Crypto Market Weekly Review ( 4.20-4.30 ): MicroStrategy Increases BTC Holdings, New DEX Volume Surges

Macroeconomic Liquidity and Market Conditions

Recently, the US stock market has experienced one of the most severe adjustments since the pandemic. The softening of US tariff expectations has boosted market sentiment, and bottom signals for the US stock market have begun to emerge, but they have not been fully established yet. The crypto market has rebounded with the fluctuations of the US stock market.

This week, Bitcoin experienced a volatile rebound, with a large institutional investor continuing to increase its holdings. The market is mainly focused on the BSC and Solana ecosystems. The top five tokens with the largest gains include ZETA, LAYER, FARTCOIN, MEW, and BEAM, with increases ranging from 40% to 60%. The tokens with significant declines include NTGL, PI, PLUME, and others.

It is worth noting that the treasury of a certain DEX platform is suspected to have been attacked, leading to a crisis of trust. This also serves as a reminder to investors that low market cap token contracts are prone to manipulation.

On-chain Data Analysis

The new demand for Bitcoin continues to weaken, short-term investors are generally at a loss, and the supply from long-term holders is beginning to increase. Currently, short-term holders possess 40% of the wealth, down from the previous cycle peak. This may be related to institutional investors investing through ETFs.

The market value of stablecoins has significantly declined, reflecting a risk-averse sentiment among funds. However, institutional funds have become optimistic again, ending five consecutive weeks of outflows.

The MVRV-Z Score indicator is at 2.0, close to the mid-level of the market. The long-short ratio is at 1.1, indicating normal market sentiment. The futures open interest has slightly decreased, and the funding rate is relatively low, around 0.01%.

Overall, the market volatility has significantly decreased and is in a consolidation phase following a sharp decline. Exchanges are accelerating the launch of tokens supported by venture capital.

Public Chain Ecosystem Development

Bitcoin ecosystem

A large institutional investor continues to accumulate nearly 7,000 BTC at an average price of about $84,529, with a total investment of $584.1 million. The institution currently holds 506,137 BTC, with a cumulative investment of $33.7 billion and an average holding cost of $66,608.

The institution also launched a perpetual preferred stock product, which is listed and traded on Nasdaq, with a financing scale of $722.5 million. This demonstrates its commitment to continuously maximize its BTC holdings.

Ethereum ecosystem

The Ethereum Pectra upgrade has successfully launched on the new test network. This upgrade will implement new features such as multi-currency payment gas fees. If the testing goes smoothly, Pectra is expected to go live on the mainnet in about 30 days.

Celo has completed its migration to the Ethereum Layer 2 network, adopting Optimism's OP Stack technology. This move will enhance Celo's security, scalability, and interoperability, significantly improving transaction speed.

The total locked value of Ethereum DeFi is $4.6288 billion, an increase of 1.53% from last week.

TON ecosystem

A fully chain-compatible DEX has launched in the TON ecosystem, completing a $5 million financing round. This DEX combines the advantages of centralized and decentralized exchanges, supporting high TPS and permissionless token issuance. Its cross-chain functionality is expected to connect TON with other blockchain networks.

The TON DeFi locked volume has reached 170.3 million USD, with a weekly increase of 14.99%.

Solana ecosystem

A certain meme coin platform launched a native DEX, capturing 21% of the Solana DEX market share within a week, with a volume of 1.5 billion USD. This DEX adopts an AMM model and features instant migration and zero migration fees.

The rapid rise of this new DEX may compress the market space for existing DEXs. The total locked value in Solana DeFi is $6.809 billion, a slight decrease of 0.24% from last week.