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Bitget Daily Digest (7.24)|Burwick Law Expands Lawsuit Against Pump.fun; Only 12% of Ethereum/25% of Solana Protocols Generate Revenue

Bitget Daily Digest (7.24)|Burwick Law Expands Lawsuit Against Pump.fun; Only 12% of Ethereum/25% of Solana Protocols Generate Revenue

远山洞见2025/07/24 02:54
By:远山洞见

Bitget Daily Digest  (7.24)|Burwick Law Expands Lawsuit Against Pump.fun; Only 12% of Ethereum/25% of Solana Protocols Generate Revenue image 0

Today’s Preview

1、US Initial Jobless Claims for the week ending July 19 to be released today (previous: 221K).

Macro & Hot Topics

1、Burwick Law Expands Pump.fun Lawsuit, Names Solana and Jito Execs as 'Co-Conspirators'
Law firms Burwick Law and Wolf Popper filed an amended lawsuit Wednesday, expanding allegations against memecoin platform Pump.fun to include Solana Foundation, Solana Labs, and Jito executives. Notably named are Solana co-founders Anatoly Yakovenko and Raj Gokal, and Solana Foundation’s Dan Albert. The suit claims Pump.fun made $722M in profits from “illegal gambling activities,” and accuses it of serving as a laundering channel for North Korea’s Lazarus Group.
2、FTX: Next Distribution Round Set for Late September, Disputed Claims Reserve Reduced by $1.9B
FTX has announced the next fund distribution will begin September 30, 2025, with an August 15 record date. This phase targets approved claimants, general unsecured creditors, and “convenience claims” previously unpaid. A bankruptcy court has approved reducing the disputed claims reserve from $6.5B to $4.3B, freeing up $1.9B for this round. Distributions will take place via BitGo, Kraken, and Payoneer.
3、Data: Only 12% of Ethereum, 25% of Solana Protocols Generate Revenue
DeFiLlama shows that on Ethereum (the world’s leading contract blockchain) just 12% (150 out of 1,271 protocols) produced revenue over the past 30 days—meaning 88% generated none. Solana currently hosts 264 protocols, but 75% did not generate income recently.
4、ETH Exiting Staking at 620K and Net Redemption at 271K
On-chain data shows 620,000 ETH currently queued for withdrawal from staking contracts, with a net outflow of about 271,000 ETH. In the past week, two HTX-linked wallets redeemed a combined 110K ETH (over $400M). Other institutions, including Abraxas Capital Mgmt, made single redemption moves exceeding 10,000 ETH.

Market Updates

1、BTC and ETH pull back short-term, dragging down alts; $740M in 24H liquidations, mostly longs.
2、Trade news boosts risk appetite; US stocks hit new highs, small caps lead; gold and Treasuries down.
Bitget Daily Digest  (7.24)|Burwick Law Expands Lawsuit Against Pump.fun; Only 12% of Ethereum/25% of Solana Protocols Generate Revenue image 1
3、Bitget BTC/USDT liquidation map: At 118,836 USDT, a 2,000-point drop (to 116,836) could trigger $623M in long liquidations; a 2,000-point rise (to 120,836) could trigger $1.056B in short liquidations. Short-side risk is much higher; manage leverage prudently.
Bitget Daily Digest  (7.24)|Burwick Law Expands Lawsuit Against Pump.fun; Only 12% of Ethereum/25% of Solana Protocols Generate Revenue image 2
4、BTC spot flows: $2.1B in, $2.2B out—net outflow $100M over 24H.
Bitget Daily Digest  (7.24)|Burwick Law Expands Lawsuit Against Pump.fun; Only 12% of Ethereum/25% of Solana Protocols Generate Revenue image 3
5、Top contract outflows in last 24H: $ETH, $BTC, $SOL, $XRP, $DOGE—potential trade opportunities.
Bitget Daily Digest  (7.24)|Burwick Law Expands Lawsuit Against Pump.fun; Only 12% of Ethereum/25% of Solana Protocols Generate Revenue image 4

Institutional Views

Matrixport: Bitcoin leveraged long positions have surged; market faces pullback risk ahead of FOMC meeting. Read more

News Updates

1、Trump: Tariffs will only be reduced if countries open their markets.
2、US House Speaker: Disappointed in Powell; open to Fed reform.
3、US Treasury Secretary: Trump says he won’t fire Powell.
4、Hong Kong Monetary Authority will release a summary on stablecoin licensing regime next week.

Project Developments

1、A major institution moved its entire 3.75B PUMP presale tokens to Coinbase Prime, all sold at a $700K loss.
2、Burwick Law expands Pump.fun lawsuit, adding Solana/Jito execs as defendants.
3、Tron Inc. to ring the Nasdaq opening bell on July 24.
4、FTX’s next creditor distribution set for late September, dispute reserve cut by $1.9B.
5、Bitcoin treasury firm Block officially added to S&P 500.
6、Only 12% of Ethereum/25% of Solana protocols are revenue-positive.
7、620K ETH queued for staking exit, ~271K net outflow.
8、Believe CEO and Kled founder Avi Patel publicly clash over business ethics.
9、Data: PUMP breaks presale price, only 12.7% of buyers still holding.
10、Taiko partners with Dune for real-time on-chain analytics.

X Highlights

1. Ed_x Block Diary: Bonk’s Buyback Supercharges Ecosystem—“Profit First” is the Real Core
Bonk’s ecosystem buyback uses 1% of protocol revenue to support leading projects, promoting healthy growth—a sharp contrast to Pump’s purely extractive model. Ultimately, making money, not popularity, is what matters; Bonk backs innovation, Pump just drains liquidity. The market will decide which survives. Link
2. 0xSun: Two Winning Meme Strategies: Narrative Resonance & Address Analysis
On-chain meme investing boils down to two methods: narrative trading (timing hype/story cycles) and address analysis (tracking whale wallets & capital flows). Narrative works for mass sentiment phases; address-tracking is key during quiet/well-controlled periods. Both combined set the price ceiling. Most KOLs push the narrative method, since address insights are reflexive and less suitable for mass dissemination. Only projects with both narrative and smart capital can truly last. Link
3. jain.sats: How to Read Whales—Cross-Referenced Data is Key, Not a Magic Bullet
Whale-tracking is multi-disciplinary: you have to study wallet flows, clustering, holding changes, charts, and cross-verify with on-chain tools. It’s no guarantee, but boosts your odds. My approach is rigorous reasoning and data, not gut feels. Tools like block explorers, memeradar, holdscan help, but it takes time—please understand if I can’t reply to every DM. Sticking with it pays off if you’re driven by community recognition and genuine curiosity for blockchain truth. Link
4. Murphy: PEPE Whales Consolidate Supply—“De-Retailing” Fully Underway, Prepping for Big Move?
For eight months, PEPE whales have been pulling tokens off exchanges, with top holders accumulating more than ever. Data shows whale cost basis is just below current price—so they’re not yet cashing in, likely still in control. Unlike DOGE, where whales often sell into pumps, PEPE’s major holders may be waiting for a dramatic move. As long as BTC remains strong, PEPE could blast off at any time. Who will have the diamond hands to catch it? Link
3

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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