Plus: Robinhood’s stock tokens face scrutiny

GM. Today’s headlines are straight-up concentrate. Add water or chug raw, idc.

👑 Pump(.)fun gets dethroned.

🍋 News drops: Robinhood’s stock tokens are getting investigated, two lawyers get fined for using AI badly + more

🍍 Market flavor today

Crypto Market Cap: $3.37T 0.12% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$108,279.96	-0.12%	2.19%
	Ethereum ETH	$2,564.12	1.16%	5.87%
	XRP XRP	$2.28	-2.37%	4.27%
	BNB BNB	$657.85	-0.14%	1.88%
	Solana SOL	$150.18	-0.84%	1.98%

Bitcoin’s been doing… not much, honestly.

Over the past day it’s moved back and forth between $107K and $109K, and according to Bitfinex analysts, it looks like neither buyers nor sellers seem to be taking the lead yet.

Part of the reason: holders are still sitting on decent unrealized gains, but nothing close to what they saw during earlier all-time-high attempts.

That’s why they’re not dumping… but they are selling just enough to keep buyers from completely taking over and pushing the price higher.

This cautious kinda attitude shows up in the futures market too.

Quick explainer: futures are basically bets on whether the price will go up or down. When traders expect a breakout, they usually add to their long positions (bets on the price going higher).

But right now, every time Bitcoin gets near the higher end of the $100K - $110K range, futures traders close out their positions and take profits.

This behavior suggests they don’t believe the price is ready to break through that ceiling yet, so they choose to lock in gains and wait.

Even whales have been playing it safe: wallets holding 1K - 10K BTC sold about 14K BTC since last Monday.

But here’s the good news - new buyers have been happily buying all that supply.

👉 Since the start of July, short-term holders have bought around 382K BTC, roughly the same amount long-term holders have sold.

👉 Plus, institutions have been buying through ETFs - which had $216.5M in inflows just yesterday - and corporate treasuries.

So, where does that leave us? Stuck in the middle. Strong support keeps Bitcoin from falling much, but there’s not enough momentum to break higher either.

We gotta wait for some big new headline to finally push things in one direction or the other.

🥝 Memecoin harvest

Welcome to clown world, population: these coins 🤡

Data as of 08:10 AM EST.

Check out these memecoins and plenty more here.

🏏 Pump(.)fun getting bonked?

Crypto is rebellion.

It’s a vision of tearing down the walls built by the financial elite and giving power back to the billions who’ve been told, “you don’t belong.” It’s about markets that never sleep, that no one owns - borderless, permissionless, incorruptible…

… and so, here we are, trading tokens like ASSDAQ and ASS&P500.

These kinds of tokens wouldn’t exist without Pump(.)fun, the memecoin launchpad that ran the memecoin show this cycle.

Or, should I say... used to run it.

Back in April, the BONK community, together with Solana’s DEX Raydium, launched a competing memecoin platform called LetsBONK.

The big difference between the two is how they handle the fees:

👉 Pump(.)fun barely gives back to the Solana ecosystem → a profit first approach;

👉 LetsBonk, on the other hand, reinvests part of its fees into BONK and Solana ecosystems → a community-first approach.

And LetsBONK is now beating Pump(.)fun:

• It deployed 2.2x more tokens than Pump(.)fun in the past 24 hours;

• Graduated 75% of yesterday's memecoins, compared to Pump(.)fun's 22% (FYI: “graduated” means the token moved off the launchpad and onto a DEX);

• Collected 2.5x more fees;

• Of the top 25 tokens launched this week, 19 were from LetsBonk, and just 4 from Pump(.)fun.

Now, that's bad news for Pump(.)fun - especially since their $4B token sale is on the horizon (we talked more about it here btw.)

Here's why it's bad:

🚩 1/ The narrative is moving away

In crypto - and especially memecoins - vibes matter.

Pump(.)fun made its name as the go-to place for stupid tokens and hype. But LetsBonk is stealing that thunder.

→ Asking investors to value you at $4B when you’re already losing your crown? Not a great look.

🚩 2/ Sustainability questions

Pump(.)fun's profit-first model worked when no one knew better.

But now LetsBonk is showing you can grow while actually supporting the community and the chain.

→ Investors and users may now doubt the long-term sustainability of Pump(.)fun’s model. Why would they support a platform that bleeds the ecosystem when another is giving back and growing faster?

🚩 3/ $4B looks insane

A $4B valuation implies confidence in future growth and market leadership.

→ If they’re already being outperformed, that confidence gets shaky - and investors might call BS on the valuation.

Sooo... is Pump(.)fun completely cooked?

Not yet. But it is starting to fall behind... We’ll know when we know.

🍋 News drops

🔍 Lithuania’s central bank is investigating Robinhood’s stock token products. This comes after OpenAI clarified that Robinhood's “OpenAI tokens” don’t represent company ownership.

🚀 The SEC has acknowledged an application from Trump Media & Technology Group to launch a Bitcoin and Ethereum ETF. This starts the review process to decide if it'll be approved or rejected.

📢 Stand With Crypto and over 60 blockchain groups are pushing US lawmakers to pass the CLARITY Act. They warn the US could fall behind without clear crypto rules.

👍 Vitalik Buterin supports “copyleft” licenses. They let anyone use and modify code, but only if they share their changes under the same terms.

😬 Two lawyers were fined $3K each for letting AI do their homework. They submitted a court motion with errors generated by AI - like quotes from cases that don't exist.

🍌 Juicy memes