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In April, the crypto market experienced a turbulent rebound, with increased holdings of Bitcoin and the development of public chain ecosystems attracting follow.
Crypto Market Weekly Review (April 20 - April 30)
Macroeconomic Environment and Market Overview
Recently, the global financial market has experienced one of its most severe adjustments since the COVID-19 pandemic. The softening expectations of US tariffs have boosted market sentiment, and US stocks are showing signs of stabilization, but a bottom has not yet been fully established. The crypto market has shown a volatile rebound alongside US stocks.
Market Performance
This week, Bitcoin has fluctuated and rebounded, with a well-known company increasing its Bitcoin holdings by $600 million in the past week. The market's main focus is on the BSC and Solana ecosystems.
The top five tokens by price increase are ZETA, LAYER, FARTCOIN, MEW, and BEAM, with increases of 60%, 60%, 50%, 40%, and 40%, respectively.
The tokens with the largest declines are NTGL, PI, PLUME, SATS, and XCN, with declines of 60%, 30%, 20%, 15%, and 10% respectively.
It is worth noting that a well-known market maker in the Solana ecosystem has become active again, with recent demand for over-the-counter trading. The token issuance platform FORM on the BSC chain has benefited from the chain's $100 million liquidity incentive program. On the other hand, the exchange HYPE on the chain has been forced to delist due to suspected attacks from market makers, 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 begun to grow again. Currently, short-term holders hold 40% of the wealth, down from a peak of 50% at the beginning of 2025. This figure is still significantly lower than in previous cycles, which may be related to institutional investors investing through ETFs.
The market value of stablecoins has significantly decreased, reflecting a risk-averse sentiment in the funds. However, institutional funds have begun to regain optimism, ending a continuous outflow of funds for 5 weeks.
The current MVRV-Z Score indicator is at 2.0, close to the mid-level of the market, indicating that the overall profitability of the market is in a relatively normal range.
Futures Market
The futures long-short ratio is 1.1, reflecting that market sentiment is at a normal level. The Bitcoin futures open interest has slightly decreased, indicating a lack of clear direction in the market. The funding rate remains at a low level of 0.01%, suggesting that market leverage usage is relatively cautious.
Spot Market
Bitcoin has shown a volatile rebound trend this week. Market volatility has significantly decreased, entering a consolidation phase after the sharp decline. Various trading platforms have accelerated the launch of new tokens, injecting new vitality into the market.
Public Chain Ecosystem Development
Bitcoin ecosystem
A large cryptocurrency institution continues to increase its holdings by nearly 7,000 bitcoins and has launched perpetual preferred shares traded on Nasdaq, demonstrating its long-term bullish strategy on bitcoin. As of March 23, the total amount of bitcoins held by the institution has reached 506,137, with a cumulative purchase cost of approximately $33.7 billion and an average holding cost of $66,608.
Ethereum ecosystem
The Ethereum Pectra upgrade has successfully launched on the new Hoodi testnet. This upgrade introduces the EIP-7702 proposal, which will enable the functionality of multi-currency payment of gas fees. If testing goes smoothly, it is expected to go live on the mainnet in about 30 days.
Celo has completed its migration to the Ethereum Layer 2 network, utilizing Optimism's OP Stack technology. This upgrade significantly enhances Celo's transaction speed and interoperability with the Ethereum ecosystem.
TON ecology
HiBit DEX, fully compatible with the entire chain, has launched in the TON ecosystem and is expected to become an important bridge connecting TON with other blockchain networks. HiBit DEX combines the advantages of centralized and decentralized exchanges, supporting efficient trading and permissionless token issuance.
Solana ecosystem
Pump.fun launched its native DEX PumpSwap, which captured 21% of the Solana ecosystem's DEX market share within a week of going live, with a trading volume of $1.5 billion. This move further squeezes Raydium's market space and may affect its long-term position within the Solana ecosystem.