Crypto Market Weekly Report: MicroStrategy Makes Big Move to Increase the Position in BTC, PumpSwap Rises Unexpectedly

Macroeconomic Liquidity

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. The expectation of the US easing tariffs has boosted market sentiment, showing signs of a rebound in the US stock market, but the overall recovery will still take time. The crypto market has risen in tandem with the fluctuations of the US stock market.

Overall Market Trends

This week, Bitcoin fluctuated and rebounded, while MicroStrategy continued to significantly increase its position. The market's main focus revolves around the BSC chain and the Solana chain.

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

On the Solana chain, a certain market maker has returned to the market, and there has been recent demand for over-the-counter trading.

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

A certain on-chain exchange's treasury is suspected of being attacked, forcing it to take down listings, resulting in a collapse of trust. Low market cap token contracts are easily manipulated.

On-chain data

Most short-term investors in BTC are in a loss position, while the supply of long-term holders is beginning to increase. Currently, short-term holders hold 40% of the wealth, down from a peak of 50% at the beginning of 2025. This peak is still significantly lower than the levels of 70-90% seen in previous cycles, which may be related to the large institutional investment in ETFs this round.

The market value of stablecoins has significantly decreased, reflecting a risk-averse sentiment among investors.

Institutional funds have regained optimism, ending five consecutive weeks of capital outflow.

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

Futures Market

The long-short ratio is 1.1, which is within the normal range.

The open interest in Bitcoin futures has slightly decreased, and the market lacks a clear direction.

The funding rate remains at a low of 0.01%. 0.05-0.1% indicates a short-term top signal, while -0.1-0% indicates a short-term bottom signal.

Spot Market

Bitcoin rebounded this week. The market volatility has significantly decreased, entering a consolidation phase after the sharp decline. Exchanges are accelerating the launch of some new project tokens.

Public Chain Ecosystem

BTC ecosystem

A certain company continues to increase the position of nearly 7000 BTC and has launched new perpetual preferred shares listed on NASDAQ, demonstrating its strategy to maximize Bitcoin holdings.

ETH ecosystem

The Ethereum Pectra upgrade has successfully launched on the Hoodi testnet. EIP-7702 will enable multi-currency payment of gas fees.

A certain public chain has completed its migration to the Ethereum Layer 2 network, adopting OP Stack technology. This move will enhance its security, scalability, and interoperability.

The TVL of the ETH ecosystem reached 46.288b, an increase of 1.53% compared to last week.

TON ecosystem

The fully chain-compatible HiBit DEX has launched on the TON ecosystem, expected to connect TON with other blockchain networks. HiBit has completed a $5 million funding round, which will be used for ecological development.

TON DeFi locked amount 170.3m, up 14.99%.

SOL ecosystem

A certain platform launched a native DEX, capturing 21% of the Solana ecosystem DEX market within a week, with a trading volume of 1.5 billion USD. This creates strong competitive pressure on other DEXs within the ecosystem.

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