Crypto Market Weekly Report: MicroStrategy Continues to Increase Investment in Bitcoin, PumpSwap Emerges Strongly

Market Overview

Recently, the US stock market has experienced one of the most severe adjustments since the COVID-19 pandemic. Currently, expectations for US tariffs have eased, boosting market sentiment, and initial signals of a bottom in the US stock market are emerging, but it has not yet been fully established. The crypto market is rebounding with the fluctuations of the US stock market.

Main Coin Performance

This week Bitcoin has fluctuated and rebounded. The market's main focus revolves around the BSC chain and the SOL chain. The top five coins by increase are ZETA, LAYER, FARTCOIN, MEW, and BEAM, with an increase between 40% and 60%. The coins with significant declines include NTGL, PI, PLUME, and others.

It is worth noting that the market makers of a certain trading platform have become active again, with significant over-the-counter trading demand recently. The token launch platform FORM on the BSC chain has benefited from the $1 billion liquidity incentive program launched by that chain. On the other hand, HYPE exchange has urgently delisted due to suspected attacks, resulting in a loss of user trust.

On-chain Data Analysis

The new demand for Bitcoin continues to weaken, and most short-term investors are currently in a state of loss. The supply of long-term holders has started to increase again. Currently, short-term holders possess 40% of the wealth, down from the peak of 50% at the beginning of 2025, and well below the peak levels of 70-90% seen in previous cycles. This may be related to the involvement of large institutional investors in this round through ETFs.

The market value of stablecoins has significantly declined, reflecting a trend towards risk aversion. Institutional funds have regained optimistic sentiment, breaking the continuous outflow trend for five weeks.

Derivatives Market

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

Public Chain Ecosystem Development

Bitcoin ecosystem

A certain company continues to increase its holdings of nearly 7,000 Bitcoins, and the newly launched perpetual preferred shares are traded on Nasdaq, demonstrating its strategic determination to maximize its Bitcoin holdings.

Ethereum ecosystem

The Ethereum Pectra upgrade has been successfully launched on the new test network, and the introduction of EIP-7702 will enable multi-coin payment of gas fees. Celo has successfully migrated to the Ethereum Layer 2 network, further expanding the Ethereum ecosystem. Ethereum's TVL has reached $46.288b, an increase of 1.53% compared to last week.

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. The TON DeFi locked value has reached 170.3 million USD, an increase of 14.99%.

Solana ecosystem

Pump.fun launched its native DEX PumpSwap, which captured 21% of the Solana ecosystem DEX market within a week of its launch, with a trading volume of up to $1.5 billion, forming strong competition against existing DEXs. The total locked value in Solana DeFi is $6.809 billion, a slight decrease of 0.24% from last week.