Crypto Market Weekly Overview (4.20—4.30)

Market Perspectives

macro liquidity

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. The softening expectations of reciprocal tariffs in the US have boosted market sentiment, and the bottom signals of the US stock market have already emerged, but have not yet been fully established. The crypto market has rebounded following the fluctuations of the US stock market.

all market trends

This week, Bitcoin has fluctuated and rebounded. A certain company has increased its holdings of Bitcoin worth $600 million in the past week. The market mainly revolves around the BSC chain and the Solana chain.

The top 5 tokens by increase are ZETA(60%), LAYER(60%), FARTCOIN(50%), MEW(40%), and BEAM(40%).

The top 5 tokens with the largest decline are NTGL(60%), PI(30%), PLUME(20%), SATS(15%), and XCN(10%).

On the Solana chain, a certain market maker has become active again, and there is recent demand for over-the-counter trading.

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

The vault of a certain on-chain exchange is suspected to have been attacked by a market maker, and the exchange has taken centralized delisting measures, losing user trust. Low market cap 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 starting to grow again. Currently, short-term holders possess 40% of the wealth, reaching a peak of 50% by early 2025. This peak is still significantly lower than in previous cycles, when the wealth held by new investors peaked at 70-90%, possibly related to this round of large institutional investors investing in ETFs.

The market value of stablecoins has significantly decreased, leading to a flight to safety.

Institutional funds have regained optimistic sentiment, breaking a continuous five-week outflow situation.

The long-term trend indicator MVRV-ZScore is currently at 2.0, close to the midpoint of the market. When this indicator is greater than 6, it is in the top range; when it is less than 2, it is in the bottom range. If MVRV falls below the critical level of 1, holders are generally in a state of loss.

futures market

The futures long-short ratio is 1.1, indicating normal market sentiment. Retail investor sentiment often serves as a contrarian indicator, with below 0.7 indicating fear and above 2.0 indicating greed. The long-short ratio data fluctuates significantly, making its reference value limited.

This week, the Bitcoin futures open interest has slightly decreased, and the market lacks movement.

This week's funding rate is 0.01%, which is relatively low. A rate between 0.05-0.1% indicates that there is more long leverage, which may suggest a short-term market top; a rate between -0.1% and 0% indicates that there is more short leverage, which may suggest a short-term market bottom.

spot market

Bitcoin rebounded this week amid fluctuations. The market's volatility has significantly decreased, entering a consolidation phase after the sharp decline. The market has welcomed a breather, with exchanges accelerating the launch of some tokens.

Public Chain Ecosystem

BTC ecosystem

A certain company continues to increase its holdings of nearly 7,000 bitcoins, and its newly launched perpetual preferred shares are listed on Nasdaq, demonstrating its strategic determination to maximize bitcoin holdings.

The company's founder disclosed on social media that the company increased its holdings by 6,911 bitcoins at an average price of about $84,529 from March 17 to March 23, with a total investment of approximately $584.1 million. The year-to-date return on bitcoin is 7.7%. As of March 23, 2025, the total amount of bitcoins held by the company has reached 506,137, with a cumulative purchase cost of about $33.7 billion and an average holding cost of $66,608.

On March 26, the company's perpetual preferred shares officially began trading on Nasdaq, with the financing scale adjusted from the original 500 million dollars to 722.5 million dollars, and a fixed annual dividend of 10% set.

This product is designed as a high-yield bond-type asset, with the core goal of directing as much capital as possible into Bitcoin investments. As a debt instrument, this product operates in the form of dividends rather than relying on capital appreciation returns. The launch of this product further demonstrates the company's strategic determination to continuously maximize Bitcoin holdings in any market environment.

ETH ecosystem

The Ethereum Pectra upgrade has 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 conducted after encountering issues with the previous Holesky and Sepolia testnets, aiming to ensure that developers can fully test features such as validator exits. Currently, the Hoodi testnet is under close monitoring to ensure the stability and reliability of the upgrade, in preparation for the subsequent mainnet deployment.

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

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

Celo successfully migrated to the Ethereum Layer 2 network, and the Ethereum network continues to expand.

Celo, an independent Layer 1 blockchain launched in 2020, has officially completed its migration to the Ethereum Layer 2 network on March 26. This migration took nearly two years and ultimately adopted Optimism's OP Stack technology. The upgrade aims to enhance Celo's security, scalability, and interoperability with the Ethereum ecosystem. After the migration, Celo's block generation time has been significantly reduced from 5 seconds to 1 second, and transaction speeds have improved notably. At the same time, Celo 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, Celo 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 Celo, because Celo is now fully compatible with the Ethereum Virtual Machine (EVM), allowing for convenient use of Ethereum's development tools and resources.

The CEO and co-founder of a certain company stated that this migration is Celo's "homecoming journey," combining the powerful network of Ethereum with Celo's speed and cost-effectiveness. The co-founder of Ethereum also welcomed Celo's addition.

The data shows that the TVL is 46.288b, an increase of 1.53% compared to last week.

TON ecosystem

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

On March 24, 2025, a certain project announced the completion of a new round of $5 million in financing. This round of financing will be used to further improve the ecosystem, focusing on advancing Layer 2 infrastructure development, DEX development, optimizing cross-chain interoperability technology, and deeply laying out the AI Agent economy.

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

Relying on the cross-chain interoperability capabilities of Layer 2, this 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 from outside the TON ecosystem but also responds to the growing market demand for seamless transmission of cross-chain assets and data, making interoperability solutions strategically valuable. As a trading hub supporting multi-chain interactions, this DEX has the potential to become a bridge for TON ecosystem users to enter other blockchain networks, while also providing a convenient access route to the TON ecosystem for users on other chains, thereby promoting increased trading volume and network activity.

Data shows that the TON DeFi locked value is 170.3m, up 14.99%.

SOL ecosystem

A certain platform launched its native DEX, further compressing the survival space of competitors.

On March 21, 2025, a certain 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 token issuance and trading.

This DEX adopts a constant product market maker ( AMM ) model, operating similarly to other well-known DEXs. This DEX features instant migration, 0 migration fees ( originally 6 SOL ), stronger liquidity, creator revenue sharing, and other characteristics and functionalities. Subsequently, a certain percentage of the protocol's revenue will be shared with the token creators. Each transaction on this DEX incurs a fee of 0.25%, of which 0.20% goes to liquidity providers, and 0.05% is allocated to the protocol, but after the creator revenue sharing feature is launched, the fee distribution will change.

After the launch of the DEX, it quickly gained market recognition, capturing 21% of the Solana ecosystem DEX market share within just one week, with a trading volume of up to $1.5 billion. This breakthrough allows meme coins to seamlessly migrate to the DEX for trading, further consolidating the platform's dominant position in the meme coin trading space and creating strong competition for rivals. In just one week, the DEX processed over 14 million transactions, with total trading fee revenue reaching $3.03 million.

Previously, a competitor announced plans to launch a Meme coin issuance platform, which was widely regarded by the market as a response to the platform's self-built AMM ecosystem. However, if the competitor fails to launch the relevant products 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.

DeFi Data: TVL is 6.809b, down 0.24% from last week.

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