-chain interoperability technology optimization, and the in-depth layout of the AI Agent economy.
As the first core application of the Hibit Layer 2 ecosystem, Hibit DEX combines the advantages of centralized exchanges (CEX) and decentralized exchanges (DEX) to achieve efficient trading experiences at the millions of TPS levels and enables permissionless token issuance. At the same time, Hibit DEX also deeply integrates the AI Agent economy and the Meme community to provide users with a richer trading ecosystem.
Relying on Hibit Layer 2's cross-chain interoperability capabilities, the DEX is expected to play a key role in connecting the TON ecosystem with other blockchain networks. This capability can not only attract users and liquidity outside the TON ecosystem, but also conform to the market's growing demand for seamless cross-chain assets and data transmission, making interoperability solutions more strategically valuable. As a trading hub that supports multi-chain interaction, Hibit DEX has the potential to become a bridge for TON ecosystem users to enter other blockchain networks, and also provides other on-chain users with convenient TON ecosystem access, thereby promoting the growth of transaction volume and network activity of Hibit and TON ecosystems.
Data TON DeFi locked volume was 170.3m, up 14.99%.
(Data source: https://defilama.com/chain/TON?groupBy=daily)
4. SOL Ecology
Pump.fun launches its native DEX PumpSwap to further compress Raydium living space.
On March 21, 2025, Pump.fun officially announced the launch of its decentralized exchange (DEX) - PumpSwap, marking the platform's advance from a single token issuance platform to a comprehensive platform integrating token issuance and trading.
PumpSwap uses a constant product market maker (AMM) model and operates similar to Raydium V4 and Uniswap V2. PumpSwap has features and functions such as instant migration, 0 migration fees (formerly 6 SOL), stronger liquidity, and creator revenue sharing. After that, a certain percentage of the agreement revenue will be shared with the token creator. Each transaction on PumpSwap is charged a 0.25% handling fee, of which 0.20% is given to liquidity providers and 0.05% is assigned to the agreement, but the fee allocation will change after the creator revenue sharing function is launched.
After its launch, PumpSwap quickly gained market recognition and occupied 21% of the Solana Eco-DEX market in just one week, with trading volumes of up to US$1.5 billion. This breakthrough allowed the meme coins to be seamlessly moved to PumpSwap for trading, further strengthening Pump.fun's dominance in the meme coins trading field and creating strong competition for Raydium. In just one week, PumpSwap processed more than 14 million transactions, with a cumulative transaction fee income of US$3.03 million.
Previously, Raydium announced plans to launch the Meme coin issuance platform LaunchLab, which is generally regarded by the market as a response to the Pump.fun self-built AMM ecosystem. However, if Raydium fails to launch LaunchLab in time and forms a competitive advantage in token issuance and trading experience, its market share may be further compressed, and even affects its long-term survival space in the Solana ecosystem.
DeFi data: TVL 6.809b, down 0.24% from last week.
