The crypto market is experiencing a rebound with increased BTC holdings and the continuous development of public chain ecosystems.

2025-07-06 08:43:39

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Crypto Market Weekly Review (4.20—4.30)

Macroeconomic Liquidity and Market Conditions

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. Expectations for a moderation in US tariff policies have boosted market sentiment, and initial bottom signals for the US stock market have emerged, but have not yet been fully established. The crypto market has followed the US stock market with a volatile rebound.

This week, Bitcoin has fluctuated and rebounded, with a certain company increasing its holdings of Bitcoin worth $600 million over the past week. The market is mainly focused on the developments of the BSC chain and the SOL chain.

The top five cryptocurrencies with the largest increase are ZETA, LAYER, FARTCOIN, MEW, and BEAM, with an increase of between 40% and 60%. The top five cryptocurrencies with the largest decrease are NTGL, PI, PLUME, SATS, and XCN, with a decrease of between 10% and 60%.

It is worth noting that a certain market maker on the SOL chain has become active again, with recent demand for over-the-counter trading. FORM is a meme coin launch platform on the BSC chain, which has launched a liquidity incentive program totaling $100 million. The HYPE exchange has lost trust due to suspected market maker attacks, indicating that small-cap contracts are easily manipulated.

On-chain Data Analysis

The new demand for Bitcoin continues to weaken, and most short-term investors are in a state of loss. The supply of long-term holders is starting to increase. Currently, short-term holders hold 40% of the wealth, down from the peak of 50% at the beginning of 2025, and also significantly lower than the previous cycles' highs of 70-90%, which may be related to the large investments by institutional investors in ETFs.

The market value of stablecoins has significantly decreased, indicating a trend towards risk aversion. Institutional funds have regained optimistic sentiment, ending five consecutive weeks of outflows.

The MVRV-ZScore indicator is currently at 2.0, close to the midpoint of the market. This indicator is in the upper range when it is greater than 6, and in the lower range when it is less than 2.

Futures and Spot Market

The futures long-short ratio is 1.1, and market sentiment is normal. This week, Bitcoin futures open interest has slightly decreased, indicating a lack of clear direction in the market. The futures funding rate remains at a low level of 0.01%.

The Bitcoin spot market has rebounded this week amidst 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 Development

BTC ecosystem

A certain company continues to increase its holdings of nearly 7,000 bitcoins and has launched perpetual preferred shares listed on NASDAQ, demonstrating its strategic determination to maximize its bitcoin holdings. As of March 23, the total amount of bitcoins held by the company has reached 506,137, with a cumulative purchase cost of approximately $33.7 billion and an average holding cost of $66,608.

ETH ecosystem

The Ethereum Pectra upgrade has successfully launched on the new Hoodi testnet. This upgrade introduces EIP-7702, which will enable multi-currency payment of gas fees. If the testing goes smoothly, Pectra is expected to go live on the Ethereum mainnet in about 30 days.

Celo has successfully migrated to the Ethereum Layer 2 network, utilizing Optimism's OP Stack technology. After the migration, Celo's block generation time has been reduced from 5 seconds to 1 second, significantly increasing transaction speed while maintaining an ultra-low transaction fee of less than one cent.

The total locked value (TVL) of the ETH ecosystem is (, reaching 46.288b, an increase of 1.53% compared to last week.

![Crypto market weekly overview (4.20—4.30): MicroStrategy adds 600 million to BTC, PumpSwap records 1.5 billion in trading volume])https://img-cdn.gateio.im/webp-social/moments-efc6e175c719655ddcc7197ec5595203.webp(

) TON ecosystem

The fully chain-compatible HiBit DEX has launched in the TON ecosystem and is expected to play an important role in connecting the TON ecosystem with other blockchain networks. HiBit DEX combines the advantages of centralized and decentralized exchanges, aiming to achieve an efficient trading experience at millions of TPS.

The TON DeFi locked amount reached 170.3m, an increase of 14.99% compared to last week.

![Crypto market weekly overview (4.20—4.30): MicroStrategy adds 600 million in BTC, PumpSwap records 1.5 billion in trading volume this week]###https://img-cdn.gateio.im/webp-social/moments-e4e7364b5543adf8e2788b79df9edc02.webp(

) SOL ecosystem

Pump.fun has launched its native DEX PumpSwap, further compressing the market space of Raydium. Within a week of its launch, PumpSwap captured 21% of the Solana ecosystem's DEX market, with a trading volume of up to $1.5 billion. PumpSwap handled over 14 million transactions, accumulating a total fee revenue of $3.03 million.

The total locked value of the SOL ecosystem DeFi is 6.809b, a slight decrease of 0.24% compared to last week.

![Crypto market weekly overview (4.20—4.30): MicroStrategy adds 600 million in BTC, PumpSwap records 1.5 billion in trading volume this week])https://img-cdn.gateio.im/webp-social/moments-9fc5db44fb1e7ddd1d60c752c9186671.webp(

BTC-0.53%

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