Bitget Daily Digest (February 25) | Pump.fun builds its own AMM pool, $RAY drops, Infini hacked, $CHEEMS affected 

Market highlights

1. Strategy (formerly MicroStrategy) has once again acquired 20,356 BTC, bringing its total holdings to 499,096 BTC, valued at approximately $33.1 billion, with an average purchase price of $66,357 per BTC. Meanwhile, traditional capital is becoming more involved, with Citadel Securities, the largest NYSE market maker, betting on Trump's crypto-friendly policies. The firm plans to begin market-making for Bitcoin and other cryptocurrencies, further advancing the push for mainstream crypto adoption.

2. The largest-ever Solana token unlock is approaching, and crypto market maker Wintermute is actively making on-chain moves in preparation. Analysts suggest that over 15 million SOL will enter circulation over the next three months. Most of these tokens were bought at $64 per SOL in an FTX auction by institutions like Galaxy Digital, Pantera Capital, and Figure, with several VCs continuing to secure substantial profits.

3. Pump.fun, a competitor to the established Raydium protocol, has quietly launched its own AMM pool to challenge Raydium's dominance. The platform aims to capture Raydium's liquidity revenue by integrating external liquidity into its ecosystem and creating a closed-loop system for memecoin issuance, trading, and liquidity. As a result, $RAY drops over 20% in a single day, while Pump.fun shifts from relying on external liquidity to its own.

4. After the CEX incident, Infini, a Web3 savings solution, faces a significant setback. Following a surge in its TVL past $50 million, an internal engineer exploits the system, causing nearly $50 million in losses. Christian, the founder, has promised "personal backing and full reimbursement" via social media. Since Christian is the spokesperson for the $CHEEMS community and a major token holder, $CHEEMS faces a panic sell-off.

Market overview

1. $BTC briefly drops to $91,000, and the broader market sees a significant decline, with the top 50 cryptocurrencies all in the red. However, $IP stands out with strong performance.

2. The Nasdaq falls by over 1%, and Chinese stocks drop significantly. Trump confirms that tariffs on Mexico and Canada will proceed as planned, causing the Peso and Canadian Dollar to hit more than a week's lows. Gold hit new highs three times in four days. 

3. Currently standing at 91,455 USDT, Bitcoin is in a potential liquidation zone. A 1000-point drop to around 90,455 USDT could trigger over $115 million in cumulative long-position liquidations. Conversely, a rise to 92,455 USDT could lead to more than $91 million in cumulative short-position liquidations. Both long and short positions should exercise caution and manage leverage prudently to avoid large-scale liquidations. 

4. Over the past 24 hours, the BTC spot market recorded $20.7 billion in inflows and $23 billion in outflows, resulting in a net outflow of $2.3 billion. 

5. In the last 24 hours, $ETH, $BTC, $SOL, $XRP, and $DOGE led in net outflows in futures trading, signaling potential trading opportunities. 

6. According to the latest data from SoSoValue, U.S. BTC spot ETFs recorded a single-day outflow of $76.0099 million, though cumulative inflows stand at $39.482 billion, with total holdings reaching $110.457 billion. The outflow remained relatively unchanged compared to the previous day. 

Highlights on X

1. @hitesh.eth: AAVE – The DeFi supercycle leader and growth engine powered by the flywheel effect

As the leader in the DeFi space, $AAVE continues to dominate thanks to its "lending flywheel" effect (deposit growth → liquidity increase → higher borrowing demand → protocol revenue reinvested). Over the past 12 months, net deposits surged by 340% to $32.49 billion, with revenues growing sevenfold, and its price performance outpacing Bitcoin. Future growth drivers include the dynamic staking module and the rising adoption of the stablecoin GHO. The "funds accumulation → yield generation → ecosystem expansion" cycle could become a key narrative of the supercycle, and its current valuation still has room for growth.

X post: https://x.com/hmalviya9/status/1893873027412070474

2. @jason_chen998: Metis "ReGenesis" plan – Reshaping Ethereum's ecosystem foundation

Metis Foundation Chair Natalia Ameline has unveiled the "ReGenesis" plan to address Ethereum's ecosystem weaknesses and user attrition. The proposal introduces a "dual-chain architecture + AI integration" to rebuild the blockchain's value. Technologically, Metis will be upgraded as a high-performance infrastructure supporting AI computing and data interaction (moving beyond the traditional L2 model). Independent projects like LazAINetwork (data governance and assetization) and 0xalith (AI agent framework) will be incubated to create a one-stop AI infrastructure for data rights confirmation, value measurement, and economic incentives. Metis continues its "disruptor" legacy (being the first decentralized sequencer on L2 and adopter of off-chain DA) and aims to harmonize blockchain decentralization with commercial use through AI. By innovating its economic model, Metis strives to compete for ecosystem influence while maintaining Ethereum's technical narrative. The success or failure of this initiative may play a crucial role in Ethereum's evolution.

X post: https://x.com/jason_chen998/status/1894051777735254238

3. @Michael_Liu93: Spotting PvP plays and avoiding traps with market cap backtracking

To determine whether a coin is a PvP (Player vs. Player) sentiment-based play or a PvE (Player vs. Environment) controlled play, the key lies in its market cap during early calls. If a coin's market cap is under $400,000 (with just 1%-2% of the pool), it's likely a PvP play (retail investors cutting each other) or a group-based play (a few people buy up 20%-30% of coins, waiting for others to take the bait). These projects have highly dispersed coins, making it easy for any retail investor to empty the pool. True PvE plays require significant project team control (at least 80%-90% of coins locked), and their market cap typically starts higher (around $500,000) to ensure price stability and narrative control. Remember: low price ≠ opportunity, and group-driven price action ≈ fantasy. Don't fall for the "cheap trap."

X post: https://x.com/Michael_Liu93/status/1893165422469619966

4. DaPangDun: Why I think SONIC is still in its early stages

The SONIC chain demonstrates significant ecological resilience with steady TVL growth (currently 1/10th of Fantom's peak, with great potential), a global user distribution (with increasing interest in Europe, the US, and Asia), and high retention rates (drawing in experienced Fantom developers for long-term contributions). Its technical upgrades (performance optimizations that researchers have recognized as "the best all-around chain") and native cross-chain bridge design (which overcomes Multichain's hack legacy) strengthen its underlying competitive edge. After AC's return, SONIC's adjusted operational strategy (announcing major projects and $S token price hikes) has rekindled market confidence. While the Chinese market remains cautious, the English-speaking world is buzzing with FOMO. With its mix of "veteran innovation + technical breakthroughs," SONIC may emerge as the "slow-burning dark horse" of the new public chain cycle.

X post: https://x.com/DaPangDunCrypto/status/1893481512445845754

Institutional insights

1.The traditional altcoin season will no longer occur, as new capital will flow through stablecoins or widely adopted altcoins

Article: https://x.com/ki_young_ju/status/1893869443580842408

2.Bernstein: Liquidity will shift away from useless memecoins into DeFi, GameFi, and NFTs, with a positive outlook on stablecoins and RWA

Article: https://www.theblock.co/post/343044/bernstein-memecoins-defi-gaming-nfts

News updates

1. South Dakota vetoes the Bitcoin reserve bill.

2. Dubai's Financial Services Authority approves USDC and EURC as the first recognized stablecoins.

3. Fidelity representatives meet with the SEC's crypto task force to discuss regulatory recognition of on-chain incentives, including liquidity mining.

4. Georgia introduces a second Bitcoin reserve bill, proposing unlimited investment in Bitcoin for the state.

Project updates

1. Sky co-founders: Approximately $1 million worth of SKY tokens will be burned daily.

2. Metis Foundation's Natalia launches the ReGenesis plan to reshape Ethereum's ecosystem for the AI era.

3. PancakeSwap goes live on Monad's testnet.

4. On-chain detective ZachXBT links four hacking incidents, including Bybit, to the same entity.

5. Nasdaq files a 19b-4 application for Canary's HBAR ETF.

6. Infini's founder Christian: All $500,000 worth of withdrawal requests have been addressed following the theft.

7. UXLINK kicks off a new round of ecological airdrops, distributing tokens to UXLINK stakers.

8. Bounce Brand will release details on its BSC ecosystem AI agent Launchpad.

9. Data: Berachain, Base, and Sonic lead in net inflows into cross-chain bridges in the past 7 days.

10. Pump.fun is internally testing its swap feature.

Recommended reads

1.Market cap nearing previous highs: A deep dive into the fundamental factors behind Sonic's counter-trend rise

Since rebranding from Fantom, Sonic has demonstrated strong growth momentum. Its total value locked (TVL) has seen significant growth in a short period, and on-chain activity has picked up, indicating rapid ecosystem expansion and increased user participation. However, $S's price has yet to fully reflect these positive fundamental changes.

Read the full article here: https://www.bitgetapps.com/zh-CN/news/detail/12560604595746

2.One month into Trump's presidency: What significant changes has he brought to the cryptocurrency industry? 

One month after President Donald Trump's inauguration and the commencement of his sweeping and controversial reforms, many of these changes have directly impacted the cryptocurrency industry.

Read the full article here: https://www.bitgetapps.com/zh-CN/news/detail/12560604595741