ChainCatcher 消息，据 Spot On Chain 监测，pump.fun 通过公售筹集超 5 亿美元，成为史上规模第三大 ICO。 排名前 340 的地址买入了超过 3 亿美元，占比达 60%，人均投入约 4.4 万美元。

ChainCatcher 消息，据 Spot On Chain 监测，pump.fun 通过公售筹集超 5 亿美元，成为史上规模第三大 ICO。排名前 340 的地址买入了超过 3 亿美元，占比达 60%，人均投入约 4.4 万美元。

pump.fun 公售排名前 340 的地址总计投入超 3 亿美元，占比达 60%

According to ChainCatcher, Spot On Chain monitoring shows that pump.fun has raised over $500 million through public sale, becoming the third-largest ICO in history. Addresses ranked in the top 340 bought more than $300 million, accounting for 60%, with an average investment of around $44,000 per address.

According to ChainCatcher, Spot On Chain monitoring shows that pump.fun has raised over $500 million through public offering, becoming the third-largest ICO in history.Addresses ranked in the top 340 bought over $300 million, accounting for 60%, with an average investment of around $44,000 per address.

pump.fun The top 340 addresses in the public sale invested a total of over $300 million, accounting for 60%

In the crypto world, what truly determines victory is never code, but the interplay between liquidity, power, and regulation. The rise and fall of BUSD is not merely a tragic tale of a stablecoin, but a financial war waged by exchanges attempting to "unify the world."

When BUSD was thrust onto the historical stage, it carried not only a compliance narrative, but also Binance's ambition to reshape the stablecoin order through coercive measures—by manipulating exchange rates and merging trading pairs, directly swallowing competitors' liquidity into its own ledger.

The "automatic conversion" of 2022 was a textbook example of a blitzkrieg; and 2023...

The Rise and Fall of Binance's Dominance: From BUSD's "Unification" to $U's "Conquering the World"—The Stablecoin Wars

Source: Galaxy Research; Translation: Jinse Finance xz
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
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Galaxy: 26 Predictions for the Crypto Market in 2026

In the final months of 2025, a bearish atmosphere began to spread.

Bitcoin plummeted from its high of $120,000, ETF inflows ceased, various cryptocurrencies diverged in performance, and Memecoin, which had once ignited market sentiment, became largely ignored. Compared to the end of 2021, there were no sudden regulatory crackdowns this time, and apart from the massive crash of October 11th, there didn't seem to be a serious liquidity crisis, yet something still felt off.

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This article...